My colleagues, Chris Willis and Barbara Mishkin, have previously blogged here and here about the CFPB’s recent guidance advising banks and non-banks subject to its jurisdiction to investigate and self-report to the Bureau...more
The New York Department of Financial Services (DFS) has proposed new regulations that would impose significant disclosure and other requirements on persons engaged in the collection of consumer debts....more
The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more
Should our company sign up to use an online company portal to view consumer complaints about us submitted to the CFPB? That’s the question we are being asked by clients who have been contacted by a CFPB representative...more
Pennsylvania Act 52 (Act 52), signed into law on July 9, 2013, expands the reach of the Pennsylvania bank shares tax and allows the Commonwealth to impose the bank shares tax on a bank with no offices or branches in...more
The U.S. Court of Appeals for the Eighth Circuit recently addressed an important issue that the U.S. Supreme Court avoided last year concerning whether a consumer must suffer actual economic harm to have standing to sue for...more
Six banking industry trade groups, including the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable, have sent a comment letter responding to a Department of Defense (DOD)...more
A Washington, D.C., federal district court has declared that the interchange fee and network non-exclusivity provisions of the Federal Reserve Board’s final debit card interchange fee rule are invalid....more
FinCEN has issued a new ruling that will provide some relief from certain transaction reporting requirements for banks and other financial institutions using armored car services (ACS)....more
As we previously reported, settlement discussions are underway in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc....more
The CFPB has issued “ECOA Baseline Review Procedures” to be used by its examiners. (The CFPB has labeled the procedures “guidance” and did not add them to its Supervision and Examination Manual.)...more
The Office of the Comptroller of the Currency (OCC) has made clear that all national banks and federal savings associations can expect increased scrutiny of their debt sales practices, as well as supervisory guidance...more
Collection documentation and medical debts proved to be the focus of much of yesterday’s Senate Banking Committee hearing on the debt industry. The witnesses were Corey Stone, CFPB Assistant Director, Office of Deposits,...more
Since today is the “day after” Richard Cordray’s confirmation as CFPB Director, it is perhaps fitting for me to be writing about a book that provides some history of the CFPB....more
Applying the Supreme Court’s recent decision in Oxford Health Plans v. Sutter, the 11th Circuit affirmed an arbitrator’s conclusion that the parties’ agreement permitted class-wide arbitration....more
The Federal Trade Commission’s recent announcement that it entered into a record settlement with “the world’s largest debt collection operation” demonstrates that it intends to continue its vigorous enforcement of the Fair...more
Section 716(a) of the Dodd-Frank legislation forbids "Federal assistance" with respect to swaps, security-based swaps, or other activity of any "swaps entity."...more
I heard from many media sources that a “deal” has been struck in the Senate which will result in Richard Cordray being confirmed by the Senate as Director of the CFPB for a 5-year term....more
Jeff Sovern has written an interesting blog post about the CFPB’s recent Bulletin 2013-07 that warns creditors and servicers who are not covered by the FDCPA that their collection practices are subject to the CFPB’s authority...more
The Senate voted 71-29 in favor of cloture. That means that the Republicans will not use the threat of the filibuster to block a confirmation vote in the Senate of Richard Cordray’s nomination by President Obama to be...more
The Consumer Financial Protection Bureau made clear that debt collection continues to be a major focus by issuing two new bulletins and five action letters for consumers to use when responding to debt collectors....more
As we reported, there are signs that a settlement may be reached in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. before the U.S. Supreme Court has a chance to hear the case....more
The CFPB’s proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) fall short of industry expectations that the CFPB would clarify that level and levelized premiums are...more
Last week, we reported that a lawsuit was filed on June 26 in federal district court in Washington, D.C. challenging HUD’s final rule formalizing its use of disparate impact liability under the Fair Housing Act (FHA)....more
The CFPB has adopted its long-awaited final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risks to consumers. The final rule will be effective 30 days after its publication...more