Finance & Banking Consumer Protection

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CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

Federal Appeals Court Upholds District Court Order Barring Telemarketers From Selling Mortgage And Debt Relief Programs

This month, the U.S. Court of Appeals for the Sixth Circuit issued a decision to uphold the District Court of Northern Ohio’s earlier ruling prohibiting the defendants from selling false mortgage assistance and debt relief...more

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

SEC Announces $30 Million Whistleblower Award to Non-U.S. Resident

On Monday, September 22, 2014, the SEC announced that it expected to award between $30 and $35 million to a non-U.S. whistleblower who provided the SEC with information about “an ongoing fraud that would have been very...more

CFPB Wants to Publish Detailed Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) has proposed to publicly disclose details of consumer complaints filed through its web-based public consumer complaint database by including a consumer narrative of events that...more

Ahead: CFPB Regulations of Creditors Collecting Own Consumer Debts?

The Federal Fair Debt Collection Practices Act (FDCPA or the Act) was enacted in 1977 to end abusive consumer debt collection practices by debt collectors, while insuring that collectors who don’t engage in such practices...more

CFPB And Federal Reserve To Co-Host Third TILA-RESPA Disclosure Webinar

On October 1, the CFPB and the Federal Reserve will co-host a webinar on the TILA-RESPA Integrated Disclosures rule. By consolidating the existing mortgage disclosures required under TILA and RESPA, the integrated rule is...more

CFPB To Host Forum On Access To Checking Accounts

On October 8, the CFPB will host a forum to discuss checking account screening policies and practices and how they will affect consumers. Specifically, the event will focus on how the screening system works and its potential...more

Federal Insurance Office Issues Second Annual Report

The sleepy office of the Treasury Department known as the Federal Insurance Office, or FIO, released its second Annual Report on the Insurance Industry. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act,...more

Using Information from Data Brokers? Beware the FCRA and the FTC …

As sellers and Internet service providers gather increasing amounts of consumer information, the data broker industry has expanded. Identifying themselves as "market research" firms, data brokers buy, analyze, sort,...more

Senate passes bill exempting condo unit sales from ILSFDA registration

In May 2013, we reported that the CFPB’s amicus program scored a victory when the U.S. Court of Appeals for the Second Circuit ruled that the sale of a single-floor condominium unit in a multistory building was subject to the...more

SCC Weighs-In on Consumer Protection Remedies in Quebec Class Actions

On September 19, 2014, the Supreme Court of Canada released a trilogy of decisions examining the standing of representative plaintiffs and the availability of consumer protection legislation in the class action context....more

Congress Passes Nonbank Examination Bill

On September 18, the Senate passedby voice vote H.R. 5062, a bipartisan bill that will amend the Consumer Financial Protection Act with respect to the supervision of nondepository institutions to require the CFPB to...more

GAO Says CFPB Needs to Improve Data Privacy and Security

To fulfill its statutory responsibilities, the CFPB collects large amounts of consumer financial data on credit card accounts, mortgage loans, and other products through one-time or ongoing collections. While the CFPB has...more

N.J. Supreme Court Rules that Consumer Arbitration Pact Is Invalid

The court found that the arbitration agreement failed to clearly and unambiguously advise that the plaintiff was giving up the right to pursue statutory claims in court....more

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB...more

The CFPB and the Technological Revolution

The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray emphasized during the CFPB’s September 11, 2014, meeting with the Consumer Advisory Board the CFPB’s new focus on protecting consumers who use mobile...more

News groups oppose opt in for CFPB’s proposed disclosure of complaint narratives

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough. ...more

A Look at Higher Education Bills in the House of Representatives

The House of Representatives has seen a lot of action on the higher education front this year. Not only has Committee on Education and the Workforce (Ed and Workforce) Chairman John Kline passed a number of bills out of...more

Five Basic Steps for Dealing with Cybersecurity Threats

Recent legal headlines have been filled with news about data breaches and lapses of information security across all sectors of the economy. Hospitals, colleges, and even major international retailers such as Target and Home...more

CFPB Releases Report on Fair Credit Exams and White Paper on Proxy Methodology

Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more

Mortgage Lead Generator Will Pay $500,000 to Settle FTC Charges about False Ads

On September 12, a mortgage refinancing lead generator, Intermundo Media, LLC (doing business as Delta Prime Refinance), agreed to pay a $500,000 civil penalty, among other things, to settle the FTC’s allegations that the...more

UDAAP Council Weekly UDAAP Standards Report - September 2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

Federal Court Dismisses Industry Challenge to NYC Responsible Banking Law but Leaves Door Open For Future Lawsuit

A federal judge recently dismissed a complaint brought by the New York Bankers Association (NYBA) seeking to invalidate the New York City Responsible Banking Act (the Responsible Banking Act). In New York Bankers Ass’n Inc....more

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

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