Consumer Financial Products

News & Analysis as of

The Eastern District of Michigan affirms the CFPB’s broad authority to issue civil investigative demands

A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a...more

Your Daily Dose of Financial News

Activist investor Carl Icahn has taken a sizeable stake in Bristol-Myers Squibb, a move that reportedly caught execs at the drugmaker unawares and sets the stage for a potential sale....more

New York Seeks to Regulate Fintech Lending Market

New York is joining a small but growing list of states seeking to regulate the “bank-origination” method of online lending. The recently introduced New York Budget legislation would amend Section 340 of the New York...more

MLA Website malfunction

According to an announcement posted on the Military Lending Act (“MLA”) Website, “[b]etween February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from...more

CFPB Evaluates Use of Alternative Data and Modeling Techniques in the Consumer Lending Credit Process

On February 16, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Request for Information (RFI) regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The...more

Bad System Conversion Leads to CFPB Consent Order for Prepaid Card Provider and its Vendor

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

Consumer Financial Services Newsletter - February 2017

Seventh Circuit Finds Bank's Response to RESPA Request "Almost Perfect" - Perron v. J.P. Morgan Chase Bank, N.A., Case No. 15-cv-2206 (7th Cir. 2017) - The United States Court of Appeals for the Seventh Circuit...more

NY Appellate Court Holds CPLR 205(a) Applies to Note Owner’s Successor in Interest If Prior Action Not Dismissed for Failure to...

Action Item: New York’s Appellate Division, Second Department, affirms that dismissal under Civil Practice Law and Rules (“CPLR”) 3215(c) does not constitute neglect to prosecute and therefore a plaintiff may avail itself of...more

PLI 22nd Annual Consumer Financial Services Institute – 25 Percent Discount Available

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

Military Lending Act Compliance

On October 3, 2017, the Department of Defense’s revised Military Lending Act (“MLA”) regulations will apply to consumer credit card accounts. These regulations require significant changes and will alter the landscape of how...more

CFPB January 2017 complaint report highlights mortgage complaints, complaints from Tennessee consumers

The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

Will Congress nullify the prepaid card rule?

We have previously written about the Congressional Review Act (“CRA”), a law that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency. According to a memorandum prepared by the...more

CFPB Orders Prepaid Card Service Provider and Processor to Pay $13 Million

On February 1, 2017, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a credit card service provider and a credit card provider over a disruption of service for prepaid credit card...more

Goodwin Releases Review of Major Developments Impacting the Consumer Financial Services Industry

Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer...more

IRS Releases New Regulations Regarding Dividend Equivalents

On January 19, 2017, the Internal Revenue Service (the “IRS”) issued final, temporary, and proposed regulations (the “Regulations”) under section 871(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Code...more

CFPB continues work on student loan payback playbook disclosures

The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more

Takeaways: Consumer Payments in 2017

Regulatory Developments and Prospects for Consumer Gift Cards, Prepaid Cards, and Other Consumer Electronic Payment Methods - Kilpatrick Townsend Partner Christina Gattuso and Counsel Eamonn Moran recently provided an...more

Your Daily Dose of Financial News

The Deal Professor thinks that Alibaba’s play for MoneyGram (via its Ant Financial arm) could tell us a lot about how the new administration will handle Chinese investment in the US....more

Community banks trade group asks Trump Administration to curb fair lending enforcement

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

A Potentially Promising Approach to Regulation of FinTech or Should the U.S. Adopt a Regulatory Sandbox?

The Office of the Comptroller of the Currency (“OCC”) recently published a proposal to bring emerging financial technology (“FinTech”) companies within the scope of the agency’s jurisdiction. The proposal is useful as part of...more

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