In an effort to promote compliance and certainty, the Consumer Financial Protection Bureau (CFPB or Bureau) on January 24 issued an often promised and much anticipated policy statement regarding how it intends to apply the...more
1/28/2020
/ Abusive Acts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Guidance ,
Financial Services Industry ,
FTC Act ,
Policy Statement ,
Rulemaking Process ,
Supervision ,
UDAAP ,
Unfair or Deceptive Trade Practices
California Governor Gavin Newsom submitted his $222 billion budget proposal for the 2020-2021 fiscal year on January 10. Among other priorities identified, the budget earmarks tens of millions of dollars for the creation and...more
In a recent post, we discussed the increasing focus by state attorneys general on the use of their enforcement authority against payment processing applications platforms that were not licensed under state money transmitter...more
Payment apps and the legal and regulatory issues they present were front and center at a November 5 meeting of state attorneys general consumer protection leaders....more
The latest nail in the coffin for Operation Choke Point was added on May 22 by the Federal Deposit Insurance Corporation (FDIC) when it issued a press release announcing its resolution of a lawsuit against it by several...more
The Consumer Financial Protection Bureau (CFPB, the Bureau) issued a Notice of Proposed Rulemaking (the Proposal) to establish implementing regulations for the Fair Debt Collection Practices Act (FDCPA). Although it has been...more
The US Court of Appeals for the Ninth Circuit on May 6 upheld the constitutionality of the structure of the Consumer Financial Protection Bureau (CFPB). In CFPB vs. Seila Law LLC, a panel of the court determined that the...more
Stepping in to fill a perceived regulatory and enforcement void at the federal level, the governor of New York and his acting superintendent of the New York Department of Financial Services (DFS) have created a division...more
The Consumer Financial Protection Bureau (CFPB) recently advised that it has significantly changed its Civil Investigative Demand (CID) process to increase transparency and to better permit targets and subjects to understand...more
Kathleen Kraninger, only the second Senate-confirmed director of the Consumer Financial Protection Bureau (CFPB) in its almost eight-year existence, recently gave her first public remarks. The priorities Director Kraninger...more
The Top Line Results -
New Attorneys General -
18 new attorneys general will take office in January as a result of this election cycle, including:
..10 Democrats elected (Colorado, Connecticut, Delaware, Illinois,...more
In his remarkable run for the White House, billionaire real estate developer Donald J. Trump presented himself as the ultimate political outsider to leap-frog over 16 Republican primary opponents and went on to best the...more
Trump Win May Unsettle Washington but State Attorney General Activism Is Expected to Continue -
In his remarkable run for the White House, billionaire real estate developer Donald J. Trump presented himself as the...more
The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more
The new rules will greatly expand and encourage commercial drone use but come with some limitations.
After much anticipation, the Federal Aviation Administration (FAA) revealed sweeping new rules on June 21 to facilitate...more
In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more
6/11/2015
/ Administrative Law Judge (ALJ) ,
Captive Insurance Company ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement ,
Enforcement Actions ,
Kickbacks ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Reinsurance ,
RESPA ,
Subprime Mortgages
High-interest lending has just become riskier, and investors need to be aware that the upcoming CFPB’s regulations may reduce or eliminate the profitability that is inherent in high-risk lending....more
The CFPB has issued a report regarding mandatory consumer arbitration clauses, a sign that arbitration clauses may become passé.
On March 10, the Consumer Financial Protection Bureau (CFPB), as required by section...more