Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more
4/3/2018
/ Banking Sector ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Enforcement Actions ,
Legislative Agendas ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
True Lender ,
Usury
On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released its long-awaited and controversial final rule on arbitration agreements in contracts for financial products and services. The rule, which takes effect...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more
8/15/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Preemption ,
SBREFA ,
TCPA ,
Third-Party Service Provider
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more
7/25/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long-awaited and highly-controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more
5/13/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Public Comment ,
Service Contracts
On March 29, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for March 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more
On March 1, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for February 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more
On February 18, 2016, the Consumer Financial Protection Bureau (CFPB) finalized a policy that establishes a process for companies developing financial products to apply for a statement from the CFPB, known as a “no-action...more
On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer...more
On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On December 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for November 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more
11/2/2015
/ Bank of America ,
Banking Sector ,
Banks ,
Capital One ,
Citibank ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Equifax ,
Experian ,
Financial Institutions ,
GE Capital Retail Bank ,
JPMorgan Chase
On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA).
RESPA -
RESPA...more
10/14/2015
/ Appraisal ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Financial Institutions ,
Inspections ,
Kickbacks ,
Marketing Services Agreements ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Real Estate Agents ,
Real Estate Brokers ,
Referral Fees ,
Residential Real Estate Market ,
RESPA ,
Self-Reporting
On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more
10/9/2015
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Financial Institutions ,
Loans ,
Money Transfer ,
Payday Loans ,
Prepaid Payment Products ,
Private Student Loans
On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more
9/29/2015
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Restitution ,
Telemarketing
On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson).
The complaint alleges that Hudson...more
9/25/2015
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Loans ,
Mortgage Brokers ,
Mortgages ,
Race Discrimination ,
Redlining
On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints.
According to the Monthly...more
In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more
9/22/2015
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market
The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more
9/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collectors ,
Depository Institutions ,
Financial Institutions ,
Loans ,
Regulatory Oversight ,
Residential Real Estate Market