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Consumer Protection Finance & Banking

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

CFPB Publishes State-by-State Snapshot of Consumer Complaints

by Goodwin on

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) published a state-by-state breakdown of consumer complaints that have been filed with the CFPB. The snapshot—which is contained in the June 2017 edition of the...more

CFPB Loses Another RESPA Case

by Ballard Spahr LLP on

A federal district court recently ruled against the CFPB in a long-standing case under the Real Estate Settlement Procedures Act (RESPA) involving a Louisville, Kentucky law firm Borders & Borders, PLC (Borders). In the...more

CFPB issues Spring 2017 rulemaking agenda

by Ballard Spahr LLP on

The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Another trade group seeks federal preemption guidance from ED

by Ballard Spahr LLP on

The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more

Acting Comptroller Noreika confirms continued OCC interest in SPNB charter proposal for fintech companies; our thoughts on the...

by Ballard Spahr LLP on

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a...more

Republican lawmakers move forward on CRA resolutions to override CFPB arbitration rule

by Ballard Spahr LLP on

House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more

Speculation heats up over Director Cordray’s departure plans

by Ballard Spahr LLP on

According to news reports yesterday, Ohio Supreme Court Justice Bill O’Neill has told media sources that he was informed by an unnamed mutual friend that Director Corday plans to enter the 2018 Democratic primary for Ohio...more

What to Do Now About the New CFPB Rule on Arbitration?

by Balch & Bingham LLP on

What to do now about the new CFPB rule on arbitration? (1) begin planning now and (2) begin actual preparation after the 60 days runs. Congress has 60 days after publication of the new CFPB rule to take action to stop the...more

CFPB Rules Permitting Consumer Class Actions Against Financial Institutions Set to Take Effect Absent Action by Congress

by Bracewell LLP on

In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow...more

Financial Services Weekly News - July 2017 #2

by Goodwin on

Editor's Note - In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more

CFPB announces final Arbitration Agreements Rule: what it prohibits, what it requires, and what's next

by DLA Piper on

The Consumer Financial Protection Bureau has published its final Arbitration Agreements Rule (10 CFR § 1040, et seq.), prohibiting mandatory arbitration provisions and class action waivers in consumer financial services...more

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

by Ballard Spahr LLP on

On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

CFPB Issues Final Rule Prohibiting Mandatory Pre-Dispute Arbitration Agreements for Covered Consumer Financial Products and...

by Kelley Drye & Warren LLP on

The Federal Register published today the Consumer Financial Protection Bureau's (CFPB) final rule that was announced last week and would prohibit providers of covered consumer financial products and services from using...more

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

CFPB provides additional HMDA reporting guidance

by Ballard Spahr LLP on

The CFPB issued HMDA Loan Scenarios on July 19, 2017 to provide additional guidance to the industry on reporting transactions under the revised HMDA rule, which has a January 1, 2018 effective date for most provisions....more

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

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