On January 30, the United States filed an amicus brief in the U.S. Supreme Court supporting the Respondents in American Express Company v. Italian Colors Restaurant, No. 12-133, an extremely important case involving the...more
The Federal Financial Institutions Examination Council (FFIEC) is seeking feedback on proposed guidance to help financial institutions manage the risks of interacting with consumers through social media....more
The Washington Supreme Court has ruled that the Federal Arbitration Act (FAA) does not preempt a state statute that prohibits binding arbitration agreements in insurance contracts....more
The word on the street is that tomorrow Richard Cordray will appoint a new Deputy Director to replace Raj Date who has been serving in that capacity since Jan. 6 of 2012....more
The validity of President Obama’s January 2012 recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau is now under a dark cloud as a result of the decision by the U.S. Court of Appeals...more
While the CFPB has not yet issued a formal written statement about the impact of the D.C. Circuit’s recent opinion in Canning v. NLRB on the Bureau, the Wall Street Journal reported in its weekend edition that a CFPB...more
The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more
Richard Cordray was renominated today by President Obama to serve as CFPB Director for a five-year term. The President’s recess appointment of Mr. Cordray only allows him to serve as CFPB Director until the end of this year....more
Lawyers whose principal business is mortgage foreclosure or who regularly handle mortgage foreclosures are “debt collectors” subject to the Fair Debt Collection Practices Act, the U.S. Court of Appeals for the Sixth Circuit...more
The U.S. Court of Appeals for the Second Circuit has ruled that a parens patriae action brought by a state attorney general is not removable from state to federal court as a “class action” under the Class Action Fairness Act....more
The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013....more
Yet another panel discussion at the ABA Consumer Financial Services Committee just held in Naples, Florida, entitled “Preparing for CFPB Exams and Enforcement” involved two speakers from the CFPB...more
During one of the panel discussions at the ABA Consumer Financial Services Committee meeting, a speaker indicated that the newly elected Mayor of Mt. Holly, NJ has publicly stated that he is interested in settling the case...more
Earlier today, we reported on the panel discussion of the lawsuit filed by State National Bank of Big Spring that took place at the ABA Committee on Consumer Financial Services in Naples, Florida during a session entitled...more
At the ABA Consumer Financial Services Committee meeting earlier this week, Rick Hackett, Assistant Director of the Research, Markets and Regulations Division of the CFPB, spoke about “Discretionary Pricing in Indirect Auto...more
A recent Department of Justice settlement with a debt collection law firm that was accused of violating the Americans with Disabilities Act exemplifies the mounting federal scrutiny of the debt collection industry....more
We previously reported that the Bureau had sent warning letters to many mortgage originators and brokers chastising them about certain advertising practices....more
A recent CFPB blog post warning Native Americans receiving payments from the settlement in Cobell v. Salazar that they could be targeted by scammers also highlights the CFPB’s collaboration with tribal governments....more
The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report....more
The Federal Trade Commission recently released its decision to retain its rule requiring disclosure of a buyer’s right to cancel door-to-door sales of consumer goods and services (Cooling-Off Rule)....more
Significant changes to Pennsylvania banking laws will take effect on December 24, 2012, as a result of three bills, known as the “Banking Law Modernization Package,” signed into law by Governor Tom Corbett....more
The CFPB is reorganizing its headquarters staff for supervision so it will no longer be divided into separate offices for nonbank and large bank supervision....more
HSBC Holdings, London, and two of its U.S. subsidiaries have been ordered to pay a record $1.92 billion in fines and penalties for anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) violations....more
In This Issue:
- CFPB Monitor Named to the ABA Journal Annual Blawg 100 List
- Temporary CONGRESS PASSES LEGISLATION TO FIX CFPB PRIVILEGE WAIVER PROBLEM
- CFPB DESCRIBES PLANS FOR COORDINATING WITH STATE...more
The U.S. Senate, by unanimous consent, has passed a bill (H.R. 4014) that amends the Federal Deposit Insurance Act to provide protection against waiver of the attorney-client privilege when privileged information is shared...more