Finance & Banking Consumer Protection

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MLA Website malfunction

According to an announcement posted on the Military Lending Act (“MLA”) Website, “[b]etween February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from...more

Court Grants CFPB's Petition for Rehearing in PHH

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more

CFPB Evaluates Use of Alternative Data and Modeling Techniques in the Consumer Lending Credit Process

On February 16, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Request for Information (RFI) regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The...more

Bad System Conversion Leads to CFPB Consent Order for Prepaid Card Provider and its Vendor

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more

Florida AG Enters $8 Million Consent Order with Loan Service and Referral Companies

On February 14, 2017, the Florida Attorney General’s Office (Florida AG) announced that it had entered into three consent judgments and one settlement with four affiliated loan service companies and their operators, resolving...more

Student Loan Debt Collector Settles with FTC for $700,000 Over Alleged FDCPA and FTC Act Violations

On February 14, 2017, the Federal Trade Commission (FTC) announced that it had entered into a stipulated order with a student loan debt collector, resolving allegations that the debt collector violated the Fair Debt...more

D.C. Circuit Vacates and Grants En Banc Review of Decision That Declared CFPB Unconstitutional

In an order on February 16, 2017, the U.S. Court of Appeals for the District of Columbia Circuit vacated the panel decision and granted the petition by the Consumer Financial Protection Bureau for an en banc rehearing in PHH...more

Republican Senators Introduce Bill to Restructure the Consumer Financial Protection Bureau

On January 11, 2017, U.S. Senator Deb Fischer (R-Neb.) introduced Senate Bill 105 which proposes a substantial change to the leadership structure of the Consumer Financial Protection Bureau (“CFPB”). Senator Fischer was...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

Fate of House bill to change class action procedures could be barometer for CFPB arbitration rule

On February 9, 2017, the House Judiciary Committee by a vote of 19-12 passed the Fairness in Class Action Litigation Act of 2017, a bill that would make significant changes to the procedures for class actions in federal...more

D.C. Circuit grants CFPB’s petition for rehearing en banc in PHH case

The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case.  Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition...more

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

FTC sends letter to CFPB on 2016 debt collection activities

The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2016.  The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA...more

Financial Services Weekly News - February 2017 #3

Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

New CFPB webinar available on 2015 HMDA final rule

On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017...more

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

CFPB Consumer Advisory Board to meet March 2

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017. The notice indicates that the Board will discuss the consumer credit information...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

Morgan Lewis Urges NYDFS to Modify Its Re-Proposed Cybersecurity Rules

Morgan Lewis submits second comment letter on the proposed rules. The New York State Department of Financial Services (DFS) is expected soon to issue “first-in-the-nation” cybersecurity regulations that will apply to...more

Post-‘Spokeo’ Standing for Consumer Class Actions a Struggle

Federal courts have varied widely in their interpretation of standing for plaintiffs in consumer protection class actions since last year’s U.S. Supreme Court decision in Spokeo v. Robins , __ U.S. __, 136 S.Ct. 1540 (May 16,...more

Thou Shalt Not Exploit Thine Elders

SEC approves FINRA rule designed to protect seniors and other specified adults from financial exploitation. The Securities and Exchange Commission (SEC) has approved a new rule proposed by the Financial Industry...more

Nothing Crafty About Michaels’ Disclosure Under Spokeo

A New Jersey District Court followed Spokeo’s Article III standing analysis and dismissed claims by three putative class representatives against Michaels Stores. Plaintiffs claimed that Michaels’ online employment application...more

Pending Senate Bill Would Restructure CFPB Leadership

On January 11, 2017, a trio of Republican Senators introduced a bill that would change the leadership structure of the Consumer Financial Protection Bureau (“CFPB”) from a single director to a five-member bipartisan “Board of...more

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