News & Analysis as of

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -

Trump's Deregulation-Oriented Executive Orders: How Will They Impact Recent CFPB Regulatory Actions and Other Financial...

How will President Donald J. Trump's recent executive order—(i) the "one-in-two-out" cap on new regulations and (ii) the mandated review of existing financial regulations—impact financial regulation, including regulations...more

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

by Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

CFPB Releases Prepaid Rule Guidance

The Consumer Financial Protection Bureau (CFPB) released guidance on the agency's forthcoming Prepaid Rule, set to take effect on October 1, 2017. Although described as aimed at "small businesses," the guidance is useful for...more

Navient Attacks CFPB UDAAP Enforcement Without Implementing Rules

by Ballard Spahr LLP on

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more

CFPB Hits Student Loan Servicer With Lawsuit

The Consumer Financial Protection Bureau (CFPB) has sued a major student loan servicer as detailed by the complaint filed in Pennsylvania federal court....more

Trust No One - Lunchtime Deals Should End in Intention, Not Retention

by Burr & Forman on

What You Can Learn about Vendor Management from the DocuSign Breach While some industries may get away with the “trust but verify” model, heavily regulated industries such as financial services have no such luxury. Trust...more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

DocuSign Breach a Strong Reminder for the Mortgage Industry to Manage Third-Party Service Provider Risks

by Ballard Spahr LLP on

On May 16, DocuSign confirmed that a data breach resulted in widespread malware phishing attacks targeting its customers. DocuSign provides electronic signature solutions for many companies in the mortgage banking industry...more

Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Senate Leader Mitch McConnell skeptical of Dodd-Frank reform

by Ballard Spahr LLP on

In a recent Bloomberg interview, Senate Majority Leader Mitch McConnell expressed skepticism about the Senate’s ability to pass meaningful Dodd-Frank reform.  After months of inactivity, the House Financial CHOICE Act finally...more

CFPB Student Loan Ombudsman reports on handling of defaulted borrowers by servicers

by Ballard Spahr LLP on

The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest...more

CFPB and FTC confirm scrutiny of ancillary products

by Ballard Spahr LLP on

At the Auto Finance Risk and Compliance Summit held this week, Calvin Hagins, CFPB Deputy Assistant Director for Originations, stated that the CFPB is increasingly asking lenders about ancillary product programs during...more

ABA Critical of HMDA Rule in Comments to Treasury Secretary

by Ballard Spahr LLP on

Based on the President’s executive order 13772 on The Core Principles for Regulating the United States Financial System, the American Bankers Association (ABA) submitted a white paper to Treasury Secretary Mnuchin that...more

Lender's Edge Newsletter

by Polsinelli on

Deeds in Escrow - Deeds in escrow, or “pocket deeds,” have increased in popularity in recent years. But are they the right option in connection with a workout of your distressed loan? Please see full Publication...more

FDIC announces settlement with bank and non-bank affiliated parties

by Ballard Spahr LLP on

The FDIC announced last week that it had entered into settlements with Bank of Lake Mills and two non-bank “institution-affiliated parties” through which the bank originated loans for allegedly engaging in unfair and...more

CFPB Settlements: It’s Not Over Until It’s Over

by Foley & Lardner LLP on

On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

CFPB Seeks Comment on Effectiveness of the RESPA Mortgage Servicing Rule

As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities...more

The Next CFPB Regulatory Challenge: Small Business Lending

by Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority. Under 12 U.S.C. § 5481(12) of the Dodd-Frank Act, the...more

The CFPB's Small Business Lending Initiative [Audio]

by Bryan Cave on

On today's episode hosts Jonathan Hightower and Rob Klingler discuss Jonathan's visit to Washington, D.C. with a delegation of bankers earlier this week. They also take a close look at the CFPB's small business lending...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

Shouldn't You Be Using Arbitration Agreements to Reduce the Costs of Litigation and the Risk of Class Action Claims?

by Foley & Lardner LLP on

Businesses across the country regularly bemoan the time and expense of litigation. Even when businesses are successful in defending non-meritorious consumer claims alleging unfair or deceptive practices, false advertising,...more

Two CFPB enforcement actions tried in federal court

by Ballard Spahr LLP on

Two enforcement actions filed by the CFPB recently went to trial in federal district court. One of the cases was filed by the CFPB in July 2014 in a Wisconsin federal district court against two law firms and four of the...more

Climate for Student Loan Oversight Gets Hotter with Recommendation of Top CFPB Student Loan Official for FTC Commissioner

by Hinshaw & Culbertson LLP on

While most mainstream media outlets are pulling a Jan Brady and reporting "Comey, Comey, Comey," the consumer financial services community should be chewing on a different name right now: "Chopra, Chopra, Chopra."...more

CFPB prepaid card rule survives Senate CRA challenge

by Ballard Spahr LLP on

The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more

CFPB and DOJ file submissions opposing state AGs’ proposal to redirect unused settlement funds to NAAG

by Ballard Spahr LLP on

We previously reported that the Connecticut Attorney General, on behalf of the Attorneys General of Indiana, Kansas and Vermont, (the “state AGs”) had filed a joint motion to intervene in a CFPB enforcement action against...more

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Cybersecurity

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