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CFPB Update - Bank Short Term Loans “Payday” for Banks? CFPB Outlines Sweeping Proposal to Level the Playing Field Between Payday...

Direct from Richmond, Virginia: yesterday, I (Travis) visited the Greater Richmond Convention Center, where the Consumer Financial Protection Bureau (CFPB) announced at a field hearing a sweeping proposal for new rules...more

CFPB Launches Inquiry into the Credit Card Industry

Last week, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment from consumers on how the credit card market is functioning following several initiatives imposed by the Credit Card...more

CFPB shows its hand on payday (and title and longer-term high-rate) lending

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the...more

The CFPB and FTC Agree to Continue to Coordinate

In March 2015, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) reauthorized their 2012 Memorandum of Understanding (MOU), extending it for a three-year term with a few small administrative...more

Could Guaranteeing a Minimum Recovery for Consumers Abate CFPB Concerns Regarding Class Waivers in Arbitration Agreements?

With the recent release of the Consumer Financial Protection Bureau’s “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, it is widely anticipated that the...more

OIG adds new audit item to work plan

The Office of Inspector General (OIG) has added a new ongoing CFPB project to its work plan updated as of March 13, 2015. The OIG is auditing the CFPB’s compliance with the Improper Payments Information Act of 2002, as...more

Supreme Court to Hear Case Deciding the Rights of Spousal Loan Guarantors under the Equal Credit Opportunity Act

The United States Supreme Court will soon hear a case that will determine the rights of spousal guarantors under the Equal Credit Opportunity Act (“ECOA”), and ultimately whether creditors may require spousal guarantors on...more

N.J. Eliminates Customer Data Collection Requirements for Gift Card Retailers, Issuers

New Jersey Governor Chris Christie has signed into law an amendment to the state’s unclaimed property law—S.B. 2235—that eliminated its consumer data collection requirements. In doing so, Governor Christie relieved a...more

CFPB Releases Study on Use of Arbitration Clauses in Consumer Contracts

Last week, the Consumer Financial Protection Bureau (CFPB) released its 728-page report on the use of arbitration clauses in consumer financial products and services contracts. The findings in the report come from a...more

CFPB Issues Arbitration Study – Possible Impact On Reinsurance Unclear

The Consumer Financial Protection Bureau has issued a study that is critical of arbitration in the context of consumer claims, contenting that arbitration “restricts” the rights and remedies of consumers by limiting or...more

Cybersecurity: Mitigating the Legal Risks of On-Line Banking With Business Customers

On-line or electronic banking (“e-banking”) offers many well-known advantages to financial institutions engaged in banking and to their business customers. A significant risk of on-line bank accounts for both financial...more

All Consuming - Legal Updates for Consumer Finance Professionals

In This Issue: - Supreme Court Provides TILA Home Loan Rescission Guidance - West Virginia Legislature Proposes Changes to the WVCCPA - Defeating Another Challenge to the Mortgage Electronic Registration...more

Update: Proposed Settlement in Target Data Breach Litigation

The proposed settlement agreement in the Target data breach consumer litigation that we reported on on March 19, 2015 has been approved by the judge, and a final approval hearing set for November 10, 2015. Based on this...more

Financial Services Weekly News Roundup - March 2015 #3

SEC Focus on Disqualification Waivers. When negotiating a settlement of an SEC enforcement action against a registered financial services firm – or one that hopes one day to become registered – it is vital to consider the...more

Payday lenders remain a focus for ASIC

ASIC has released a statement as well as a video from Deputy Chairman Peter Kell setting out its agenda with respect to payday lenders. ...more

Update on Chapter 93A

Chapter 93A is the dominant law in Massachusetts governing business litigation. It applies to nearly all business disputes. The winning plaintiff under Chapter 93A is entitled to an automatic award of its attorney's fees, and...more

Mid-South Regulatory Compliance Group Quarterly Report Vol. 12 No. 1

In this Report: - CFPB Adopts Final Changes to TILA-RESPA Integrated Disclosure Rule - “Know Before You Owe” Deadline Disclosure - TILA-RESPA Disclosure Compliance Guides Available - What Constitutes...more

Consumer Financial Protection Bureau’s Dodd-Frank Study Scrutinizes Arbitration Agreements & Class Action Waivers

On Tuesday, the Consumer Financial Protection Bureau (“CFPB”) released its long-awaited “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, which presents...more

EMV Credit Cards Are Coming, But Consumers Must Stay Vigilant

Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more

CFPB 2015 Arbitration Study: coming curbs on consumer financial services contract arbitration provisions - 6 steps for businesses

The Consumer Financial Protection Bureau (the CFPB) 2015 Arbitration Study, released yesterday in conjunction with a speech by CFPB Director Richard Cordray, lays the groundwork for rule making to broadly restrict the use of...more

Food Industry Continues to Face Data Privacy and Security Risk

In 2014, grocers and restaurants continued to be plagued by attacks leading to the theft of credit card information. Among others, Supervalu Inc. and Jimmy John’s both experienced intrusions in 2014, extending the string of...more

Maximizing Insurance Coverage for CFPB Investigations and Enforcement Actions

Seven years removed from the 2008 financial crisis, an increasing number of financial institutions are now finding themselves in the crosshairs of the Consumer Financial Protection Bureau (“CFPB”), a new federal agency...more

Hearing, Report May Forecast CFPB Rulemaking on Arbitration Provisions

Section 1028 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Consumer Financial Protection Bureau (CFPB) to limit or even prohibit the use of arbitration provisions that govern future disputes...more

New Measures Clarify Consumer Protection Rights in China, Stipulate Penalties for Misconduct

On Jan. 5, 2015, the Chinese State Administration for Industry and Commerce (“SAIC”) promulgated the Penalty Measures for Infringement on the Rights and Interests of Consumers (the “Measures”), which will take effect on March...more

An “Applicant” By Any Other Name – The U.S. Supreme Court Jumps in on ECOA and Guarantors

As the Bard’s Juliet famously mused, “What’s in a name? That which we call a rose by any other name would smell as sweet.” One might similarly wonder at the U.S. Supreme Court’s decision yesterday (March 2, 2015) to grant...more

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