Finance & Banking Consumer Protection

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China Appears To Delay Implementation Of New IT Security Measures In Banking Sector In Response To US, Canadian, EU, Japanese...

In response to concerns raised by the governments of the United States, Canada, the European Union and Japan - bilaterally and at the World Trade Organization (WTO) - the Chinese government appears to have placed...more

Proposed MLA expansion in limbo

Despite the CFPB’s efforts to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, it now appears that the proposal may be put on hold. The DoD proposal would revise the...more

2015 Federal Budget – Financial Services Highlights

Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for...more

Hiring Without Employment Law Headaches: Five Tips for Employers

On Friday, I had the opportunity to speak to the Human Resource Association of Greater New Haven. My sincere thanks to them for the invitation. The group asked me to talk about various legal traps employers face in the...more

Stepping on the Gas: FTC Operation Targets Auto Industry

Why it matters - Continuing its efforts to accelerate enforcement actions against fraudulent practices in the auto industry, the Federal Trade Commission (FTC) recently reported the results of its Operation Ruse Control....more

New York State Department of Financial Services Publishes Survey Results on Banking Industry Third-Party Service Providers and...

The New York State Department of Financial Services (NYDFS) recently published the results of its cybersecurity survey of more than 150 regulated small, medium, and large banking organizations. The survey asked for...more

CFPB Grants Credit Card Issuers One-Year Suspension From Filing Card Agreements

On April 15, the CFPB issued a final rule temporarily suspending credit card issuers’ obligation to submit their card agreements to the CFPB, as required by the Credit Card Accontability, Responsibility, and Disclosure Act...more

Agency Cooperation in Fair Lending Enforcement

Joint investigations, cross-agency partnership, cooperation … terms all too familiar to regulatory and defense practitioners accustomed to collaboration among the alphabet soup of federal regulators....more

Rule Expanding Military Lending Act Protections In Limbo

The Department of Defense's (DoD) proposed rule to revise and expand the coverage of its rule implementing the Military Lending Act (MLA) may be put on hold. The House Committee on Armed Services Subcommittee for Military...more

11th Circuit: Publication of Foreclosure Sale Notices Does Not Fall within Purview of FDCPA

Andrew D. Dunavant, Jr., and Mary Dunavant (the Dunavants) appealed the district court’s partial denial of their motion for summary judgment and its grant of the defendant’s motion for summary judgment. Dunavant v. Sirote &...more

CFPB and Navajo Nation Partner in UDAAP Action Against Companies Involved in Alleged Tax Refund Scheme

On April 14, the CFPB along with the Navajo Nation jointly announced an enforcement action against two companies and their respective owners (Defendants) for running an alleged tax-refund scheme, marking the CFPB’s “first...more

CFPB praises FICO announcement on credit score sharing

The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction”...more

Justice Department’s ECOA report describes joint CFPB activity

The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more

House passes bill to cut CFPB funding; White House threatens veto

Yesterday, the House of Representatives, by a vote of 235-183, passed H.R. 1195, titled the “Bureau of Consumer Financial Protection Advisory Boards Act.” As originally proposed, the bill would codify the CFPB’s existing...more

FCC Action Against AT&T Reflects Regulator’s Increasing Focus on Privacy and Data Security

In the wake of the Federal Communications Commission’s (“FCC’s”) first-ever foray last October into fining companies over data security practices, the agency’s Enforcement Bureau Chief, Travis LeBlanc, asserted that the...more

NY Department of Financial Services: Check Your Vendors’ Cybersecurity

According to a recent report released by the New York Department of Financial Services (NYDFS), the financial industry has a long way to go in overseeing the cybersecurity capabilities of outside vendors who carry out...more

ABA Meeting Sheds Light on UDAAP Priorities and CFPB’s Project Catalyst Initiative

A team of DWT payments lawyers attended the ABA Business Law Section’s spring meeting in San Francisco last week. Adam Maarec from our Washington, DC office moderated a lively roundtable titled A Roadmap for Credit Card...more

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

New Fiduciary Regulations Require Retirement Investment Advisers to Act in Clients’ Best Interests

On April 14, 2015, the U.S. Department of Labor (DOL) issued new proposed regulations that changed the definition of “fiduciary investment advice” as currently found in DOL Regulation 2510.3-21(c). These proposed rules also...more

SCRA Post-Service Protections Extended

The Servicemembers’ Civil Relief Act (SCRA) was created to help relieve or suspend the financial burdens placed upon those serving in the U.S. military. One of the key protections afforded by the SCRA is a temporary stay of...more

FTC Settles With Debt Brokers For Leaking Sensitive Consumer Information

On April 13, the FTC announced that two debt brokers agreed to settle two separate cases filed last year involving the leaking of over 55,000 consumers’ personal information. The brokers allegedly shared consumers’ personal...more

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

Financial Services Weekly News Roundup - April 2015 #4

FINRA’s Retrospective Rule Review Process Continues. On April 16, FINRA announced that the FINRA Board of Governors had authorized FINRA to publish a regulatory notice requesting comment on proposed amendments to Rules 2210...more

OCC Issues Updated RESPA Examination Guidance to Supervised Institutions

On April 14, the OCC issued the “Real Estate Settlement Procedures Act” booklet as part of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with their examination and supervision of...more

Orrick's Financial Industry Week in Review

ICMA Issues Updated Legal Opinions On GMRA - On April 9, the International Capital Market Association (ICMA) published the 2015 legal opinions on the Global Master Repurchase Agreement (GMRA), the principal standard...more

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