News & Analysis as of

Consumer Protection Finance & Banking

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

Revisiting the Enforceability of Class Action Waivers in Consumer Financial Contracts

by BakerHostetler on

On July 19, 2017, the Consumer Financial Protection Bureau (CFPB) published the final Arbitration Agreements Rule (the rule) that would impact the way claims involving consumer financial products and services are handled in...more

Three big questions about AI in financial services

by White & Case LLP on

To ride the rising wave of AI, financial services companies will have to navigate evolving standards, regulations and risk dynamics—particularly regarding data rights, algorithmic accountability and cybersecurity....more

Acting Comptroller reacts to Director Cordray’s latest response; final arbitration rule published in Federal Register

by Ballard Spahr LLP on

In a letter dated July 18, 2017 to Acting Comptroller Noreika purporting to respond to Acting Comptroller Noreika’s July 17 letter, Director Cordray continued to question how there could be “any plausible basis for [Acting...more

Director Cordray continues to doubt that safety and soundness concerns are raised by the final arbitration rule

by Ballard Spahr LLP on

The letter-writing war between Director Cordray and Acting Comptroller Keith Noreika continues. Director Cordray sent a letter dated July 18, 2017 to Acting Comptroller Noreika in which he purports to respond to Acting...more

Gift Card Class Action Settles

by Klein Moynihan Turco LLP on

SoulCycle, Inc. (“SoulCycle”) has agreed to pay up to $9.2 million to settle a gift card class action lawsuit in California. What were the allegations of wrongdoing against SoulCycle and what are the terms of settlement?...more

CFPB final arbitration rule to be published in Federal Register on July 19

by Ballard Spahr LLP on

The CFPB final arbitration rule is scheduled to be published in the Federal Register today, July 19. The rule’s effective date will be the 60th day after publication and the compliance date will be March 19, 2018. Based...more

Government of Ontario Proposes Amendments to Payday Loans Act

by Bennett Jones LLP on

Providers of payday loans in Ontario, take notice—the Government of Ontario is seeking input on the implementation of new regulations intended to strengthen consumer protection which will have wide-ranging impacts on the...more

CFPB Finalizes TRID Rule Clarifications

by Alston & Bird on

Our Financial Services & Products Group gets to know the Consumer Financial Protection Bureau’s long-awaited final TILA and RESPA Integrated Disclosure (TRID) Rule. - The black hole - Highlighted variations - Possible...more

CFPB Proposes Changes to Home Mortgage Disclosure Act (HMDA) Reporting Threshold for Community Banks and Credit Unions

On July 14, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule on HMDA reporting requirements for banks and credit unions that issue home-equity lines of credit (HELOCs). Under rules scheduled to...more

Claims management companies face stronger regulation

by DLA Piper on

Tighter regulation of Claims Management Companies (CMCs) is edging closer as the Financial Guidance and Claims Bill (Bill) makes its way through parliament. The Bill was announced in the Queen's Speech on 21 June. Amongst...more

California Court Certifies FCRA Class of Over 40,000 Applicants

by Littler on

As Littler has reported, the number of class action lawsuits against employers alleging violations of the Fair Credit Reporting Act (FCRA) has continued to spike. Most lawsuits proceed in federal court, but the FCRA allows...more

Nevada Enacts Multiple Laws Affecting Consumer Finance

by Ballard Spahr LLP on

Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more

Acting Comptroller asks Director Cordray to delay publication of CFPB final arbitration rule

by Ballard Spahr LLP on

Keith Noreika, the Acting Comptroller of the Currency, has sent a letter dated July 17 to Director Cordray asking him to delay publication of the CFPB’s final arbitration rule in the Federal Register. The July 17 letter...more

The Consumer Financial Protection Bureau’s Summer Gift to Plaintiff’s Counsel

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Consumer Financial Protection Bureau issued a final rule that exposes financial services companies to increased litigation by banning the use of arbitration agreements to block consumer class actions. ...more

State bankers associations urge CRA override of CFPB arbitration rule

by Ballard Spahr LLP on

State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more

Are Existing Agreements Governed by the New CFPB Arbitration Rule?

by Balch & Bingham LLP on

The Dodd Frank Act expressly provided that any CFPB rule on arbitration would not apply to existing contracts. 12 U.S.C. § 5518(d). Therefore, the CFPB rule released last week will only bar class action waivers for...more

House Appropriations Committee approves bill making CFPB reforms

by Ballard Spahr LLP on

This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB,...more

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...more

CFPB Rule Bars the Use of Mandatory Arbitration Clauses to Prohibit Class Actions; Some Members of Congress Vow to Take Action to...

by Hinshaw & Culbertson LLP on

This week, the Consumer Financial Protection Bureau (CFPB) adopted a final rule prohibiting a broad range of financial firms from using mandatory arbitration clauses to bar class action suits and received wide press coverage....more

CFPB Proposes to Temporarily Increase HELOC Reporting Threshold under HMDA

by Ballard Spahr LLP on

As we have previously reported, in October 2015 the CFPB adopted significant revisions to the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. Among the revisions, the reporting of...more

FTC proposes using Internet panel for class action notice study

by Ballard Spahr LLP on

As part of its “Class Action Fairness Project,” the FTC is seeking comment on its plans to use an Internet panel to conduct research on class action notices. According to the FTC’s Federal Register notice, the project...more

Professor Sovern unfairly criticizes Senator Cotton’s stance on CFPB final arbitration rule

by Ballard Spahr LLP on

Recently, Professor Jeff Sovern criticized Senator Tom Cotton of Arkansas for announcing that he would seek to block the CFPB’s final arbitration rule using the Congressional Review Act. Professor Sovern quoted Senator...more

CFPB Issues Final Arbitration Rule; Efforts to Nullify Are Underway

by Pepper Hamilton LLP on

On July 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule prohibiting a broad range of covered parties from including class action waivers in their pre-dispute arbitration agreements. The rule also...more

Second Circuit Holds that Contractually-Given Consent Cannot be Revoked Under TCPA

by Goodwin on

On June 22, 2017, the Second Circuit decided Reyes v. Lincoln Automotive Financial Services, No. 16-2104—a decision which is a win for the TCPA defense bar. In Reyes, the Second Circuit held that, once a consumer consents to...more

U.S. Chamber to hold July 19 event on CFPB final arbitration rule

by Ballard Spahr LLP on

This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness  and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more

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