News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Choke Point

Dechert LLP

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

Dechert LLP on

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

Manatt, Phelps & Phillips, LLP

Financial Services Weekly News Roundup - May 2015 #4

CFPB Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress - Why it matters: In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5...more

Ballard Spahr LLP

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Ballard Spahr LLP on

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

Ballard Spahr LLP

Why the CFPB’s new lawsuit resembles “Operation Choke Point”

Ballard Spahr LLP on

Yesterday, the CFPB announced that it had filed a lawsuit against “the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers.” This is the same lawsuit filed in federal...more

Ballard Spahr LLP

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

Ballard Spahr LLP on

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

Ballard Spahr LLP

CFPB Director Cordray Issues Warning to Bankers

Ballard Spahr LLP on

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

Baker Donelson

Heard At The Country Music Hall Of Fame: CFPB Director Performs In Nashville

Baker Donelson on

Among the displays offering tribute to Reba and The Man in Black, Richard Cordray and some of his fans at the CFPB held a public hearing at the Country Music Hall of Fame in Nashville on March 25, 2014. Rather than the...more

Ballard Spahr LLP

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Ballard Spahr LLP on

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

Ballard Spahr LLP

‘Operation Choke Point’ under Fire

Ballard Spahr LLP on

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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