Since coming into office in January of this year, Pennsylvania Attorney General ("AG" or "General") Josh Shapiro has wasted no time in rebuilding an office that had been riddled with scandal and inefficiencies. One top...more
On October 5, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loans.
The Final Rule follows for the most part the Notice of...more
Just one hour after the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loan (CFPB Rule), the Office of the Comptroller of the Currency...more
On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more
The Consumer Financial Protection Bureau's ["CFPB" or "Bureau"] July 10, 2017 final rule on the use of arbitration clauses in consumer financial products and services demonstrated the Bureau's determination to carry through...more
Pursuant to Executive Order 13772, issued February 3, 2017, the Department of Treasury has issued a report, A Financial System that Creates Economic Opportunities for Banks and Credit Unions (the "Report"), which sets forth...more
On Thursday, June 8, 2017, during a public session of the Consumer Financial Protection Bureau's (CFPB) Consumer Advisory Board meeting, Director Richard Cordray announced that the CFPB was changing course on one key aspect...more
On Monday, May 15, 2017, the Supreme Court put to rest a theory of liability under the Fair Debt Collections Practices Act (FDCPA or Act) that had a major impact not only upon the credit and collection industry, but...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority.
Under 12 U.S.C. ยง 5481(12) of the Dodd-Frank Act, the...more
Since the birth of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") well over 150 Consent Orders have been entered against every sector of the financial services industry. Many of these Consent Orders came with a...more
A federal district court judge for the District of North Dakota has granted a payment processor's motion to dismiss an enforcement action brought by the Consumer Financial Protection Bureau (CFPB or Bureau). This is one of a...more
The Consumer Financial Protection Bureau ("CFPB" or "Bureau") released findings of a survey (the "Survey") on consumer views on debt and the debt collection process. The Survey takes aim at not only third party debt...more
As the country emerges from the smoke of a bitter and downright ugly election cycle, there is much speculation about the canvas of the regulatory landscape. For the consumer financial services industry, the past eight years...more
In a groundbreaking decision on October 11, 2016, the D.C. Circuit held the structure of the Consumer Financial Protection Board (CFPB) unconstitutional. Citing the "CFPB's concentration of enormous power in a single,...more
Today, the Consumer Financial Protection Bureau ("CFPB" or "Bureau"), issued its outline of proposals under consideration for the regulation of debt collection. More than three years in the making, the CFPB's proposals will...more
In response to a recent consent order against a depository institution and several other examinations of major banks, five federal financial regulators have issued an inter-agency guidance ensuring that depository...more
In a 6-2 decision, the United States Supreme Court on Monday sided with an online "people search engine" company, Spokeo.com ("Spokeo"), to provide critical insight as to when and how consumers can sue for privacy violations...more
Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt...more
The 1st Amendment of the Constitution provides for the right of the people to peaceably assemble. Embedded in that right is the freedom of association; the right or ability of people to come together and collectively express,...more
There was no shortage of emotionally charged rhetoric and pointed accusations during yesterday's testimony of the Consumer Financial Protection Bureau's (CFPB or "Bureau") Director, Richard Cordray, before the House Financial...more
The 10th edition of Consumer Financial Protection Bureau's (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see...more
Yesterday's Consumer Financial Protection Bureau's (CFPB) Consent Order against Dwolla, Inc., a company that operates an online payment system, is yet more evidence of the murky world of Unfair, Deceptive, or Abusive Acts or...more