Finance & Banking Consumer Protection

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CFPB Delays Implementation of New TRID Form

For the second time in recent weeks, the Consumer Financial Protection Bureau (CFPB) delayed the launch of the new integrated disclosures for residential mortgage loans under the Truth in Lending Act (TILA) and Real Estate...more

Audit reveals U.S. Treasury Dept. security infrastructure is weak

An annual audit conducted by the U.S. Government Accountability Office of the Fiscal Service Bureau, identified (9) nine new information security weaknesses in the U.S. Treasury Department’s information systems that are used...more

District Court Says TCPA Plaintiffs Are Not Required To Plead Their Phone Numbers; Allows Plaintiff’s Negligence Claim Premised On...

The District of South Carolina recently rejected the argument that TCPA claims must be dismissed if a plaintiff does not specify the telephone number that was allegedly called. See Williams v. Bank of America, No. 14-4809-RBH...more

FTC, Florida AG File Action to Stop Alleged Telemarketing Debt Relief Scam Targeting Seniors

The Federal Trade Commission (FTC) and the Florida Attorney General (AG) have jointly filed a complaint in a Florida federal court against several companies and their individual owners alleging that the defendants engaged in...more

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

CFPB Expands Access to Consumer Complaints

On June 25, 2015, the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database went live to provide the general public with enhanced access to consumer complaints. Since March 2015, complainants have been...more

Community groups want CFPB action on small business lending data collection rules

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM...more

FDIC revises examination procedures to incorporate TILA/RESPA integrated disclosures

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

Agencies Issue Final Policy Statement for Complying With Dodd-Frank Section 342: What You Should Know

Six federal banking agencies recently published a final interagency policy statement establishing standards for assessing diversity policies and practices. The final standards, which became effective June 10, 2015, were...more

Eleventh Circuit: While FDCPA Applies to Litigation Activity, Higher Standard May Be Required to Establish Violation

On Tuesday, the Eleventh Circuit Court of Appeals expanded the scope of conduct that is actionable under the Fair Debt Collection Practices Act (“FDCPA”) to include communications directed to a debtor’s attorney. However, the...more

CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB)...more

Final Rules Concerning the Restrictions Imposed On the Retail Distribution of CoCos and Other Regulatory Capital Instruments

In August 2014, the UK Financial Conduct Authority (FCA) used its consumer protection powers for the first time and introduced temporary product intervention rules (Temporary Rules) that restricted the distribution of...more

FCC Enforcement Bureau Chief Praises PayPal After Original TCPA Terms Drew Criticism

Two weeks ago, the Chief of the Enforcement Bureau of the Federal Communications Commission (“FCC”) sent a letter to PayPal, Inc. (“PayPal” or “Company”) stating that the Company’s recent amendments to its User Agreement did...more

6 Record Search Lessons From $43M Clydesdale Bank Penalty

Clydesdale Bank PLC was recently hit with a more-than-$43 million fine, largely because it failed to search for documents that should have been subject to its destruction policy, and for misleading consumers and its...more

Next Supreme Court Term Promises Significant Class Action Ruling

Next term, the U.S. Supreme Court will decide whether Congress has the power to grant jurisdiction to plaintiffs who have suffered no concrete harm by authorizing them to sue based solely on violations of federal statutes....more

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAP

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider...more

CFPB’s TRID Rule Delayed Again – Uncertainty Persists for Good-Faith Grace Period

The CFPB announced on June 17 that it would delay the effective date of the “Know Before You Owe” rule until October 1, 2015. However, the proposed rule issued by the Bureau on June 25 now delays the effective date to...more

Business Processing Debit Card Payment Held Liable for Failure to Obtain Written Authorization

With the increasing use of debit cards to pay for goods and services comes risk for businesses who do not routinely process debit card payments. A recent example of this risk is highlighted in Kelsey v Pitsch Companies. ...more

CFPB Consumer Complaints Database Goes Live with Option to Publish Narratives

Today, the CFPB expanded its consumer complaint database, publishing for the first time over 7,700 consumer narratives which provide descriptive details of issues consumers face with respect to mortgages, bank accounts,...more

Supervisory Haiku-lights, Summer 2015

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

CFPB Publishes Final Rule that Allows its Supervision of Nonbank Auto Finance Companies

On June 10, CFPB published a final rule today that allows the agency to begin supervising large, nonbank auto finance companies for the first time. The newly adopted rule will extend the CFPB’s supervision to any nonbank auto...more

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

CFPB Cracks Down on Medical Debt Collector Over Alleged FCRA and FDCPA Violations

On June 18, the CFPB announced an enforcement action against a third-party medical debt collection company for allegedly failing to issue debt validation notices to customers, mishandling consumer credit reporting disputes,...more

U.S. House Appropriations Committee Approves Amendment to Delay CFPB Arbitration Rule

On June 17, the U.S. House Appropriations Committee approved an amendment that would require the CFPB to conduct a peer-reviewed cost-benefit analysis of the use of arbitration agreements prior to issuing a final rule....more

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