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CFPB hosts debt collection rulemaking town hall

One day after announcing its notice of proposed rulemaking regarding the Fair Debt Collection Practices Act (FDCPA), the CFPB held a town hall at the University of Pennsylvania to discuss the major aspects of the proposal,...more

Mulvaney Responds to Resignation of CFPB Student Loan Ombudsman

CFPB Acting Director Mick Mulvaney recently responded to former CFPB Student Loan Ombudsman Seth Frotman’s vocal departure from the Bureau.  As previously reported, Frotman tendered his resignation in a letter—also delivered...more

ED rebuffs Congressional plea to reinstate terminated CFPB MOUs

The Department of Education (ED) has apparently declined a request by 39 members of Congress to reinstate the Memoranda of Understanding (MOUs) between ED and the CFPB. ...more

California and Washington, D.C. issue student loan servicing regulations

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

Proposed Consumer Contracts Restatement Critiqued at ALI Annual Meeting

At the American Law Institute (ALI) annual meeting in Washington, DC on May 22-24th, members had the opportunity to review a discussion draft of the Restatement of the Law Third, Consumer Contracts. The draft is the result...more

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more

DOJ Files Redlining Lawsuit Against KleinBank

The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more

CFPB Releases Debt Collection Industry Study

On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking....more

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

CFPB, DOE, Treasury Issue Joint Statement on Student Loan Servicing

A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal...more

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