Finance & Banking Consumer Protection

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CFPB Outlines Long-Awaited Debt Collection Reforms

The Consumer Financial Protection Bureau (CFPB) released on July 28 new proposals designed to "overhaul" the practices of the debt collection industry. The proposals include sweeping changes to existing regulations, including...more

Consumer Financial Services Newsletter - July 2016

Eighth Circuit Holds That Filing Accurate Proof of Claim on Time-Barred Debt Does Not Violate the FDCPA - Nelson v. Midland Credit Mgmt., Inc., No. 15-2984, 2016 WL 3672073 *1 (8th Cir. July 11, 2016) - On July 11,...more

Financial Services Weekly News - July 2016 #4

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

Diversity assessment and remedial measures required by CFPB consent order

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

Ninth Circuit Holds Each Debt Collector Must Send a 1692g Validation Notice, Even If Previously Provided By Another Debt Collector...

In Hernandez v. Williams, Zinman & Parham PC, No. 14-15672, — F.3d –, 2016 WL 3913445 (9th Cir. July 20, 2016), the Ninth Circuit Court of Appeals held that each subsequent debt collector is required to send a § 1692g(a)...more

CFPB Updates Webinar Question Index

The CFPB has posted on its website an updated index to include the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the March 1, 2016 and April 12, 2016 webinars on the...more

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

CFPB Proposals Would Restrict Use of Arbitration Clauses in Consumer Financial Services Contracts

In May 2016, the federal Consumer Financial Protection Bureau (CFPB) proposed, and requested public comments on, a new rule intended to limit the use of mandatory pre-dispute arbitration clauses in agreements governing a wide...more

CFPB corrects (and extends) comment deadline for payday loan RFI

The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016. The RFI seeks feedback...more

CFPB Supervisory Highlights – January 2016 to April 2016

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

NY Strengthens Law Concerning Zombie Properties as Well as Good Faith Negotiations

New York Senate Bill S8159 - On June 23, 2016, the New York State Legislature passed a bill imposing new requirements upon mortgage servicers seeking to foreclose on defaulted home loans. The bill — S8159, dubbed the...more

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

BancorpSouth Bank Agrees to Pay More Than $10 million to Settle Charges of Redlining and Discrimination in Mortgage Underwriting...

On June 29, the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ), and BancorpSouth Bank (BancorpSouth) agreed to settle allegations of redlining and discrimination in violation of the Equal Credit...more

Dept. of Education announces federal student loan policy direction

The Department of Education has released a memorandum to provide policy direction for the new federal student loan “state-of-the-art loan servicing ecosystem” that the ED is currently procuring. According to the memorandum,...more

Ninth Circuit Case of First Impression Holds That FDCPA Notice Requirement Applies to Subsequent Collectors of Same Debt

Action Item: The Ninth Circuit reversed the Arizona District Court’s summary judgment in favor of a defendant debt collector in an action under the Fair Debt Collection Practices Act. In a case of first impression, the Ninth...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

Top 5 Things the Financial Industry Needs to do in Response to the CFPB’s Proposed Arbitration Rule

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

CFPB’s Proposed Rule Banning Use of Pre-Dispute Arbitration Agreements to Block Consumer Class Actions Signals New Wave of Class...

On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule which would prohibit application of pre-dispute arbitration agreements to class litigation involving a broad range of consumer...more

Against the Grain: Bankruptcy Court Allows FDCPA Claim to Proceed Despite Res Judicata Argument

Few issues involving the Fair Debt Collection Practices Act (FDCPA) are more hotly contested than whether filing a proof of claim on a time-barred debt violates the FDCPA. In bankruptcy, creditors have a right to file proofs...more

CFPB extends comment deadline for payday loan proposal

The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register.  The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more

Implications of Madden v. Midland Funding

In earlier client OnPoints, we have provided a comprehensive review of recent developments in the U.S. affecting the marketplace lending industry, including the potentially far-reaching Madden v. Midland Funding, LLC case...more

CFPB to Release Amendments to the Mortgage Servicing Rules; Bradley Webinar to Follow | Financial Services Perspectives

The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more

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