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FTC Provides Guidance on Reasonable Data Security Practices (Part I of III)

by Patrick Law Group, LLC on

Over the past 15 years, the Federal Trade Commission (FTC) has brought more than 60 cases against companies for unfair or deceptive data security practices that put consumers’ personal data at unreasonable risk. Although the...more

CFPB Overreaches in Handling Alleged RESPA ABA Exemption Issues in Meridian

by Foley & Lardner LLP on

On September 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the settlement of its Real Estate Settlement Procedures Act (RESPA) enforcement action against Meridian Title Corp. (Meridian), an Indiana-based...more

Pennsylvania Enters into a New Area of Consumer Protection Enforcement: What Financial Services Companies Must Do Now

by Clark Hill PLC on

Since coming into office in January of this year, Pennsylvania Attorney General ("AG" or "General") Josh Shapiro has wasted no time in rebuilding an office that had been riddled with scandal and inefficiencies. One top...more

CFPB’s First No-Action Letter: FinTech Lenders and Banks Take Note

by Vedder Price on

On September 14, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its first no-action letter (the “No-Action Letter”) concerning the operations of Upstart Network, Inc. (“Upstart”), a FinTech lender that...more

CFPB’s Project Catalyst Offers Comfort for Startups—but with a Cost

by Alston & Bird on

Project Catalyst finally takes off, giving companies a chance to pursue innovative strategies and products in the financial services sphere. Our Financial Services & Products Group takes stock of the CFPB’s very first...more

It’s About Context: CFPB Wins Bench Trial Against Third Party Servicer for Deceptive Advertising

by Goodwin on

On September 8, 2017, a judge in the Northern District California assessed a statutory penalty of $7,930,000 against Nationwide Biweekly Administration, Inc. (Nationwide) and issued an injunction prohibiting further deceptive...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

by Ballard Spahr LLP on

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

by Ballard Spahr LLP on

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

CFPB Releases Summer 2017 Supervisory Highlights

by Ballard Spahr LLP on

Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution...more

The CFPB Shuts Down Another Credit Repair Service

by Ballard Spahr LLP on

The CFPB recently submitted a proposed stipulated final order that would shut down a credit repair service and permanently enjoin it from “[a]dvertising, marketing, promoting, providing, offering for sale, selling, assisting...more

The CFPB Says Fees and Fee-Related Disclosures For Payments-By-Phone May Constitute an Unfair and Deceptive Practice and Violate...

by Dorsey & Whitney LLP on

In a Compliance Bulletin released July 27, 2017, the Consumer Financial Protection Bureau (CFPB) cautioned covered persons and service providers that fees for pay-by-phone services (called “phone pay fees”) may run afoul of...more

If the CFPB is Remiss, the Court Must Dismiss: CFPB Must Provide Facts to Support Its Claims

by Clark Hill PLC on

On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more

Pay-by-Phone Fees Get a Call From the CFPB

Be careful with pay-by-phone fees, the Consumer Financial Protection Bureau (CFPB or Bureau) cautioned companies in a new compliance bulletin, expressing concern about businesses “potentially misleading consumers about the...more

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

by Ballard Spahr LLP on

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

Under the CFPB’s Watchful Eye: Phone Pay Fees

by Alston & Bird on

On July 31, the Consumer Financial Protection Bureau (CFPB) issued Compliance Bulletin 2017-01: Phone Pay Fees. The Bulletin addresses pay-by-phone services, defined to include (1) providing consumers with the option of...more

CFPB Warns Against “Tricking Consumers” with Pay-by-Phone Fees

by Baker Donelson on

Regulated entities should be prepared to defend their policies and practices surrounding fee-based pay-by-phone options in light of new guidance issued by the Consumer Financial Protection Bureau (CFPB). The CFPB released...more

CFPB issues guidance on pay-by-phone fees

by Ballard Spahr LLP on

The CFPB has issued a new compliance bulletin (2017-11) to provide guidance on pay-by-phone fees.  The guidance includes examples of conduct relating to pay-by-phone practices identified by the CFPB in its supervision and...more

CFPB Issues Pay-by-Phone Guidance with Far-Reaching Implications

On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more

House Appropriations Committee approves bill making CFPB reforms

by Ballard Spahr LLP on

This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB,...more

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

by Ballard Spahr LLP on

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

House Appropriations Bill Seeks CFPB Reforms

by Ballard Spahr LLP on

Yesterday, the House Appropriations Committee’s Subcommittee on Financial Services and General Government will mark up its draft fiscal year 2018 appropriations bill. The draft bill contains multiple provisions to reform the...more

Trump Administration Sets Forth Recommendations for Consumer Finance Regulatory Reform

On June 12, the U.S. Department of the Treasury released a comprehensive report setting forth the Trump Administration’s vision for regulatory reform in the banking sector. Specifically, this report focuses on the depository...more

Treasury report on U.S. financial system recommends significant CFPB reforms

by Ballard Spahr LLP on

The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more

CFPB withdraws CID issued to structured settlements purchaser, petition to enforce CID denied as moot

by Ballard Spahr LLP on

The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

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Cybersecurity

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