Consumer Financial Products

News & Analysis as of

New York AG Schneiderman Takes Action Against Auto Dealers for Deceptive Practices

On January 20, New York AG Schneiderman announced a lawsuit against several auto dealerships located in Queens, New York, alleging that the dealerships used deceptive sales tactics to sell add-on products and services,...more

CFPB Releases Monthly Complaint Report for December 2015 and Highlights New York Metro Area Complaints

On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more

NMLS Release 2016.1

NMLS Release 2016.1 is targeted for January 25, 2016. The release includes functionality for surety companies and surety bond producers to request an account within NMLS and establish business associations, enhancements to...more

[Webinar] The New Class Action Risks for 2016 in Consumer Financial Services - Feb. 10th, 12:00pm, EST

Please join the BakerHostetler Class Action Defense Team's webinar on February 10, 2015, from 12:00-1:15 p.m., discussing the risks and trends expected to affect consumer financial services in 2016. The presenters will draw...more

"Limited English Proficiency: An Emerging Compliance Risk"

How consumer financial services providers can meet the needs of a growing population of "limited English proficiency" (LEP) consumers without running afoul of laws prohibiting deceptive practices and discrimination has...more

"CFPB Pursues Aggressive Enforcement Agenda and Arbitration Restrictions"

In 2015, the Consumer Financial Protection Bureau (CFPB) continued to aggressively enforce federal consumer protection laws across a broad spectrum of consumer financial products and services. Additionally, the CFPB took a...more

Seller Beware: Lessons Learned from 2015 Deceptive Advertising Enforcement in the Consumer Finance Space

Federal regulators took a close look at advertisements for consumer financial products and services in 2015, bringing over 25 enforcement actions totaling over $975 million in penalties and consumer redress. In the majority...more

Mortgage Servicing Complaints to CFPB Remain High

The CFPB’s September “consumer complaints snapshot” highlighted mortgage servicing complaints, in particular those related to loss mitigation applications. As the mortgage market is the largest consumer financial market place...more

CFPB Proposes Banning Use of Pre-Dispute Arbitration Agreements in Consumer Class Actions

The CFPB has proposed prohibiting application of pre-dispute arbitration agreements to class litigation involving certain consumer financial products. Citing concerns that such agreements “effectively prohibit” class...more

CFPB Releases Monthly Complaint Report for November 2015

On December 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for November 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more

FTC Announces Settlements with Alleged Mortgage Modification Scammers

On December 15, the FTC announced stipulated court orders banning four individuals from selling debt relief products and services. According to the FTC, the individuals “promised consumers help getting their mortgages...more

CFPB Issues Fall Rulemaking Agenda, Potential Student Loan Servicing Rules on Horizon

On November 20, the CFPB released its fall rulemaking agenda. The CFPB’s notable current initiatives include: (i) addressing arbitration clauses in contracts related to consumer financial products and services and providing...more

CFPB Bulletins 2011-2015

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

CFPB Latest Complaint Snapshot Highlights Bank Account Service Complaints, Complaint Trends in Connecticut

The Consumer Financial Protection Bureau (CFPB or "Bureau")'s November complaint snapshot ("Snapshot") released last week focuses on complaints about bank and other deposit account services, and trends in complaints from...more

CFPB makes no change to exemption thresholds for appraisal requirement, Regs Z and M

The CFPB has published notices in the Federal Register announcing that it is making no change to three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2016 through December 31,...more

Director Cordray to appear at Financial Inclusion Forum hosted by Treasury Dept.

Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International...more

Mobile Financial Services and the Underserved

The CFPB recently released a report regarding the use of Mobile Financial Services by underserved populations, including low-income, unbanked, underbanked, and economically vulnerable consumers. The report does not contain...more

CFPB’s Fall 2015 Rulemaking Agenda Includes Student Loan Servicing

On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers. This marks the first time that the CFPB’s rulemaking...more

CFPB highlights bank account or service complaints in fifth monthly complaint report

The CFPB has issued its November 2015 complaint report, the fifth in its new series of monthly complaint reports. The new report highlights bank account or service complaints and complaints from consumers in Connecticut and...more

CFPB Releases Monthly Consumer Complaint Report for October 2015

On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more

FDIC Issues Letter to Financial Institutions Regarding Applicability of Payday Lending Rules

On November 16, the FDIC issued FIL-52-2015 to advise financial institutions that it revised its 2005 guidance on payday lending, which established the FDIC’s expectations for prudent risk-management practices in the payday...more

Disclosure Confusion in the Online Lead Generation Industry

This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two...more

American Banker claims CFPB complaint database believed to be unreliable

A recent article by the American Banker claims, based on undisclosed CFPB documents and interviews with current and former agency officials, that the CFPB’s consumer complaint database is widely held to be inaccurate and...more

Recent Actions Added To UDAAP Database

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

Arbitration Update

Following up on the Consumer Financial Protection Bureau (CFPB) announcement of controversial rulemaking on arbitration provisions, CFPB Director Richard Cordray offered further insight into the CFPB's intentions in remarks...more

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