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Banks Consumer Financial Protection Bureau (CFPB) UDAAP

Ballard Spahr LLP

CFPB bans private dispute resolution platform Ejudicate from arbitrating consumer financial product disputes

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The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more

Sheppard Mullin Richter & Hampton LLP

Fed Cracks Down on Utah Bank for Alleged Compliance Failures with $44 Million Fine

On a July 19, the Federal Reserve Board announced it has issued a consent order against a Utah-based bank and its parent company for engaging in unfair and deceptive acts and practices in violation of Section 5(a)(1) of the...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Latham & Watkins LLP

CFPB Proposes to Prohibit Non-Sufficient Funds Fees on Declined Transactions

Latham & Watkins LLP on

As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial...more

McGlinchey Stafford

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

McGlinchey Stafford on

Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more

Husch Blackwell LLP

New CFPB and NY AG Lawsuit Could Harm Consumer Credit Markets

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Perhaps not as prominent in the national news as another relatively high-profile balloon, in its latest effort to legislate and regulate by enforcement, the Consumer Financial Protection Bureau (CFPB), together with New...more

Sheppard Mullin Richter & Hampton LLP

CFPB Circular: Safeguard Consumer Data or Face Liability

On August 11, the CFPB published a circular clarifying liability under consumer financial protection law for bank and nonbank financial companies that fail to safeguard consumer data. The circular describes how firms may be...more

Venable LLP

CFPB Warning to Consumer Financial Services Digital Marketing Providers

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​​​​​​​Through a new interpretive rule announced this week, the Consumer Financial Protection Bureau (CFPB) has declared that digital marketing providers can be held liable under the Consumer Financial Protection Act (CFPA)...more

Ballard Spahr LLP

Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders

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In a recent consent order with a national bank, the CFPB found that the bank committed UDAAP violations in its process for handling garnishment orders and by including certain waiver language in its deposit account...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2022

CFPB Announces Intention to Expand Enforcement Against Unfair Discrimination - The CFPB has published an updated examination manual for evaluating unfair, deceptive, and abusive acts and practices (“UDAAPs”), which explains...more

Troutman Pepper

CFPB Requests Public Input on Fees for Financial Products

Troutman Pepper on

On January 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced its request for the public to share its input on “exploitative junk fees charged by banks and financial companies” to form its rulemaking and...more

Bradley Arant Boult Cummings LLP

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Small Dollar Lending

The Fall Supervisory Highlights came out this month and reports the Bureau’s findings of examinations completed between January 2021 and June 2021. The CFPB publishes the Supervisory Highlights to help institutions better...more

Ballard Spahr LLP

CFPB Director Chopra warns banks—and bank executives—about overdraft practices

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CFPB Director Chopra used the release of two new reports about bank overdraft practices to warn banks—and responsible executives—that they could be at risk if the banks engage in overdraft practices deemed to violate...more

Vedder Price

CFPB’s First No-Action Letter: FinTech Lenders and Banks Take Note

Vedder Price on

On September 14, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its first no-action letter (the “No-Action Letter”) concerning the operations of Upstart Network, Inc. (“Upstart”), a FinTech lender that...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Sues Bank Over Overdraft Sales Pitch

The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

Stinson - Corporate & Securities Law Blog

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha - ...more

Ballard Spahr LLP

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

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The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

Morgan Lewis

CFPB Previews Anticipated Debt Collection Regulations

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The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

Baker Donelson on

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

Davis Wright Tremaine LLP

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Carlton Fields

CFPB Proposes Regulating Nonbank Auto Finance Companies

Carlton Fields on

On September 16, the Consumer Financial Protection Bureau (CFPB) issued and requested comment on a proposed rule that would, for the first time, subject nonbank auto finance companies to federal regulation and oversight. The...more

Bilzin Sumberg

Fighting Back Against CFPB Demands

Bilzin Sumberg on

An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more

MoFo Reenforcement

Supervisory Highlights

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In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Davis Wright Tremaine LLP

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card...more

Ballard Spahr LLP

CFPB Issues First Enforcement Action for Servicing Rules Violations

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The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

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