News & Analysis as of

Equal Credit Opportunity Act Dodd-Frank Wall Street Reform and Consumer Protection Act

House member launches fintech lending investigation

by Ballard Spahr LLP on

Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders. ...more

Dodd-Frank News - Summer 2017

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Summer 2017 Dodd Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

The Next CFPB Regulatory Challenge: Small Business Lending

by Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority. Under 12 U.S.C. § 5481(12) of the Dodd-Frank Act, the...more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

CFPB to hold May 10 field hearing on small business lending

by Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

Director Corday’s appearance before House Committee: strong on theater, weak on substance

by Ballard Spahr LLP on

Despite its long duration (over five hours including a recess for a vote), the House Financial Services Committee’s hearing on April 5 at which Director Cordray was the sole witness provided a strong dose of political theater...more

PLI’s “The CFPB Speaks” panel discussion

by Ballard Spahr LLP on

Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

NAIC Draws Line In CFPB Sand Box

by Carlton Fields on

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban of “mandatory arbitration” clauses that make financial product consumers waive their right...more

NAIC Draws Line in CFPB Sandbox

by Carlton Fields on

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban on "mandatory arbitration" clauses that make financial product consumers waive their right...more

CFPB announces 2017 fair lending priorities

by Ballard Spahr LLP on

In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will...more

Diversity assessment and remedial measures required by CFPB consent order

by Ballard Spahr LLP on

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

CFPB Releases Spring 2016 Rulemaking Agenda

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (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...more

CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

by Morrison & Foerster LLP on

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

CFPB releases Spring 2016 rulemaking agenda

by Ballard Spahr LLP on

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

The Future Of CFPB Small Business Lending Regulation

by WilmerHale on

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

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

by Ballard Spahr LLP on

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

by Ballard Spahr LLP on

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

Director Cordray acknowledges industry-wide application of consent orders

by Ballard Spahr LLP on

In his prepared remarks to the Consumer Bankers Association yesterday, Director Cordray attempted to defend the CFPB’s “regulation by enforcement” approach that has been widely criticized by industry. Director Cordray’s...more

CFPB Bulletins 2011-2015

by Reed Smith on

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

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

by Ballard Spahr LLP on

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

84 House members urge expedited CFPB action on small business lending data collection rules

by Ballard Spahr LLP on

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

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