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Battle of Acting Directors: Round One to Mulvaney

Earlier this week, a federal judge refused to grant a temporary restraining order preventing Mick Mulvaney from assuming the reins of the Consumer Financial Protection Bureau (CFPB) as acting director....more

CFPB Hits Debt Settlement Services Provider With Lawsuit

The Bureau of Consumer Financial Protection (CFPB or Bureau) has filed suit against the largest debt settlement services provider in the country, accusing the California-based entity of violating Dodd-Frank and the...more

OCC’s Otting Confirmed: Another Former OneWest Executive Takes Reins

On a largely party-line vote, the Senate has confirmed former OneWest president Joseph Otting as Comptroller of the Currency. With acting Comptroller Keith Noreika now out the door, Otting follows former OneWest leader (and...more

Trump’s CFPB Pick: Major Impact for Industry and Consumers?

If recent media reports are accurate, the president intends to name current Office of Management and Budget (OMB) Director Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB). Whether or not...more

11/27/2017  /  CFPB , OMB , Trump Administration

Exclusion Precludes Coverage for Bank’s $24M Settlement

In a blow to a bank that settled overdraft litigation for $24 million, the U.S. Court of Appeals, Seventh Circuit affirmed that the financial institution’s liability policy did not provide coverage for the deal....more

Multi-Plaintiff Suit Challenges CFPB’s Arbitration Rule

With no progress in Congress repealing the Consumer Financial Protection Bureau’s (CFPB or Bureau) arbitration rule, a coalition of 18 organizations filed suit in Texas federal court seeking to halt implementation of the...more

The CFPB Arbitration Rule Is Dead, or Is It?

By now you’ve heard that the Senate has killed the Consumer Financial Protection Bureau’s (CFPB’s) arbitration rule. Following on the heels of an earlier thumbs-down vote of the House of Representatives, the Senate voted by...more

Bank Compels Arbitration of Overdraft Class Action

Reversing a Florida district court action, the U.S. Court of Appeals, Eleventh Circuit agreed with a national bank that a class action challenging overdraft fees should be moved to arbitration....more

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit...more

Bank Pays $1.5M for Ancillary Products Issues

The Office of the Comptroller of the Currency (OCC) has levied a $1.5 million civil money penalty against a Missouri-based bank for alleged violations of Section 5 of the Federal Trade Commission Act....more

Regulators Repudiate Operation Choke Point at Lawmakers’ Request

Sounding the likely death knell for Operation Choke Point, federal regulators formally repudiated the program after receiving a letter from Republican legislators inviting them to do so....more

Forecast: Abundance of Potential New Rulemaking From the CFPB

After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies...more

Will the CFPB’s Arbitration Rule Survive?

As previously reported, the Consumer Financial Protection Bureau (CFPB) released its new rule prohibiting the use of mandatory arbitration clauses that foreclose group lawsuits. But will the rule survive?...more

CFPB Issues Semiannual Report, State-Level Snapshot of Complaints

Two new Consumer Financial Protection Bureau (CFPB) reports provide important insights into the CFPB’s and state regulators’ latest activities and enforcement targets....more

Treasury Spends Ink on Regulatory Changes

The Treasury Department, in the first of four reports to President Trump detailing its review of financial regulations and its recommendations about potential changes to the depository system, proposed major changes in the...more

Financial Services Law—CFPB Bans Most Consumer Arbitrations

On July 10, 2017, and to no one’s surprise, the Consumer Financial Protection Bureau (CFPB) announced a final rule that prevents banks and other covered providers of specified consumer financial products from incorporating or...more

President's Executive Order on Cybersecurity: Impact on Banks Unclear

President Donald Trump has signed an executive order addressing cybersecurity. But for financial institutions, is the executive order much ado about nothing? Not exactly....more

Banks Settle Data Breach Suit for $5.2M

In the latest settlement agreement reached in a lawsuit brought by banks following a retailer’s data breach, an Illinois federal court judge signed off on a $5.2 million deal involving a major U.S. retailer....more

State AGs Again Target Abuses Against Student Borrowers, Military

Demonstrating the continuing enforcement activity by state attorneys general with respect to student lending and active servicemembers, the AGs in Massachusetts and New York recently obtained consent orders from,...more

Bank Must Pay Federal Reserve Almost $1M

A Pennsylvania bank reached a deal with the Board of Governors of the Federal Reserve System over Board-alleged violations of Section 5 of the Federal Trade Commission Act, agreeing to pay an almost $1 million civil penalty....more

Prepaid Card Company Deceived Consumers, FTC Alleges in New Suit

A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

House to Consider Financial CHOICE Act

The full House of Representatives will now consider Rep. Jeb Hensarling's (R-Texas) legislative proposal to repeal the Dodd-Frank Consumer Protection and Wall Street Reform Act after it passed out of a committee. What...more

To Arbitrate or Not to Arbitrate? Groups Comment on CFPB Proposal

As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration....more

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