Enforcement Consumer Financial Protection Bureau

News & Analysis as of

Merchants and Processors Beware: FTC Consumer Warning About Use of Bitcoin and Other Cryptocurrencies Is a Warning to You Too

The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more

Despite 1st Administrative Appeal, CFPB Seeks Out Courts

On June 4, 2015, Consumer Financial Protection Bureau Director Richard Cordray issued a decision in the first appeal of a CFPB administrative proceeding. The appeal to Director Cordray followed the CFPB's first administrative...more

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial...more

CFPB Issues First Appellate Ruling

In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

CFPB Enforcement Actions Take on LO Comp and Fair Lending

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty...more

Additional Recent Actions Added To UDAAP Database

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

CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule

The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. ...more

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

Regulatory Blue Pencil: CFPB Guidance, Enforcement Actions Signal Expanding Focus on Vendor Management

In April 2012, the Consumer Protection Financial Bureau (the ‘‘CFPB’’ or ‘‘Bureau’’) issued Bulletin 2012-03 (the ‘‘Service Provider Bulletin’’), a guidance document setting forth the CFPB’s high-level expectations related to...more

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City. The session addressed recent developments and upcoming...more

CFPB and FTC reauthorize memorandum of understanding for an additional three years

Taking its inspiration from Elvis Costello’s song lyrics, “peace, love and understanding” is how the FTC describes its “cooperative relationship” with the CFPB in a blog post about the reauthorization of the Memorandum of...more

Consumer Protection Agencies Agree to Coordinate Investigation Strategy - FTC and CFPB Reauthorize Memorandum of Understanding

On March 12, 2015, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), the two agencies in charge of the federal government's consumer protection mission, reauthorized their Memorandum of...more

CFPB Leaders Discuss Bureau’s Approach To Enforcement

Why it matters: In recent weeks, both Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Deputy Director Steven Antonakes have provided insight about the Bureau’s operations. Antonakes discussed the...more

State AGs and Regulators Step Up UDAAP Enforcement

Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

White House Proposes Expansive Data Breach Notification Bill

Last week, President Obama proposed wide-reaching legislation to establish a uniform, nationwide standard for data breach notifications that envisions a significant enforcement role for the Consumer Financial Protection...more

Fighting Back Against CFPB Demands

An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more

Consumer Financial Protection Bureau 101 - The Basics of the CFPB

Let’s begin—honestly—by acknowledging that the very words, “the Consumer Financial Protection Bureau” tend to make our eyes glaze over, whether you’re a supporter or opponent of the CFPB’s cause or work for an institution...more

CFPB Takes Action for Deceptive Advertisement of "Free Checking"

Although the CFPB has focused its rulemaking and enforcement actions on mortgage servicing and lending, it recently entered into a consent order with M&T Bank regarding the deceptive advertising of free checking. The...more

OIG identifies five major CFPB management challenges

The joint Federal Reserve/CFPB Office of the Inspector General (OIG) recently issued its first listing of “major management challenges” facing the CFPB. These challenges represent what the OIG believes to be “the areas that,...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

CFPB Proposes No-Action Letter Policy for Innovative Products

The Consumer Financial Protection Bureau has proposed a no-action letter policy under which the agency would issue letters stating that its staff “has no present intention to recommend initiation of an enforcement or...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

CFPB Publishes Proposed Policy Regarding No-Action Letters

On October 10, the CFPB published for comment a proposal for a limited No-Action Letter policy, which appeared in the Federal Register on October 16. The proposed policy aims to “create a process to reduce the regulatory...more

CFPB Proposes Issuing No-Action Letters: Innovation at Too Much Cost and Uncertainty?

On October 10, 2014, the CFPB issued notice of and requested public comment on a proposed policy allowing CFPB staff to issue no-action letters (NALs) for “innovative financial products or services that substantially benefit...more

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