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Full D.C. Circuit Court, Reversing Decision Below, Holds that CFPB’s Independent Structure is Constitutional; also Reinstates...

In a long-awaited constitutional decision regarding the Consumer Financial Protection Bureau (“CFPB”), the full D.C. Circuit Court of Appeals today in PHH v. CFPB reversed a prior ruling by a three-judge panel that the CFPB...more

CFPB Issues Game-Changing Rule On Arbitration Clauses

On Monday, July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a game-changing final rule regarding the use of arbitration clauses in consumer contracts. The Rule is effective 60 days following its...more

Treasury Department Recommends Broad Reforms to CFPB

The Department of the Treasury recently cited the CFPB’s “unaccountable structure and unduly broad regulatory powers,” in suggesting reforms to address the CFPB’s “regulatory abuses and excesses.” The Department’s...more

Friday’s Massive Malware Attack – Cyber Insurance and the Importance of IMMEDIATE Notice to Insurers

On Friday, May 12, 2017, a massive ransomware attack swept across the globe. As of the date of this post, the attack reportedly had infected more than 100,000 organizations in 150 countries. The attack continues to propagate...more

Federal Court: Computer Fraud Provision Does Not Cover Fraudulent Debit Card Transactions Conducted Over the Telephone

Last month, the Northern District of Georgia issued a strongly pro-insurer decision holding that a policy insuring computer fraud did not provide coverage for $11.4 million in fraudulent debit card redemptions made over the...more

CFPB Fails to State Case Against Payment Processor

The United States District Court for the District of North Dakota recently dismissed the Consumer Financial Protection Bureau’s (CFPB) complaint against a payment processor, Intercept, in a case McGuireWoods has been...more

D.C. Circuit Grants Rehearing in PHH Case

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest...more

Pending Senate Bill Would Restructure CFPB Leadership

On January 11, 2017, a trio of Republican Senators introduced a bill that would change the leadership structure of the Consumer Financial Protection Bureau (“CFPB”) from a single director to a five-member bipartisan “Board of...more

Trump Signals Beginning of Efforts to Curtail Dodd-Frank

On February 3, President Donald J. Trump signed an executive order that signaled the beginning of the Trump Administration’s efforts to dismantle parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

Four Questions to Ask Before Renewing Your Policy

Most business insurance policies are issued with one-year policy terms, creating a natural opportunity for businesses, their counsel and risk managers to re-evaluate coverage each year at renewal time. Many companies fail to...more

Insurance Coverage for Lost Profits Arising from Cyber Attacks on the U.S. Power Grid – Contingent Business Interruption Coverage...

The Washington Post reported Friday that Russian hackers had penetrated the U.S. utility grid through Burlington Electric, a Vermont utility. Although the utility later clarified that the attacked computer was not connected...more

Companies Challenge CFPB’s Authority to Issue Civil Investigative Demands

As any company that has received a civil investigative demand (CID) from the Consumer Financial Protection Bureau (CFPB) knows, the Bureau’s authority to issue CIDs is a powerful tool that leaves recipients with limited...more

CFPB Report Highlights Continued Focus on Mortgage Redlining

In its Fall 2016 Supervisory Highlights report, issued October 31, the Consumer Financial Protection Bureau (CFPB) identified mortgage redlining as an ongoing “priority area” in the Bureau’s supervisory work. In the mortgage...more

D.C. Circuit Rebukes CFPB in PHH Case

In a major setback for the Consumer Financial Protection Bureau (“CFPB”), the D.C. Circuit issued a significant ruling today that found the CFPB’s single director structure unconstitutional, ruled against the CFPB on...more

CFPB Announces that ECOA Protects LGBT Persons From Discrimination in Lending

This summer, the Consumer Financial Protection Bureau (CFPB) was asked by an LGBT advocacy group whether the provision of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691 et seq., that prohibits discrimination on the...more

9/29/2016  /  CFPB , ECOA , Fair Lending , LGBT

House Financial Services Committee Takes Aim at the CFPB

While the CFPB has been busy revamping debt collection rules, including those required by the Fair Debt Collection Practices Act (FDCPA), lawmakers are doing a bit of revamping of their own. Earlier this month, the Financial...more

9/26/2016  /  CFPB , Debt Collection , Dodd-Frank , FDCPA

CFPB’s Proposed Arbitration Rule Prompts Thousands of Comments

The comment period for the Consumer Financial Protection Bureau (CFPB)’s proposed arbitration rulemaking ended on Monday, and the Bureau received nearly 11,000 comments both strongly supporting and opposing the proposed rule....more

8/23/2016  /  Arbitration , CFPB , Class Action , NAIC , SIFMA

CFPB Proposes Multiple Changes to TRID “Know Before You Owe” Rule

The Consumer Financial Protection Bureau (“CFPB”) recently issued 293 pages of proposed changes (the “Amendments”) to the federal mortgage disclosure requirements it propounded in October 2015 commonly known as the TILA/RESPA...more

CFPB Issues Final Mortgage Servicing Rules

On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final mortgage servicing rule under the Real Estate Settlement Procedures Act (RESPA) and implementing Regulation X, and the Truth in...more

The CFPB Issues New Proposals Overhauling The Debt Collection Industry

On Thursday July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released a series of proposals aimed at overhauling the debt collection business. The new proposals require debt collectors to take additional steps...more

Fourth Circuit Affirms Denial of Coverage for Accidental Gunshot Injury

On April 14, the Fourth Circuit held that an insurer owed no defense or indemnity coverage for an underlying personal injury suit against the policyholder’s employee, a security guard who accidentally shot a friend while...more

Parties in PHH Case Argue the Impact of Recent Supreme Court Decision

In the latest development in PHH Corp. v. Consumer Financial Protection Bureau (CFPB), PHH and the Bureau have both filed letters addressed to the D.C. Circuit arguing over the impact of a recent Supreme Court decision on the...more

7/6/2016  /  CFPB , Chevron Deference , DOL , FLSA , HUD , RESPA

8th Circuit: Financial Institution Bond Provides Coverage for Fraudulent Wire Transfers

With policyholders facing increased losses from hacking and business email compromise, insurers are fighting hard to escape their obligations under financial institution bonds, crime policies and cyber insurance policies. In...more

CFPB’s Proposal Marks Government’s Latest - and Largest - Step Regulating Arbitration Clauses

Last week at a field hearing in Albuquerque, New Mexico, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would prohibit providers of certain consumer financial products and services from...more

Fourth Circuit Affirms Insurance Coverage for Cyber Claim Under CGL Policy

In a decision issued April 11, the Fourth Circuit added to a small but growing body of case law across the country finding coverage for cyber claims under traditional general liability insurance policies. In Travelers...more

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