Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more
11/15/2023
/ Arbitration ,
Arbitration Agreements ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Notice and Comment ,
Proposed Regulation ,
Proposed Rules ,
Rulemaking Process
The CFPB has released an update to the Filing Instructions Guide for Small Business Lending Data. The Guide is intended to serve as a set of resources for entities who will be required to file small business lending data with...more
8/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Data Reporting ,
Filing Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Small Business ,
Small Business Loans
The CFPB has issued its Spring 2020 Semi-Annual Report to Congress covering the period September 30, 2019 through March 31, 2020.
The report represents the CFPB’s fourth semi-annual report under Director Kraninger’s...more
7/28/2020
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agenda
The New York Department of Financial Services has announced that Leandra English, who formerly served as CFPB Deputy Director, has joined the NYDFS executive team as Special Policy Advisor. ...more
The CFPB has published a notice in the Federal Register seeking ideas on how it can use Tech Sprints to advance regulatory innovation and compliance. Comments are due by November 8, 2019. ...more
CFPB Director Kraninger is scheduled to give public remarks at a Bipartisan Policy Center program scheduled for April 17, 2019 at 10 a.m. in Washington, D.C. ...more
The Federal Financial Institutions Examination Council (FFIEC) announced that CFPB Director Kathy Kraninger became the Chairman of the FFIEC on April 1, 2019. Ms. Kraninger is the first CFPB Director to serve as FFIEC...more
The FDIC has issued a request for information that seeks comment on how the FDIC can make its communications with insured depository institutions (IDIs) “more effective, streamlined, and clear.” ...more
The CFPB has issued a final rule amending the provisions of Regulation P that implement the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement. The final rule is intended to reflect the GLBA amendments made by...more
Jelena McWilliams, President Trump’s nominee, was sworn in on June 5 for a five-year term as FDIC Chairman and a six-year term as a member of the FDIC Board of Directors. As a result, the FDIC is firmly in the hands of...more
On June 6, 2018, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Improving Transparency and Accountability at the Bureau of Consumer Financial...more
The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more
Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more
The U.S. Department of the Treasury has issued a memorandum in which it makes recommendations to modernize the Community Reinvestment Act (CRA). ...more
In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has issued its fifth Financial Literacy Annual Report to Congress. The report describes the CFPB’s ongoing financial literacy work, “with an emphasis on work during October 2016 through September 2017.”...more
The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more
11/7/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Credit Cards ,
Debt Relief ,
Disclosure Requirements ,
Federal Reserve ,
Finance Charges ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
ISOs ,
Marketing ,
Out-of-State Judgments ,
Restitution ,
Section 5 ,
Statute of Limitations ,
UDAAP ,
Unfair or Deceptive Trade Practices
In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more
10/27/2017
/ Add-ons ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
GAO ,
Interagency Guidance ,
Interest Rates ,
Leveraged Lending ,
Regulation B ,
Regulatory Oversight
The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...more
10/12/2017
/ Amicus Briefs ,
Banking Sector ,
Cause of Action Accrual ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Officers ,
Discrimination ,
ECOA ,
Financial Institutions ,
Guarantors ,
Marital Status ,
Motion to Dismiss ,
Regulation B
Since our last blog post about the Office of Inspector General’s work plan for the CFPB, the work plan has been updated as of July 1, 2017 to add one new planned project....more
Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations. The FDIC proposed the amendments last August and received only two comment letters, one from a...more
Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more
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
7/11/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
GAO ,
Mortgages ,
Regulatory Requirements ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB has issued its eleventh Semi-Annual Report to the President and Congress covering the period October 1, 2016 through March 31, 2017.
The 178-page report recycles information from previously-issued CFPB reports and...more