Consumer Financial Products

News & Analysis as of

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

CFPB soliciting suggestions for its amicus brief program

The Consumer Law & Policy Blog has reproduced a copy of a letter sent yesterday by the CFPB seeking suggested cases for the CFPB’s amicus brief program. ...more

New Channels of Economic Opportunity to Follow U.S.-Cuba Policy Changes

On December 17, President Obama announced sweeping changes to U.S.–Cuba policies that will usher in a new era in bilateral relations between the two countries. In the coming months, the United States will move to re-establish...more

CFPB announces pilot to promote consumer savings

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and...more

AFSA responds to state AG call for arbitration limits

The American Financial Services Association (AFSA) has sent a letter to Director Cordray responding to the letter sent to him last month by 16 Democratic state attorneys general calling on the CFPB to limit the use of...more

ASIC looks for more opportunities for electronic disclosure

The release of ASIC’s consultation paper 224 Facilitating electronic financial services and disclosures invites financial product providers and advisors to provide feedback on improving electronic financial services...more

CFPB Proposes Policy on No-Action Letters

On October 16th the CFPB published for comment in the Federal Register a proposed new policy to formalize a process for issuing “no-action” letters for innovative financial products and services. The new process would allow...more

Alert: The "Chip-and-PIN" Executive Order

On Friday, October 17, Obama signed his second major cyber-related executive order in the past two years. This most recent EO, entitled "Improving the Security of Consumer Financial Transactions," focuses squarely on the...more

CFPB Proposes Issuing No-Action Letters: Innovation at Too Much Cost and Uncertainty?

On October 10, 2014, the CFPB issued notice of and requested public comment on a proposed policy allowing CFPB staff to issue no-action letters (NALs) for “innovative financial products or services that substantially benefit...more

Structuring Energy and Natural Resource Investments into Sub Saharan Africa

An improving investment climate - Perceptions of Africa as an investment destination are changing rapidly and parts of Africa are increasingly considered very attractive for foreign direct investment. Compare this to...more

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage... [Video]

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

President Signs Nondepository Examination and Supervisory Privilege Parity Bill

On September 26, President Obama signed into law H.R. 5062, which amends the Consumer Financial Protection Act of 2010 to specify that the CFPB is to coordinate its supervision of certain nondepositories with state agencies...more

Mobilizing on Mobile Apps: The FTC’s Comment to the CFPB Signals its Priorities

In recent months, the Federal Trade Commission (“FTC”) has been steadily ramping up its efforts to monitor, regulate, and provide best practice guidance in the rapidly expanding field of mobile applications. On September 10,...more

Second Circuit Issues Decision in Payday-Loan Regulatory Case

In a clash of competing sovereigns’ interests, the Second Circuit recently upheld, for now, the authority of the New York Department of Financial Services (DFS) to regulate online payday loans made by Indian tribal lenders to...more

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use...more

CFPB Plans Supervision of Nonbank Automobile Lenders

In a May 23, 2014 blog post by Kelly Cochran, Assistant Director of Regulation, the Consumer Financial Protection Bureau indicated that it is working on a “larger participant” rule for nonbank automobile lenders pursuant to...more

Legal Briefs: A periodic summary of judicial decisions affecting accounting and financial services professionals – May 2014

Loss of Confidential Electronic Data: New Risks for Financial Professionals - Recent highly publicized incidents of "hacking" of sensitive customer information should cause accountants and other financial professionals...more

CFPB General Counsel Meredith Fuchs in the “Disparate Impact” Hot Seat

As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and...more

UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of Credit Card Market

On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified the FCA’s most “immediate...more

The CFPB and House Republicans Remain at Odds Over Consumer Finance Regulation

On January 28, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fourth Semi-Annual Report. Cordray's written testimony and opening remarks at the hearing...more

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

CFPB's Arbitration Study—A Warning to Consumer Financial Service Companies

On December 12, 2013, the Consumer Financial Protection Bureau published its “Arbitration Study Preliminary Results,” mandated by Section 1028(a) of the Dodd-Frank Act (the “Study”). Unfortunately (and despite its statements...more

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

CFPB Report Claims Financial Education Efforts Insufficient

On November 18, the CFPB published a report that examines the amount of money spent by financial institutions to inform and influence consumers’ decisions about financial products and services. The study analyzed spending...more

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