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

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

Lawmaker Investigates Small-Business Fintech Lending

Expressing concern about potential discrimination, one federal lawmaker has decided to take a closer look at small-business financial technology lending, sending letters to several fintechs with a series of questions....more

CFPB Suffers Setback in RESPA Lawsuit

by Dorsey & Whitney LLP on

A District Court in Kentucky recently rejected the Consumer Financial Protection Bureau’s (“CFPB”) claim against a law firm brought under the Real Estate Settlement Procedures Act (“RESPA”), granting the law firm summary...more

CFPB extends comment period for small business lending RFI

by Ballard Spahr LLP on

In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017....more

House Passes Regulatory Reform That Would Loosen Restrictions on BDCs and Other Funds

by Morrison & Foerster LLP on

On June 8, 2017, the U.S. House of Representatives, by a vote mostly along party lines, approved a bill that would repeal many of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requirements and...more

Initial Coin Offerings: An Overview of Regulatory Considerations

In recent months, a variety of companies have considered "initial coin offerings" (ICOs) as a way to generate money for their businesses. Companies considering ICOs should be aware that, depending on the structure of the...more

Court Accepts $39 Million Settlement Between CFPB and Mortgage Relief Law Firm

by Goodwin on

On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more

Implications of the Supreme Court's Kokesh Decision

by WilmerHale on

Earlier this month, the Supreme Court ruled unanimously in Kokesh v. SEC that a claim for disgorgement arising from the violation of federal securities law constitutes a “penalty” for purposes of the general statute of...more

“Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs” – House Passes Financial Reform Bill

by Snell & Wilmer on

On June 8, the House of Representatives passed the Financial CHOICE Act of 2017 in a bid to reform the financial regulatory system created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, which...more

Smaller Issuer Relief in the Financial CHOICE Act

by Dorsey & Whitney LLP on

As noted in the earlier post, the House passed the Financial CHOICE Act yesterday. While the headline-grabbing aspects of the Financial CHOICE Act relate to a repeal of the Volcker Rule and reducing the authority of the...more

Guest Post: CFPB Issues Request for Information Regarding Small Business Lending

The CFPB has issued a Request for Information (RFI) to collect data that will shed light on how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses....more

CFPB Releases Prepaid Rule Guidance

The Consumer Financial Protection Bureau (CFPB) released guidance on the agency's forthcoming Prepaid Rule, set to take effect on October 1, 2017. Although described as aimed at "small businesses," the guidance is useful for...more

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

by Thomas Fox on

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

RISK: To Retain or Not Retain in Sukuk?

by King & Spalding on

Introduction - 17 C.F.R. Part 246, adopted jointly by the United States Securities and Exchange Commission (the “SEC”) and other federal agencies in October of 2014 (the “U.S. Risk Retention Rule”) was adopted in response...more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

by Ballard Spahr LLP on

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....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

New York Cyber Regulations Likely to Result in Increased Claims

by Wilson Elser on

The New York State Department of Financial Services (NYDFS) recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers (D&Os), resulting in an increase in...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

Divided D.C. Circuit panel denies injunction blocking CFPB CID

by Ballard Spahr LLP on

The D.C. Circuit, in a divided decision, denied a motion for an emergency injunction pending appeal filed by a company seeking to halt all CFPB action adverse to the company, including enforcement of a CID and disclosure of...more

It’s March 1: The Cybersecurity Goal Post Has Been Moved

In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the New York Department of Financial Services (“NYDFS”) is rolling out a revamped cybersecurity regulation for financial services companies...more

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

by Cozen O'Connor on

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

by Allen Matkins on

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

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