Consumer Financial Products

News & Analysis as of

CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit...more

CFPB Consumer Advisory Board to meet on June 9

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto...more

You Should Know - May 2016

In This Issue: - Forced Injustice - Stacking the Deck - Sign the Petition - Excerpt from Businesses Use Loophole to Deny Day in Court: Injustice, Thy Name Is Forced Arbitration: Tia’s employment case...more

CFPB Release Report Critical of Auto Title Loans

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more

Swimming with the “Fintechs”– an insight into the future of Financial Technology Companies

Imagine applying for a mortgage or commercial loan on Amazon or shopping for a checking account via an App on your Iphone. As many in the financial services industry may already know, there are a new brand of startups known...more

Comment period on CFPB proposed arbitration rule ends August 22

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016....more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

High Praise for WSJ Editorial, with a Small Caveat

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes...more

The Future Of CFPB Small Business Lending Regulation

In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more

Arbitration Provisions Mauled by Consumer Watchdog

Companies offering payment services or financial products to consumers are facing a proposed rule from the CFPB that would prohibit class action waivers in binding pre-dispute arbitration agreements. Although the information...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

The CFPB’s auto title loan report: last step to a payday/title loan proposal?

The CFPB has issued a new report entitled “Single-Payment Vehicle Title Lending,” summarizing data on single-payment auto title loans. The latest report is the fourth report issued by the CFPB in connection with its...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

CFPB schedules June 2 field hearing on small dollar lending

The CFPB has announced that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We anticipate the field hearing to coincide with the CFPB’s release of its proposed rule which is...more

CFPB Takes Action Against Individuals Operating Lead Aggregator

In new lawsuits seeking to hold the individuals behind a company that allegedly violated the Consumer Financial Protection Act of 2010 liable, the Consumer Financial Protection Bureau (CFPB) took action against the cofounders...more

CFPB Sues All American Check Cashing

On May 11, 2016, the CFPB sued All American Check Cashing, Mid-State Finance and their President and owner Michael E. Gray. It alleged that the Defendants engaged in abusive, deceptive, and unfair conduct in making certain...more

Department of Education Cash Management Regulations To Become Effective

Final regulations promulgated last year by the United States Department of Education (the “Department”) become effective July 1, 2016. The Department stated that the purpose of the regulations is “to address recent changes in...more

CFPB Proposes Rule Banning Class Action Prohibitions

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that drastically limits the effectiveness of arbitration clauses in consumer financial product agreements. Specifically, the proposed rule...more

CFPB April 2016 Complaint Report Highlights Mortgage Complaints, Complaints From California Consumers

The Consumer Financial Protection Bureau (CFPB)has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about...more

CFPB Issues Proposed Rule Seeking to Prohibit Mandatory Arbitration Clauses

On May 5, the CFPB released a highly anticipated proposed rule that would ban covered providers of most financial consumer products and services from including mandatory pre-dispute arbitration clauses in future consumer...more

House to hold May 18 hearing on CFPB’s proposed arbitration rule

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

Google To Ban Payday Loan Advertisements

Google announced on May 11 that effective on July 13, 2016 it will ban all payday loan advertisements from its site. Google was responding to concerns raised by consumer advocates who argued that the lending practice...more

CFPB Proposes Controversial Rule to Limit Use of Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long-awaited and highly-controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more

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