Consumer Financial Products

News & Analysis as of

U.S. Dept. of Education proposes new restrictions on campus financial products

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more

Customer Loyalty – A Case for Old School Customer Service

This morning I received a call from a client and close friend of mine. He told me that he was concerned because the county property appraiser had categorized his wife’s recent re-finance as a sale of her property instead of a...more

CFPB Files Amicus Brief Regarding TILA’s Definition of “Consumer Credit”

In its most recent amicus brief, filed with the Fifth Circuit on April 9, 2015 in Billings v. Propel Financial Services, LLC, the Consumer Financial Protection Bureau (CFPB) argues that entities who lend consumers money to...more

CFPB extends comment period on credit card issues

In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more

Maryland AG and CFPB Announce Action Against Alleged Mortgage Kickback Scheme

Section 1042(a) of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (CFPA) empowers state Attorneys General (AGs) to bring civil actions to enforce federal consumer law against any person offering...more

CFPB Publishes Information Regarding Servicemembers’ Complaints

On April 27, the CFPB published a report regarding the trend of recent complaints submitted to the Bureau by Servicemembers entitled, A Snapshot of Complaints Received from Servicemembers, Veterans, and their Families....more

CFPB Proposal To End “Payday Debt Traps” Meets Serious Criticism

A recently released Consumer Financial Protection Bureau (CFPB) plan meant to end “payday debt traps” is meeting serious criticism from industry experts who say the rule, as proposed, would seriously limit short-term...more

Consent to Disclose Information in Response to a Consumer Complaint – Guidance from Canada

Not infrequently, customers may resort to consumer affairs columnists and other third parties, such as consumer advocacy groups, in order to resolve issues that they are having. In these circumstances, is there implied...more

Is the Financing of Service Contracts An Extension of Consumer ‘Credit’? – It Depends

What is consumer ‘‘credit’’? As with most legal issues, the answer is that it depends. This article provides an overview of how stand-alone financing of service contracts, oftentimes broadly labeled as extended warranties,...more

Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most...more

Proposed MLA expansion in limbo

Despite the CFPB’s efforts to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, it now appears that the proposal may be put on hold. The DoD proposal would revise the...more

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that...more

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

CFPB Update: CFPB Orders $3.1 Million in Refunds to Military Servicemembers in Fifth Case Involving Military Allotments

On Monday, the Consumer Financial Protection Bureau (CFPB) announced the latest in a series of five enforcement actions involving military allotments: a $3.1 million consent order against a payment processor, Military...more

Can the CFPB Really Prohibit Pre-Dispute Arbitration Agreements?

Section 1028 of the Dodd-Frank Act, entitled “Authority to Restrict Mandatory Pre-Dispute Arbitration,” gives the CFPB the authority to promulgate regulations imposing conditions, limitations, or outright prohibitions on...more

Consumer Protection and Your Business

You’ve been hearing for a while now that the regulatory environment has been changing, and you follow the Consumer Financial Protection Bureau (“CFPB”) alerts to see if this new regulator will be looking at your type of...more

ABA seeks changes to CFPB complaint portal and database

Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an...more

Amendments to Code of Conduct for Credit and Debit Card Industry

Amendments made to the Code of Conduct for the Credit and Debit Card Industry in Canada (Code) released by the Department of Finance on April 13, 2015, will have interesting repercussions across the entire payment industry...more

The Other Shoe Has Dropped: CFPB Releases Report on Arbitration

The Consumer Financial Protection Bureau (CFPB) recently released its long awaited Report to Congress on arbitration agreements in consumer financial contracts. The Report’s conclusion, and Director Richard Cordray’s remarks,...more

CFPB Releases New Mortgage Toolkit in Anticipation of New Mortgage Disclosure Rule

On March 31, the CFPB announced a new toolkit as part of its “Know Before You Owe” mortgage initiative. Designed to “help customers understand the nature and costs of real estate settlement services,” the step-by-step guide...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

CFPB Study May Pave The Way For Class Actions Against Consumer Financial Products Companies

The Consumer Financial Protection Bureau (CFPB) recently released a study examining the prevalence, perception and effects of arbitration clauses in contracts for consumer financial products. Although the study purports to be...more

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

Consumer Financial Protection Bureau (CFPB) Prepares Proposals to Add Repay Ability, Other Requirements to Small-Dollar Lending...

How will the CFPB’s attempts to put an end to payday debt traps impact financial institutions and consumers? JS: If published as outlined, these proposals would impose all too familiar ability to repay requirements,...more

Mortgage Shopping Toolkit Available for Compliance Guidance

The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative designed to improve compliance and help consumers...more

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