Fees Consumer Financial Protection Bureau

News & Analysis as of

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

CFPB sues credit repair company

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

Your daily dose of financial news - The Brief – 9.19.16

Gretchen Morgenson and Fair Game have had a few days to reflect on the Bayer/Monsanto deal, and with that little bit of hindsight (and a lot of history), she’s not too sure that Bayer’s stockholders are going to be thrilled...more

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

CFPB Notes Increase in Prepaid Card-Related Consumer Complaints in Monthly Snapshot; Lessons Gleaned

It’s been a couple months now, so you probably saw the CFPB’s Monthly Complaint Snapshot for November 2015, released in December. The product spotlight for November was money transfers. Notably, however, the CFPB also...more

CFPB Issues TRID Revision

On February 10, 2016, the Consumer Financial Protection Bureau (CFPB) issued a correction in the Federal Register to the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the...more

Financial Services Weekly News - October 2015 #2

Regulatory Developments: FINRA Proposes Rules for Funding Portals - On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more

CFPB and DOJ Take Action Against Fifth Third Bank

On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more

Cases We’re Watching: CFPB v. Morgan Drexen

We don’t know about you, but we’ve been following the contentious litigation between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen pretty closely. The CFPB filed its lawsuit in...more

CFPB Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees

Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit...more

CFPB Permits Refunds of Points and Fees Charged for Qualified Mortgages

On October 22, 2014, the CFPB announced that it would permit refunds of excessive fees (with interest) within 210 days after loan closing for qualified mortgages. The provision expires in January 2021 and requires lenders to...more

CFPB settles with military base retailer for alleged fee scam; Senators seek CFPB investigation of retailer’s debt collection...

The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges...more

Mortgage Lending Legal and Regulatory Highlights

In its spring edition of Supervisory Highlights, the CFPB cautions financial institutions of the increased risk of a fair lending violation for failing to maintain adequate policies and procedures to document exceptions to...more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

CFPB Releases Report on Impact of CARD Act

The CFPB released a report on the findings of its first major study on the impact of the Credit Card Accountability and Responsibility and Disclosure Act of 2009. The CARD Act prohibits credit card issuers from extending...more

CFPB Shows It’s a Tough New Cop on the Beat With Case Against Payment Processor

On October 3, 2013, the Consumer Financial Protection Bureau announced it had filed a complaint in federal district court in Washington state against a leading debt-settlement payment processor, Meracord LLC, and its CEO. ...more

CFPB Brings Action For Processing Illegal Debt-Settlement Fees

The Consumer Financial Protection Bureau, or CFPB, announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal...more

CFPB Signals Additional Concerns about Consumer Credit Card Market with Report on CARD Act

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released the “CARD Act Report,” a report summarizing the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more

CFPB issues response guidance for complaint system’s company portal

Companies logging on to the CFPB’s company portal recently discovered that the CFPB had posted new “Response Guidance.” The guidance supplements the CFPB’s Company Portal Manual which describes the operation of the online...more

32 Results
View per page
Page: of 2
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.