News & Analysis as of

CFPB Releases Spring 2016 Rulemaking Agenda

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

The Financial Report, Volume 5, Number 10 - May 2016 (Global)

Two stories prominent in the financial media this week highlight the interesting policy challenges facing the nation’s lawmakers. On Monday, the so-called equity crowdfunding rules went into effect. The rules,...more

CFPB releases Spring 2016 rulemaking agenda

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

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

In the CFPB’s Crosshairs…2016 and Beyond

Overview of 2015 and Implications for 2016 - In many respects, 2015 was a defining year for the CFPB. It was a year in which the relatively young agency took important steps to solidify its policy positions and more...more

Financial Services Weekly News - October 2015 #4

Regulatory Developments - SEC to Vote on Final Title III Crowdfunding Rules Oct. 30: The SEC has announced that it will vote on whether to adopt rules and forms related to the offer and sale of securities through...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

Consumer Financial Protection Bureau’s Dodd-Frank Study Scrutinizes Arbitration Agreements & Class Action Waivers

On Tuesday, the Consumer Financial Protection Bureau (“CFPB”) released its long-awaited “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, which presents...more

State Attorneys General Bringing Actions Under Dodd-Frank

As the CFPB celebrates its three-year anniversary, the current trend appears to be lawsuits brought by state attorneys general or state regulators pursuant to their authority under Dodd-Frank Section 1042. Under Section 1042,...more

Illinois Attorney General Files UDAAP Action Against For-Profit College

The Illinois Attorney General, who filed suit two years ago under the Illinois Consumer Fraud and Deceptive Business Practices Act against a group of entities related to for-profit college financing, amended its complaint to...more

For-profit education company sued by CFPB seeks dismissal of complaint

ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more

CFPB Proposes Definition of Larger Participants for the International Money Transfer Market

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would define which nonbank covered persons would be designated “larger participants” for purposes of the international money...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

CFPB releases FY 2013 independent audit

The CFPB has released the independent audit conducted by KPMG of selected CFPB operations and budget in FY 2013. An annual independent audit is required by the Dodd-Frank Act....more

Financial Services Bulletin: Action At The CFPB

CFPB Issues Final Nonbank Student Loan Servicers Rule - On Tuesday, December 3, 2013, the Consumer Financial Protection Bureau (the "CFPB") issued a final rule pursuant to the CFPB’s authority under Title X of the...more

CFPB student loan ombudsman issues second annual report

Yesterday, Rohit Chopra, the CFPB’s Student Loan Ombudsman, released his Second Annual Report which analyzes approximately 3,800 complaints received by the CFPB from private student loan borrowers between October 1, 2012 and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 2, 2013

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

Banking & Financial Services E-Note - July 31, 2013

In This Issue: - Fed "Reviewing" Banks' Trading in Physical Commodity Markets - Senate Passes Student Loan Bill With House Expected to Follow Suit - Senators Introduce 21st Century Glass-Steagall Act -...more

Financial Services Report - Quarterly News, Summer 2013

In This Issue: Arbitration Report; Bureau Report; Privacy Report; Mortgage Report; Operations Report; Preemption Report; and Beltway Report. Excerpt from Arbitration Report: Ninth Circuit Punts...more

Banking & Financial Services E - Note - May 30, 2013

In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more

Financial Services Legislative and Regulatory Update -- May 13‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - What had been a relatively quiet week, where until Friday it seemed...more

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