Dodd-Frank Wall Street Reform and Consumer Protection Act Consumer Financial Protection Bureau

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

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

Regulators Issue New Guidance on Expectations of Deposit Reconciliations: Beware of the UDAAP Implications

In response to a recent consent order against a depository institution and several other examinations of major banks, five federal financial regulators have issued an inter-agency guidance ensuring that depository...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

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

Congressman Luetkemeyer Proposes Bill to Eliminate “Abusive” in CFPB’s UDAAP Authority

Recently, Representative Blaine Luetkemeyer (R-MO) introduced H.R. 5112, the Unfair or Deceptive Acts or Practices Uniformity Act, to make the authority of the CFPB and FTC more consistent and similar, and to encourage...more

Supreme Court Reshapes Consumer Financial Law with Two Recent Decisions

The Supreme Court issued two interesting decisions recently that will affect the consumer financial industry. In Spokeo, Inc. v. Robins, the Court held that when it comes to Fair Credit Reporting Act (FCRA) violations,...more

GAO's Report Suggests Congress Give CFPB More Oversight

This past February, the United States General Accounting Office (GAO) released a report to Congress entitled "Financial Regulation – Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness" (the...more

CFPB’s Proposed Rule Would Put the Brakes on Pre-Dispute Arbitration Clauses in Consumer Financial Contracts

Congress enacted the Federal Arbitration Act in the 1920s to deter hostility toward arbitration. Despite numerous Supreme Court rulings over the decades upholding that goal, arbitration continues to face hostility. The...more

CFPB Proposes Ban on Class-Action Limitations in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) issued a long anticipated Notice of Proposed Rulemaking for arbitration agreements (the “Proposal”) that, if finalized as proposed, is...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

CFPB Publishes New Annotated Loan Disclosures

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...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

The CFPB’s Proposed Anti-Arbitration Rule

The rule just proposed by the Consumer Financial Protection Bureau to regulate arbitration agreements is not a surprise: the Bureau has said for months that it was developing such a rule. This post examines the details...more

Top 10 Financial Institution Considerations for 2016: #10 – Fair Lending

In our initial article announcing our top 10 considerations for financial institutions in 2016, our tenth and final consideration was fair lending risk, which seems to be perpetually on the radar of financial institutions...more

Is This the End of Arbitration for Consumer Financial Disputes?

The proposed rule has broad implications for the financial industry, which has relied on class action waivers in consumer agreements to ensure that arbitration is a cost-effective way of resolving disputes with customers....more

CFPB Proposes Rule Prohibiting Class Action Waivers And Requiring Reporting Of Arbitration Information

On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced a proposed rule that would ban the use of class action waivers in agreements between consumers and certain providers of consumer financial products...more

Agree to Disagree? CFPB Rule Would Prohibit Mandatory Arbitration Clauses, Require Submission of Arbitral Records

The Consumer Financial Protection Bureau released a proposed rule last week that would prohibit providers of consumer financial products and services from using pre-dispute arbitration agreements to prevent consumers from...more

Consumer Financial Protection Bureau Looks to Prohibit Mandatory Arbitration

It should come as no surprise that earlier today the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is seeking comments on a proposed rule that would prohibit mandatory arbitration clauses that deny...more

Time to Comment: The Proposed Arbitration Rule Has Arrived

Surprising no one, the CFPB has announced a proposed rule that would effectively ban mandatory arbitration clauses in covered consumer financial services contracts. The rule continues to ignore the legislative and judicial...more

Hold Onto Your Hats: CFPB Proposed Rules Will Lead to Lots of Class Action Litigation

Yesterday, the Consumer Financial Protection Bureau proposed the rules that it previewed last fall, following up on its Arbitration Study. Those rules would essentially ban class action waivers from consumer financial...more

CFPB Scare Tactics: The New Arbitration Rules

Recently, I wrote about the CFPB’s plans to issue new regulations restricting arbitration clauses in certain consumer contracts. Today, the agency announced those new rules and CFPB Director Richard Cordray is expected to...more

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