Continuing our series of blog posts breaking down the CFPB’s final debt collection rule, we now discuss whether the November general election results are likely to have any impact on the final collection rule....more
The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints...more
Last week the CFPB and New York Attorney General filed a lawsuit against five debt collection companies and four individuals who own and manage the companies. The complaint alleges the defendants used deceptive, harassing,...more
The CFPB has proposed several amendments to its remittance rule. Comments on the proposal must be filed no later than January 21, 2020. The proposed amendments are...more
12/9/2019
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border Transactions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Amendments ,
Regulatory Agenda ,
Remittance Transfer Rule ,
Rulemaking Process ,
Safe Harbors ,
Threshold Requirements
Last week, the New York Department of Financial Services (“NYDFS”) announced a proposed new regulation that provides greater flexibility for entities licensed, chartered, authorized, registered, or supervised by the NYDFS to...more
11/21/2019
/ Auditors ,
Confidential Information ,
Confidential Supervisory Information ,
Disclosure ,
Financial Regulatory Reform ,
Legal Representatives ,
NYDFS ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements ,
State and Local Government
Earlier this week, the CFPB announced a consent order with Maxitransfers Corporation, a remittance transfer provider that allows consumers to electronically transfer funds to people or companies in foreign countries. As the...more
Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Importantly, the highlights include anonymized 2018 exam...more
This past Wednesday the House Committee on Financial Services’ Subcommittee on Oversight and Investigations held a hearing titled “Examining Discrimination in the Automobile Loan and Insurance Industries.” As the Majority...more
The CFPB recently published the latest complaint snapshot report which detailed complaint numbers, trends, and top issues reported by servicemembers, veterans, and their families across the country....more
The Second Circuit recently upheld a decision finding two individual co-owners personally liable for nearly $11 million for their companies’ violations of the Federal Trade Commission Act (FTCA) and Fair Debt Collection...more
Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe....more
Since Mick Mulvaney’s appointment by President Trump as CFPB Acting Director, there have been widespread media reports about Mr. Mulvaney’s plans to impose a freeze on the CFPB’s collection of personally identifiable...more
In an unusual procedural move last week in the RD Legal Funding case about which we have previously blogged, SDNY Judge Loretta Preska (the judge presiding over the CFPB’s lawsuit against RD Legal Funding) has referred to...more
The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more
Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks...more
The federal body tasked with creating standards for the uniform regulation of financial institutions has released new information to assist examiners in evaluating mobile services offered by financial institutions and their...more
As we wrote last week, the CFPB recently published a Fall 2015 Supervisory Highlights which included a summary of changes that have been made to the CFPB’s supervisory appeals process. The original supervisory appeal process...more
As we wrote last week, the CFPB recently published a Fall 2015 Supervisory Highlights which included a summary of changes that have been made to the CFPB’s supervisory appeals process. The original supervisory appeal process...more
A New York state law that prohibits merchants from imposing a surcharge on credit card purchases does not violate the First Amendment or the Due Process Clause, the U.S. Court of Appeals for the Second Circuit recently ruled....more
10/16/2015
/ Appeals ,
Credit Card Surcharges ,
Credit Cards ,
Debit and Credit Card Transactions ,
Due Process ,
Financial Institutions ,
First Amendment ,
Fourteenth Amendment ,
Free Speech ,
Merchants ,
Payment Systems ,
Retail Market ,
Retailers
On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more
7/17/2015
/ American Bankers Association ,
Arbitration ,
Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Defense (DOD) ,
Dodd-Frank ,
Enforcement Actions ,
Financial Institutions ,
Military Lending Act ,
Payday Loans ,
Restitution ,
Richard Cordray ,
TILA-RESPA Integrated Disclosure Rule (TRID)
In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the Consumer Financial Protection Bureau highlights legal violations resolved using non-public...more
In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the CFPB highlights legal violations resolved using non-public supervisory actions involving debt...more