News & Analysis as of

Illinois AG files lawsuit asserting Dodd-Frank UDAAP enforcement authority

In what appears to be the first lawsuit by a state attorney general of its kind, the Illinois AG recently filed a state court lawsuit against a small loan lender alleging violations of the Dodd-Frank prohibition of unfair,...more

Congressional Democrats Want Meeting With Attorney General On Mortgage Fraud Enforcement

On March 17, Senator Elizabeth Warren (D-MA) and Representatives Elijah Cummings (D-MD) and Maxine Waters (D-CA) sent a letter requesting a meeting with Attorney General Eric Holder to review the findings of a recent report...more

Thoughts on the Remarks of CFPB Deputy Director Antonakes at the MBA Servicing Conference

As I sat in an Orlando convention center ballroom last week, I noted that the sense of anticipation for the remarks of CFPB Deputy Director Steven Antonakes seemed to range from "not that interested" to "just trying to get a...more

CFPB Deputy Director Promises Vigilant Supervision, Enforcement Of Mortgage Servicing Rules

On February 19, CFPB Deputy Director Steve Antonakes spoke at the Mortgage Bankers Association’s annual servicing conference and detailed the CFPB’s expectations for servicers as they implement the new servicing rules that...more

Trade group criticizes CFPB reliance on enforcement and informal guidance

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a detailed letter to Director Cordray in which it criticizes the CFPB’s approach of “regulation by enforcement settlement combined with...more

Private Sector Schools and Third-Party Student Recruitment under FTC and CFPB Scrutiny

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) are intensifying their regulatory and enforcement focus on proprietary schools and third-party marketing companies. In the fall of...more

Automobile Dealer Trade Group Issues Guidance In Response to Recent CFPB Enforcement Action

In response to a recent joint enforcement action by the CFPB and Department of Justice alleging violations of the Equal Opportunity Credit Act, and its implementing regulation, Regulation B, the National Automobile Dealers...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

"Consumer Financial Protection Bureau Focuses on Fair Lending"

Having enacted a number of mortgage-related rules on the eve of statutory deadlines, the Consumer Financial Protection Bureau (CFPB), which now has a confirmed director, has shifted its focus to fair lending enforcement,...more

Keep Your Eye On the Ball: Begin 2014 With a Renewed Effort at Compliance

While most of the financial world has been focused on the new CFPB mortgage rules that went into effect on January 10, the Bureau has continued its enforcement activities in other areas. On January 16, 2013, the CFPB...more

Financial Regulatory Developments Focus

In this issue: - Derivatives - Regulatory Capital - Financial Services - Consumer Protection - Enforcement - People - Hearings - Excerpt from Derivatives: ESMA...more

The CFPB Proposes to Supervise Nonbanks that Perform One Million or More International Money Transfers Per Year

On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money...more

Private Fund Update - January 27, 2014

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Association for Corporate Growth (ACG) -...more

What to Look for in 2014 – CFPB Regulatory Outlook

What now? That's a question that consumer financial products and services providers, their advertisers and marketers, and related vendors have been eagerly asking about the Consumer Financial Protection Bureau (CFPB). Since...more

CFPB’s New ‘‘Responsible Conduct’’ Guidelines: Will They Incentivize Greater Self-Reporting And Self-Regulation By Consumer...

On June 25, 2013, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued CFPB Bulletin 2013-6, titled ‘‘Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation, and Cooperation.’’ The CFPB...more

CA federal court rejects challenge to CFPB’s constitutionality

The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more

CFPB Director Discusses Enforcement Against Individuals

On January 8, in a Daily Show interview, CFPB Director Richard Cordray discussed with host Jon Stewart some of the Bureau’s efforts to date, including implementation of the CFPB’s mortgage rules and the Bureau’s credit card...more

Business News Digest – January 2014

In this issue: - Advertising Law News & Analysis - December 6, 2013 Edition - December 12, 2013 Edition - California Court Continues Ascertainability Trend, Denies Class Certification in Chipotle...more

CFPB Continues Add-On Products Crackdown

On December 23, the CFPB announced a coordinated enforcement action taken by federal regulators against a major credit card company and certain subsidiaries alleged to have violated multiple consumer protection laws with...more

FHFA Inspector General Emerging As Key Enforcement Player: What To Expect In 2014

These days, there is certainly no shortage of investigators, auditors, regulators, and prosecutors inundating the financial services industry with audits, inquiries, civil investigative demands, and subpoenas. Some of these...more

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

FY 2013 financial report showcases CFPB’s growth

Earlier this week, the CFPB released its Financial Report for fiscal year 2013. Like previous reports, the 2013 report is divided into two parts: one part contains management’s discussion and analysis and the other part...more

CFPB Announces Healthcare Credit Card Enforcement Action Over Deferred-Interest Financing

On December 10, the CFPB released a consent order with a federal savings association, pursuant to which the bank will refund approximately $34 million to more than one million credit card holders who were enrolled in...more

CFPB Issues Aggressive Rulemaking Agenda

The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014. With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more

Recent CFPB Report to Congress

On November 12, 2013, Richard Cordray, Director of the CFPB, appeared at the hearing of the Senate Banking, Housing and Urban Development Committee to discuss the CFPB's Annual Report to Congress. During the hearing, Senators...more

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