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Industry, Members of Congress Take Action on FTC Process

As the Federal Trade Commission (“FTC”) continues to flex its consumer protection muscles by bringing numerous administrative lawsuits, industry and members of Congress are questioning whether there is a level playing field...more

D.C. federal court issues decision on FOIA requests to CFPB

Although the controversy over the validity of Richard Cordray’s recess appointment as CFPB Director effectively ended with his confirmation by the Senate this past July, Freedom of Information Act (FOIA) requests for...more

Are the CFPB and Richard Cordray’s appointment Constitutional?

The programming at the ABA Consumer Financial Services Committee meeting included an excellent panel discussion addressing whether the creation of the CFPB and the appointment of Director Richard Cordray were Constitutional....more

President Signs ATM Disclosure Bill And CFPB Privilege Bill

On December 20, President Obama signed two bills impacting bank supervision and compliance. These bills were sent to the President after the Senate approved both measures on December 11. The first, H.R.4014, amends the...more

House Committee on Oversight and Reform: CFPB a Threat to Credit Access

On December 14, 2012, the House of Representatives Committee on Oversight and Government Reform, Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs issued a scathing staff report entitled:...more

President signs ATM fee sticker bill and CFPB privilege waiver bill

On December 20, 2012, President Obama signed into law (1) the bill amending the Electronic Fund Transfer Act (H.R. 4367) to eliminate the ATM fee sticker requirement, and (2) the bill amending the Federal Deposit Insurance...more

Lame Duck Congress Acts on Privacy Bills, Mostly With an Eye Toward 2013

While continuing congressional inaction on the fiscal cliff is getting most of the ink/pixels in news headlines over the last couple weeks, several privacy bills have advanced in the House and Senate....more

Legislation to fix CFPB privilege waiver problem passes Congress

The U.S. Senate, by unanimous consent, has passed a bill previously approved by the House of Representatives (H.R. 4014) that amends the Federal Deposit Insurance Act to provide protection against waiver of the...more

Special Alert: Congress Passes Bill Extending Privilege Waiver Protections To CFPB

Yesterday, the Senate passed H.R. 4014, an important bill that clarifies that privileged materials produced to the Consumer Financial Protection Bureau (CFPB) retain their privileged character as to third parties. Because the...more

EPIC: Hearing on FTC Nominee Should Address FTC's Settlement Process for Privacy Violations

In a letter to the Senate Commerce Committee, EPIC has recommended that Congress require the Federal Trade Commission to consider more carefully the public's views on proposed privacy settlements. EPIC also recommended that...more

Consumer Prices, Nominal Retail Trade, Real Retail Trade (Italy, 2001-2012)

Tra il Gennaio 2001 e il Settembre 2012, sono poste a confronto le seguenti tre serie: 1) Commercio al dettaglio a valori nominali; 2)Prezzi al consumo (indice armonizzato Europa, HICP); 3) Commercio al dettaglio in...more

Full speed ahead at the CFPB

With President Obama’s reelection and control of the Senate remaining firmly in control of the Democrats, the CFPB’s hand has strengthened. I had been saying all along that even if Mitt Romney became President, it was...more

Senator Seeks Information from Data Brokers

On October 10, Senator Rockefeller (D-WV), Chairman of the Senate Commerce Committee, sent letters to nine data brokers seeking information about how those companies compile and sell consumer information. ...more

Getting to Know the CFPB

A little over one year ago, the Consumer Financial Protection Bureau (CFPB) became the nation’s first federal agency focused solely on protecting consumers in the financial marketplace. In this critical role, the CFPB...more

State AGs Challenge Legality of New Dodd-Frank Regulatory Group

Three states have joined a lawsuit to challenge the constitutionality of the Financial Stability Oversight Council (FSOC), a Dodd-Frank-created regulatory body headed by the Treasury secretary. The panel, composed of top...more

2011-2012 Massachusetts Legislative Session

The formal legislative session for 2011-2012 concluded on July 31st. The session was defined by landmark legislation in healthcare cost containment, economic development, energy, and consumer protection. The Legislature will...more

CFPB/State Attorneys General MOU stalled

The long-anticipated Memorandum of Understanding between the state attorneys general and the CFPB to address information sharing seems to have hit a snag. It has been reported that a group of Republican state AGs have refused...more

CFPB announces appointments to its Consumer Advisory Board and advisory councils for community banks, credit unions, and academic...

The CFPB on September 12 announced the appointment of 25 people to its Consumer Advisory Board, 14 people to its Community Bank Advisory Council, 15 people to its Credit Union Advisory Council and, most significantly, six...more

Senators Ask CFPB to Consider Regulation of Medical Debt Collection

Four Democratic senators recently submitted a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray requesting that the agency consider regulations restricting the use of medical debts in credit...more

CFPB files second Semi-Annual Report

The CFPB has issued its second Semi-Annual Report to the President and Congress covering the CFPB’s activities from January 1 through June 30, 2012. While much of the report recycles information previously released by the...more

Could the CFPB’s first filed enforcement action result in a challenge to Director Cordray’s appointment?

The CFPB has filed its first enforcement action. It did so in a sealed complaint filed on July 18 in federal court in California against a law firm that offered mortgage assistance relief services to consumers. The complaint...more

Director Cordray to testify before House Small Business Committee

In addition to general concerns about the CFPB’s impact on the consumer financial services industry, special concerns have been raised about how new CFPB regulatory requirements will impact small businesses. Dodd-Frank made...more

Financial Services Legislative And Regulatory Update -- July 30, 2012

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - With many of the world’s eyes turning to London this...more

With Bi-Partisan Support, Senate Banking Committee Chairman Introduces Bill Combining ATM Fee Notice and CFPB Anti-Privilege...

On Tuesday July 17, Senate Banking Committee Chairman Tim Johnson (D.-SD) introduced a new bill, S. 3394, which combines two consumer-related regulatory initiatives that had already been separately introduced and passed by...more

Congress Acts on Bills Regarding Protection of Information Submitted to CFPB and ATM Fee Disclosure Requirements

On July 12, Representatives Renacci (R-OH) and Perlmutter (D-CO) introduced H.R. 6125, a bill that would amend the Federal Deposit Insurance Act to grant protections to documents and information submitted by banks and...more

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