Consumer Financial Protection Act

News & Analysis as of

CFPB Issues Warning on Promotional Credit Card Offers

In a bulletin issued on September 3, the CFPB warned that it will be on the lookout for “deceptive and/or abusive acts and practices in connection with solicitations that offer a promotional annual percentage rate (APR) on a...more

House Passes Bill to Fix Privilege Waiver Problem for Nonbanks

A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state...more

CFPB settles enforcement action against another debt settlement payment processor

The latest chapter in the CFPB’s “comprehensive effort to address consumer harm and to root out unlawful practices across the debt settlement industry” is a settlement announced yesterday with Global Client Solutions, “a...more

House Passes Nonbank Examination Bill; House Committee Approves Mortgage-Related Bills

On July 29, the U.S. House of Representatives passed by voice voteH.R. 5062, a bipartisan bill that would amend the Consumer Financial Protection Act with respect to the supervision of nondepository institutions, to require...more

Federal district court grants CFPB petition to enforce CIDs issued to tribal lenders

A California federal court recently issued an order granting the CFPB’s petition to enforce its civil investigative demands (CIDs) issued to three tribally-affiliated payday lenders. However, the court also granted the...more

Illinois Attorney General Files UDAAP Action Against For-Profit College

The Illinois Attorney General, who filed suit two years ago under the Illinois Consumer Fraud and Deceptive Business Practices Act against a group of entities related to for-profit college financing, amended its complaint to...more

Illinois AG wins motion to add Dodd-Frank UDAAP claim to complaint against for-profit college

Earlier this month, an Illinois state court granted the motion of the state’s Attorney General to further amend her complaint in a lawsuit filed against a for-profit college and its owners to add new counts alleging that the...more

OSHA Issues New Guidance for Consumer Credit Whistleblowers

On April 3, 2014, the United States Occupational Safety and Health Administration (“OSHA”) issued an interim final rule that establishes procedures and time frames for handling retaliation complaints under the Consumer...more

Illinois AG seeks leave to add Dodd-Frank UDAAP count to complaint against for-profit college

Lisa Madigan, Illinois Attorney General, recently filed a motion in a state court lawsuit against a for-profit college and its owners and operators seeking leave to further amend her complaint to add new counts alleging that...more

Department of Labor Issues Interim Final Employee Whistleblower Rule Under the Consumer Financial Protection Act

On April 4, 2014, the Department of Labor (DOL) issued an Interim Final Rule establishing procedures concerning the manner in which the Occupational Safety and Health Administration (OSHA) will address employee whistleblower...more

CFPB denies payday lender’s petition to modify or set aside CID

The CFPB has issued an order denying the petition filed by CheckSmart Financial Company in September 2013 to modify or set aside a civil investigative demand (CID) it received from the CFPB. ...more

CFPB Weighs In On New York Tribal Lending Case

On November 13, the CFPB filed an amicus brief in a Second Circuit case stemming from efforts of the New York Department of Financial Services (DFS) to crack down on lenders offering allegedly illegal payday loans. Certain...more

Banking Industry Trade Groups Oppose CFPB Credit Card Arbitration Survey

On August 6, three banking industry trade groups submitted a joint comment letter pursuant to a proposal by the CFPB to conduct a survey of credit card holders in connection with its ongoing study of arbitration agreements. ...more

Let the political posturing begin!

Predictably, political posturing in reaction to the D.C. Circuit’s Canning decision has already begun. According to media reports, South Dakota Senator Tim Johnson, a Democrat who heads the Senate Banking Committee, is...more

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