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HUD Fair Housing Guidance Raises ECOA Risk in Serving LEP Consumers

New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more

HUD expands fair housing liability to include LEP discrimination

Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

Ballard Spahr Partner Dee Spagnuolo Joins CFPB OMWI Director on Panel at ABA Meeting

Ballard Spahr Partner Dee Spagnuolo joined Director Stuart Ishimaru of the CFPB’s Office of Minority and Women Inclusion and other industry leaders for the panel discussion "Diversity and Dodd-Frank Section 342," on September...more

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

CFSA FOIA request to CFPB yields positive comments from payday loan customers

The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015...more

FDIC on Marketplace Lending, Supervisory Appeals and Communication

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

Holly Petraeus to retire from CFPB

According to Politico, Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, will be retiring from the CFPB. During her tenure at the CFPB, the protection of military servicemembers and their...more

DOJ Files Suit Against California Lenders Alleging Discriminatory Loan Modification Scheme

On August 23, 2016, the Department of Justice (DOJ) announced the filing of a lawsuit in the United States District Court for the Northern District of California against several California-based mortgage loan modification...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

CFPB announces new appointments to advisory groups

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. In January 2016, the CFPB published a...more

Financial Services Weekly News - August 2016 #2

Editor's Note - OATS Reporting Violations and FINRA Enforcement. FINRA’s Order Audit Trail System (OATS), is an integrated audit trail of order, quote and trade information for all NMS stocks and OTC equity securities,...more

CFPB Considering Debt Collection Reform Proposals

On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt Collection...more

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

CFPB issues 2016 Plain Writing Act Compliance Report

The CFPB has issued its 2016 Plain Writing Act Compliance Report. Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining information...more

CFPB issues ninth Semi-Annual Report

The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016. The 188-page report recycles information from previously-issued CFPB reports...more

Payment Processor Hit With CFPB Action

A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more

Novel Reading Of Statute Widens CFPB Jurisdiction

Tucked away in a seemingly innocuous paragraph in a complaint, the Consumer Financial Protection Bureau has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB...more

ACH Debit Transactions – Whose Agent Are You?

Tucked away in a seeming innocuous paragraph in a complaint, the Consumer Financial Protection Bureau (CFPB) has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the...more

“Nonbank” Lender Seeks Injunction Restraining CFPB Administrative Action

On May 9, 2016, Integrity Advance, LLC and its CEO James Carnes filed suit against the Consumer Financial Protection Bureau (“CFPB”) in United States District Court for the District of Columbia seeking to enjoin the CFPB from...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau

So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more

Is the CFPB Constitutional?

Is the Consumer Financial Protection Bureau (CFPB) constitutional? A panel of the D.C. Circuit Court of Appeals is currently considering the issue after hearing oral argument in PHH Corporation v. CFPB....more

Financial Services Weekly News - April 2016 #4

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

CFPB Reopens Comment Period on Proposed Amendments to Servicing Rules

On April 21, 2016, the CFPB reopened the comment period on a narrow portion of its December 15, 2014 notice of proposed rulemaking (the “NPR”), which would amend the mortgage servicing rules in Regulation X and Regulation Z....more

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