News & Analysis as of

Consumer Protection Finance & Banking

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

In the Wake of Equifax: What Auto Dealers Need to Know About Data Privacy

Following the recent Equifax data breach wherein millions of consumers’ private information may have been compromised, it is increasingly clear that consumer-interfacing businesses need to, and in some cases are required to,...more

CFPB Files Complaint Alleging Debt-Relief Providers Misrepresented Affiliation with U.S. Government

by Goodwin on

On October 12, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against two debt-relief companies and their owners, and a third company that processed payments for and provided other services...more

CFPB Student Loan Ombudsman issues sixth annual report

by Ballard Spahr LLP on

The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

High Alert for California Employers and Employers Nationwide for the Second Wave of FCRA Class Actions

by Littler on

The flurry of Fair Credit Reporting Act (“FCRA”) class actions against employers started in or about 2012 and was not limited to California. Many of those lawsuits resulted in significant payouts for violations of one or more...more

Conference of State Bank Supervisors names fintech advisory panel members

by Ballard Spahr LLP on

The Conference of State Bank Supervisors has released a list of 33 companies that will serve as members of its Fintech Industry Advisory Panel. According to the CSBS, the Advisory Panel’s purpose is “to support state...more

CFPB Finalizes Payday Lending Rule - With a Few Changes

On October 5, 2017, the Consumer Financial Protection Bureau (CFPB) finalized its new rules governing the small-dollar consumer loan market, based on a proposal first released in June 2016. The rule requires underwriting for...more

CFPB releases consumer protection principles for consumer-authorized sharing of financial information

by Ballard Spahr LLP on

The CFPB has released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.”...more

CFPB Issues Last-Minute Changes to Mortgage Servicing Rules

by Alston & Bird on

As we previously reported, on October 19, 2016, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register final amendments to its Mortgage Servicing Rules (Final Rule). The Final Rule, weighing in at...more

Trump To Nominate Competition-Focused Simons for FTC Chair, CP-Focused Chopra for Commissioner; Reports of Philips for Additional...

by Kelley Drye & Warren LLP on

After months of speculation among the consumer protection and antitrust bars, Trump announced today his intention to nominate former Director of the Bureau of Competition and current Paul Weiss partner Joseph Simons as...more

Cybersecurity, Data Breaches Continue to Make Headlines

Cybersecurity continues to make headlines in the financial services industry, from the recent announcement that the Securities and Exchange Commission (SEC) was targeted by hackers to final approval of the settlement in a...more

Financial Services Weekly News - October 2017

by Goodwin on

Editor's Note - Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more

CFPB Consumer Advisory Board to meet Nov. 2

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more

Law Firm Attempts to Resist Subpoena by Arguing CFPB is Unconstitutional

by Dorsey & Whitney LLP on

In the wake of last year’s (now-vacated and pending review en banc) decision by the D.C. Circuit in PHH Corp. v. Consumer Fin. Prot. Bureau, 839 F.3d 1 (D.C. Cir. 2016), the constitutionality of the Consumer Financial...more

Payday Debt Collector, Servicer Must Forgive $12M

Shortly before the Consumer Financial Protection Bureau (CFPB) issued its payday loan rule, the New York Department of Financial Services (DFS) announced a consent order with a payday loan servicer and debt collector totaling...more

Banking agencies identify key HMDA data fields

by Ballard Spahr LLP on

The federal banking agencies have issued guidance to financial institutions on the key data fields under the revised Home Mortgage Disclosure Act (HMDA) rules that will be used to test and validate the accuracy and...more

CFPB further updates HMDA Rule guidance materials

by Ballard Spahr LLP on

The CFPB recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1, 2018, and also posted a new guidance...more

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

CFPB provides update on HMDA platform

by Ballard Spahr LLP on

In August 2017, we reported that the CFPB had given the mortgage industry a first look at the Internet-based platform it is developing for industry members to use to submit data under the Home Mortgage Disclosure Act (HMDA)....more

OCIE Publishes Risk Alert on Most Frequent Advertising Rule Compliance Issues Found During Examinations

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert on September 14, 2017 (Risk Alert). The Risk Alert highlights...more

Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

by Ballard Spahr LLP on

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

Payday Loan Rule Finalized: “Ability to Repay” Requirements Narrowed, but Challenges and Risks Loom Large

by K&L Gates LLP on

On October 5, 2017, the Consumer Financial Protection Bureau (the “CFPB”) released its final rule targeting what it refers to as “payday debt traps” (the “Rule”). Among other things, the Rule will require lenders to make...more

Illinois Revises Residential Mortgage License Act Provisions

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

More details on finance industry’s CFPB arbitration rule lawsuit

by Ballard Spahr LLP on

As promised previously, here are further details on the lawsuit filed by industry groups against the CFPB to overturn the final arbitration rule.  The complaint largely mirrors our heavy criticism of the rule. ...more

Eleventh Circuit Continues To Explore Definition Of Debt Collector

An unpublished opinion from the Eleventh Circuit continues its analysis of the definition of a debt collector and continues to narrow the applicability of the FDCPA. As many may recall, the Eleventh Circuit’s opinion in...more

Earlier deadline for Senate to pass CRA resolution to override CFPB arbitration rule

by Ballard Spahr LLP on

In a recent blog post, we estimated that, as a practical matter, November 16 was the last day on which the Senate could pass a resolution of disapproval under the Congressional Review Act to override the CFPB arbitration...more

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