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 -
News & Analysis as of

Financial Services Weekly News - December 2017

Editor's Note - OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more

Financial Services Report, Winter 2016

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

With President-Elect Trump, What Happens Next for the CFPB?

The Consumer Financial Protection Bureau (CFPB) will have its hands full in the coming months with the combined one-two punch it has suffered at the hands of a decision from the U.S. Court of Appeals in PHH Corporation v....more

OCC Explores Special Purpose National Bank Charter for Fintech Companies

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with a proposal to consider applications from financial technology (“fintech”) companies to receive charters as...more

CFPB’s Ombudsman’s Office issues fifth annual report

The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016).  The role of the Ombudsman’s Office is to assist in the...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

CFPB Examination of Auto Repossession Firms: An Unpleasant Surprise!

Tim owns a small company that handles auto repossessions in the local area. He knows very well the state and local statutes and regulations that apply to his business. Tim has a vague notion that the Consumer Financial...more

Office of the Comptroller of Currency to Issue Charters to Fintech Companies

On Friday, December 2, the Office of the Comptroller of Currency (OCC) announced that it would start considering applications for special purpose national bank charters from financial technology (fintech) companies. The OCC...more

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

Your Daily Dose of Financial News

Federal regulators are on the verge of creating a brand new type of banking license specifically for fintech. Called “special purpose national bank charters,” the licenses are intended to enable fintech companies that accept...more

Central District of California Subjects CFPB Telemarketing Sales Rule Claims to Rule 9(b)’s Heightened Pleading Standards

In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading...more

CFPB submits proposal to expand consumer complaint feedback for OMB approval

The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more

The Post-Election FinTech World: Are Happy Days (for Bankers) Here Again?

In the days following the U.S. federal elections that resulted in the election of Donald Trump as President and Republican control of the 115th Congress, FinTech companies, banks, and other financial institutions are...more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

[Webinar] Meritas Capability Webinar - Latest Developments in Financial Services Law - December 14th, 1:00pm CST

This webinar will provide information on recent developments in financial services law over the past year....more

CFPB Issues Bulletin Warning About Excessive Employee Incentive Programs

On November 28, 2016, the Consumer Financial Protection Bureau announced that it issued a compliance bulletin warning regulated financial companies about the use of employee incentive programs in providing their financial...more

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision...more

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

How does the PHH case impact presidential authority to remove Director Cordray?

A blog post entitled “The President’s Removal Power and the PHH Litigation” by Aditya Bamzai, an Associate Professor of Law at the University of Virginia School of Law, challenges the assumption of many observers that the new...more

CFPB Outlines Expectations on Incentive Compensation

The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more

CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements...more

Financial Services Weekly News - November 2016 #4

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

The New Future of US Banking and Financial Services Regulation

The presidential election has opened the possibility of significant changes to the Dodd-Frank Act regime that has been implemented over the last six years. It remains to be seen what plans the incoming administration will...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

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