News & Analysis as of

Consumer Protection Finance & Banking

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

CFPB April 2017 complaint report highlights student loan complaints, complaints from Nevada consumers

by Ballard Spahr LLP on

The CFPB has issued its April 2017 complaint report that highlights student loan complaints. The report also highlights complaints from consumers in Nevada and the Las Vegas metro area....more

Academic Research Council to meet on May 17

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that a meeting of its Academic Research Council will be held on May 17, 2017. ...more

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

by Ballard Spahr LLP on

The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to...more

GameStop Currently Investigating Possible Data Breach

by Revision Legal on

GameStop is the most recent potential victim of cyber data breach, and the company recently hired a leading security firm to conduct an investigation into allegations that the company’s website was hacked and that customer...more

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Now that NAFTA seems to have an at-least-momentary reprieve, let’s take a breath and take a look at the four major industries that would be affected by any big changes in the deal....more

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

by Ballard Spahr LLP on

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

Supreme Court Hears Oral Argument In Significant FDCPA Case

by BakerHostetler on

This month, the Supreme Court heard oral argument in a case with potential to affect companies that purchase consumer debt and then collect it for their own account. The case — Henson v. Santander Consumer USA, Inc., Supreme...more

The State AG Report Weekly Update April 27, 2017

by Cozen O'Connor on

Breaking News - Cozen O’Connor’s State AG Practice Co-Chair Lori Kalani Interviews Massachusetts Attorney General - Cozen O’Connor’s State Attorneys General Practice Co-Chair Lori Kalani recently interviewed...more

Fed Assesses First Penalty for Volcker Rule Violation

The Board of Governors of the Federal Reserve System has assessed its first penalty for violation of the Volcker Rule against Deutsche Bank AG. The Volker Rule required Deutsche Bank’s Chief Executive Officer to annually...more

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

by Ballard Spahr LLP on

A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

House Financial Services Committee Plans Major Changes to Consumer Financial Protection Bureau

One of the cornerstones of the Republican platform during the 2016 elections was to undertake a major overhaul of the Dodd-Frank Act, the landmark Obama-era law that spurred over 22,000 pages of new regulations and...more

California’s Supreme Court Holds Arbitration Clauses Cannot Waive Public Injunctive Relief

by Robins Kaplan LLP on

In what will likely result in a certiorari petition, the Supreme Court of California unanimously ruled that consumers cannot contractually waive their right to pursue public injunctive relief through a pre-dispute arbitration...more

CFPB to hold May 10 field hearing on small business lending

by Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

by Pepper Hamilton LLP on

On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

CFPB Director Cordray Testifies Before House Financial Services Committee

by Goodwin on

On April 5, 2017, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the U.S. House of Representatives Financial Services Committee to present the CFPB’s semi-annual report, which is...more

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

by Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

"E-Commerce in India on the Rise"

Despite the headwinds facing Indian e-commerce start-ups, some of which had irrational cost structures and business models based solely on discounts, the overall success and potential of this sector, as well as its...more

Witnesses announced for April 26 House CHOICE Act hearing

by Ballard Spahr LLP on

The House Financial Services Committee has released the witness list for the hearing it will hold this Wednesday, April 26, 2017, to discuss the Financial CHOICE Act....more

News from the Vermont Statehouse - An Analysis from DRM’s Government & Public Affairs Team - April 2017 #2

by Downs Rachlin Martin PLLC on

Senate Money Panel Passes Budget Bill - On a vote of 7-0, the Senate Appropriations Committee passed a $5.8 billion budget on Friday that closes a $72 million projected gap between revenues and expenditures in the 2018...more

D.C. Circuit affirms denial of CFPB petition to enforce CID issued to college accrediting organization

by Ballard Spahr LLP on

The D. C. Circuit has affirmed the D.C. federal district court’s April 2016 denial of the CFPB’s petition to enforce a CID issued to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

Court orders former president of debt collection company to pay $2 million penalty to FTC for alleged FDCPA/FTC Act violations

by Ballard Spahr LLP on

A Texas federal district court has entered a $2 million civil penalty judgment against the former president of a debt collection company for alleged violations of the FDCPA and FTC Act. ...more

CFPB finalizes delay in the effective date of the Prepaid Account Final Rule

by Ballard Spahr LLP on

On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more

CFPB and DOJ directed to address state AGs’ proposal to redirect unused settlement funds to NAAG

by Ballard Spahr LLP on

We previously reported that the Connecticut Attorney General, on behalf of the Attorneys General of Indiana, Kansas and Vermont, (the “state AGs”) had filed a joint motion to intervene in a CFPB enforcement action to request...more

FTC Privacy and Data Security Enforcement Activity Continues Unabated under the Trump Administration

by Ballard Spahr LLP on

Last week, the Federal Trade Commission (FTC) Bureau of Consumer Protection’s Acting Director, Thomas Pahl, posted on the FTC’s Business Blog about the FTC’s role as the federal agency with the “broadest jurisdiction” to...more

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