Finance & Banking Consumer Protection

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CFPB Sues Credit Repair Company for Misleading Claims and Illegal Fees

On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly making misleading...more

House Financial Services Committee Takes Aim at the CFPB

While the CFPB has been busy revamping debt collection rules, including those required by the Fair Debt Collection Practices Act (FDCPA), lawmakers are doing a bit of revamping of their own. Earlier this month, the Financial...more

CFPB Files Action Against Credit Repair Company, Seeking Injunction and Penalties

On September 23, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a credit repair company in the United States District Court for the Central District of California, for alleged violations...more

CFPB Director Cordray Emphasizes Major Changes Coming to the Debt Collection Marketplace; Bradley Analysis Coming Soon

As noted previously, the Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Earlier this week,...more

CFPB announces enforcement actions against auto title lenders

The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...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

CFPB builds case for ECOA protection for gender identity and sexual orientation

While CFPB officials have suggested in public remarks that the Equal Credit Opportunity Act’s prohibition against discrimination on the basis of “sex” includes discrimination based on gender identity and sexual orientation, a...more

New York DFS Proposes New Cybersecurity Regulations

Earlier this month, the New York State Department of Financial Services (“DFS”) announced proposed cybersecurity regulations for financial institutions. This proposal is, according to Governor Cuomo, a “new...more

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

To Arbitrate or Not to Arbitrate? Groups Comment on CFPB Proposal

As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration....more

Federal and State Authorities Take First Steps Toward Regulating Blockchain, Mobile Banking and Digital Financial Services

Last week, federal and state lawmakers took significant steps toward specific regulations targeting digital financial technology, mobile banking and cybersecurity, signaling the possibility of wholesale changes to the legal...more

CFPB Allies and Opponents Clash Over Arbitration Proposal

The CFPB's recently-announced proposal to limit arbitration clauses in consumer finance contracts has drawn thousands of comments from groups and individuals on both sides of this issue. The deadline for submitting comments...more

The CFPB's Latest: Student Loans and Fix-It Forms

The Consumer Financial Protection Bureau has taken two actions that are worthy of note. First, the Student Loan Ombudsman released his mid-year report, in which he focused his attention on complaints about servicer activity...more

Update on the J.G. Wentworth CID Fight

Earlier this summer we wrote about the challenge by J.G. Wentworth, LLC to the CFPB's jurisdictional reach. Now, the Chamber of Commerce of the United States of America has asked that it be allowed to file an amicus brief in...more

CFPB Wants to Share Its Confidential Information with the World

On August 24, 2016, the CFPB published proposed amendments to broaden its ability to share confidential information with agencies. If the proposed rule is finalized, the CFPB would be permitted to share information with...more

Happy Fifth Birthday, CFPB: It's Time for Your Check-Up

This past July marked the five year anniversary of the CFPB. The industry has accumulated a laundry list of criticism for the regulator including the practice of regulation through enforcement, lack of issued guidance, an...more

Payment Processer Challenges CFPB’s Allegation That It Engaged in Unfair Practices

The Consumer Financial Protection Bureau’s (“CFPB”) lawsuit against payment processor Intercept Corporation remains pending, and recent briefing sheds light on what could result in broad implications for the payment...more

CFPB highlights impact of student debt on communities of color

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more

N.Y. Moves Ahead with Proposed Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) will require all institutions subject to NYDFS supervision to establish and maintain a cybersecurity program meeting "certain regulatory minimum standards." All financial...more

FTC staff paper on lead generation likely to inform CFPB

Almost a year ago, on October 30, 2015, the FTC conducted a workshop on lead generation entitled to “Follow the Lead.” We published a three-part series on the workshop highlighting the key takeaways. On September 15, 2016,...more

OCC, CFPB Charge Bank With Illegal Credit Card Practices

Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more

Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces

Late last year, the Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”) brought a joint action against Hudson City Savings Bank (“Hudson Bank”) for redlining. Hudson Bank, based in New Jersey,...more

Your daily dose of financial news - The Brief – 9.19.16

Gretchen Morgenson and Fair Game have had a few days to reflect on the Bayer/Monsanto deal, and with that little bit of hindsight (and a lot of history), she’s not too sure that Bayer’s stockholders are going to be thrilled...more

CFPB Focuses on Bank Accounts, Services Complaints for August

Bank accounts and services were the focus of the Consumer Financial Protection Bureau’s (CFPB) August snapshot of consumer complaints. What happened - Each month, the CFPB summarizes recent consumer complaints filed...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

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