News & Analysis as of

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

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

CFPB to issue revised telephone survey of consumers for arbitration study

The CFPB will be publishing a notice in tomorrow’s Federal Register which states that the CFPB is seeking approval from the Office of Management and Budget of its plans to conduct a national telephone survey of 1,000 credit...more

CFPB Continues Assault On Add-On Financial Products

The Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Options Clearing Corporation (OCC) have again required multimillion dollar refunds and penalties related to marketing...more

Senate Banking subcommittee holding hearing on alternative financial products

The Senate Banking Committee’s subcommittee on Financial Institutions and Consumer Protection is holding a hearing today titled: “Are Alternative Financial Products Serving Consumers?” Observers have noted that the hearing...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

FDIC and CFPB Settle with American Express Centurion Bank Charges of Unfair and Deceptive Practices

On December 24, the FDIC and CFPB announced a settlement with American Express Centurion Bank concerning charges of unfair and deceptive marketing practices related to credit card “add-on products” in violation of Section 5...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

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

CFPB to hold September 30 forum on financial products marketed to college students

On September 30, 2013, the CFPB will hold a forum in Washington, D.C. on financial products marketed to college students....more

U.S. Consumer Financial Protection Bureau Acts to Expand Its Authority Over Nonbank Consumer Financial Services Companies

The Consumer Financial Protection Bureau (“Bureau”), pursuant to its authority to extend its supervision to persons that offer or provide any consumer financial product or service that poses a risk to consumers, has adopted a...more

CFPB Plans Study Of Bundled Financial Products

Today, the CFPB published a notice indicating that it will review bundled financial products and services....more

CFPB proposes new information collections

The CFPB has proposed a new generic information collection clearance for its consumer complaint system and a new information collection related to its financial literacy initiatives....more

"Money Smart for Older Adults" Provides Valuable Information for All Consumers

On June 12 the Federal Deposit Insurance Corporation (“FDIC”) and Consumer financial Protection Bureau (“CFPB”) jointly launched a new financial resource tool, “Money Smart for Older Adults”, with the goal of helping older...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 12, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

CFPB Finalizes Rule To Supervise Nonbanks That Pose Risks To Consumers

On June 26, the CFPB issued a final rule outlining new procedures for establishing supervisory authority over nonbanks that it has “reasonable cause” to believe pose “risks to consumers” with regard to consumer financial...more

CFPB Issues Rule for Supervising Nonbanks That Allegedly Pose Risks to Consumers

The Consumer Financial Protection Bureau has issued a new rule outlining procedures for notifying nonbanks that they are being considered for CFPB supervision. The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

CFPB Finalizes Procedures for Supervising Nonbanks Engaged in Risky Conduct

The Consumer Financial Protection Bureau has adopted a final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risk to consumers....more

Director Cordray to appear before Senate Banking Committee on April 23

The Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to appear....more

Hanging Out to Air: CFPB Expands Consumer Complaint Database

The Consumer Financial Protection Bureau (CFPB) recently expanded its existing Consumer Complaint Database to cover additional consumer financial products and services. ...more

CFPB complaint system now taking money transfer complaints

The CFPB announced yesterday that it is now accepting complaints about money transfers. Last week, the CFPB announced it had expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit...more

CFPB Seeks Information on Financial Products and Services Offered to College Students

The Consumer Financial Protection Bureau believes positive financial decision making should be learned at a young age. The Bureau recently issued a Request for Information Regarding Financial Products Marketed to Students...more

CFPB Launches Inquiry Into Financial Products Marketed through Higher Learning Institutions

On January 31, the CFPB issued a notice and request for comment about how current and future arrangements between institutions of higher education and financial institutions could be structured “to promote positive financial...more

CFPB to partner with Newark, NJ

The CFPB has announced a pilot-program in which it will partner with Newark, New Jersey to allow Newark consumers to use a local 4311 hotline to reach the CFPB with questions and complaints about financial products and...more

Consumers Have Another Channel to Make Complaints

Many cities and municipalities have non-emergency “hotlines” designed to provide access to non-urgent municipal services (e.g., tree trimming, dead animal removal, sidewalk repair)....more

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