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Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Fresh off news of decreased SEC enforcement in the past year and the outgoing FDIC chief’s concerns about weakening regs, we’ve got word that the OCC is dialing back its regulatory bent in an effort to return to its “natural...more

CFPB report on growth in longer-term “auto loans” could presage increased CFPB scrutiny

by Ballard Spahr LLP on

A new CFPB report, “Growth in Longer-Term Auto Loans”, discusses a CFPB finding that there has been a significant increase in the use of longer-term “auto loans” since 2009. ...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Renato Mariotti Declares Bid for Illinois Attorney General- Democrat Renato Mariotti, a cable news commentator and a former Assistant U.S. Attorney in the U.S. Attorney’s Office in Chicago,...more

Congress Overturns CFPB Arbitration Rule

by BakerHostetler on

On the afternoon of Nov. 1, President Donald J. Trump signed H.J. Res. 111, completing the process under the Congressional Review Act to disapprove the Consumer Financial Protection Bureau (CFPB)’s Consumer Arbitration Rule...more

Breaking Insights: U.S. Senate Disapproves Consumer Financial Protection Bureau's Rule

U.S. Senate disapproves Consumer Financial Protection Bureau's rule prohibiting arbitration clauses in consumer contracts with Vice President Pence casting the tie-breaking vote....more

How the Arbitration Clause Got Its Groove Back

Though initially celebrated by many, the overturning of the CFPB’s arbitration rule could mean problems down the road for the financial services industry. The CFPB’s rule restricting arbitration clauses has been undone by...more

Second Circuit Denies Petition to Rehear Decision Holding that the TCPA Does Not Permit a Consumer to Unilaterally Revoke Consent...

by Burr & Forman on

On October 20, 2017, the Second Circuit Court of Appeals denied a petition for panel rehearing, or in the alternative, for rehearing en banc of its decision in Reyes v. Lincoln Automotive Financial Services, 861 F. 3d 51 (2d...more

Congressional Override Offers Industry Reprieve from CFPB Arbitration Rule but Battles Ahead Still Likely

by Kelley Drye & Warren LLP on

Last week, the Senate voted 51 to 50 (with Vice President Pence casting the tiebreaking vote) to override the Consumer Financial Protection Bureau’s Arbitration Rule, which was finalized earlier this year in July. As...more

Real Property, Financial Services, & Title Insurance Update: Week Ending October 20, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE  TITLE INSURANCE UPDATE - Foreclosure: witness may testify as to business records of another company so long as that witness can lay proper foundation of personal knowledge...more

Following Razor-Thin Senate Vote, The Consumer Financial Protection Bureau Fails in Effort to Outlaw Class Action-Killing...

On October 24, 2017, the U.S. Senate passed a resolution disapproving the Arbitration Agreements Final Rule (“Rule”) enacted earlier this year by the Consumer Financial Protection Bureau (“CFPB”). The Rule sought to prohibit...more

GAO determination that leveraged lending guidance is subject to CRA could foreshadow similar fate for CFPB indirect auto finance...

by Ballard Spahr LLP on

In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more

Congress Votes to Overturn the Consumer Financial Protection Bureau’s Arbitration Agreements Final Rule

As previously reported, the Consumer Financial Protection Bureau (CFPB or Bureau) recently issued a final rule governing agreements that provide for the arbitration of any future disputes between consumers and providers of...more

Congress Saves Consumer Arbitration

by Ifrah PLLC on

In July 2017, the Bureau of Consumer Financial Protection (“CPFB”) announced a new rule broadly barring arbitration provisions in a wide swath of consumer contracts. See 12 CFR part 1040. To go into effect next Spring, the...more

Senate Nullifies Arbitration Rule in Huge Setback to CFPB

by Reed Smith on

Late Tuesday evening the Senate voted to nullify the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) controversial Arbitration Agreements Rule (“Rule”). All but two Senate Republicans supported a resolution to...more

UK National Security and Infrastructure Investment Review: Change Is Coming

by McDermott Will & Emery on

The UK government recently published proposed reforms designed to strengthen its powers to investigate national security implications for investments in certain types of UK assets and industries. These proposals may have...more

Treasury Department Report Eviscerates CFPB Arbitration Rule

by Ballard Spahr LLP on

In a scathing report released yesterday, the U.S. Department of the Treasury concludes that the CFPB’s final arbitration rule “failed to meaningfully evaluate whether prohibiting mandatory arbitration clauses in consumer...more

Finance Industry Seeks to Preliminarily Enjoin CFPB Arbitration Rule

by Ballard Spahr LLP on

In an important development in the federal court lawsuit by industry groups seeking to overturn the CFPB’s arbitration rule, the plaintiffs recently filed a motion for a preliminary injunction. ...more

In the Wake of Equifax: What Auto Dealers Need to Know About Data Privacy

Following the recent Equifax data breach wherein millions of consumers’ private information may have been compromised, it is increasingly clear that consumer-interfacing businesses need to, and in some cases are required to,...more

CFPB Issues Final Rules on Payday and Vehicle Title Loans—Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and...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

The CFPB’s Payday Lending Rule: An Opportunity in Disguise?

by Vedder Price on

On October 5, 2017, the Consumer Financial Protection Bureau (“CFPB”) released its nearly 1,700-page final rule for short-term loans (“Payday Lending Rule”). Notably, almost simultaneously with the CFPB’s announced Payday...more

CFPB Overreaches in Handling Alleged RESPA ABA Exemption Issues in Meridian

by Foley & Lardner LLP on

On September 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the settlement of its Real Estate Settlement Procedures Act (RESPA) enforcement action against Meridian Title Corp. (Meridian), an Indiana-based...more

Banking & Financial Services E-Note - September 2017

by Burr & Forman on

By now, most people that follow financial news are aware that the amount of troubled healthcare related companies are on the rise, which by its very nature, causes more distressed healthcare related debt in the market....more

CFPB Releases Final Payday Lending Rule

by Morrison & Foerster LLP on

On October 5, 2017, the Consumer Financial Protection Bureau released its final rule for short-term loans. The nearly 1,700 page rule appears to follow the proposed short-term lending rule with several notable changes. Most...more

CFPB Releases Long Awaited Small Dollar Rule: 5 Things You Need to Know

After months of speculation, the Consumer Financial Protection Bureau (CFPB) released a final small-dollar loan rule on October 5. If the final rule takes effect, lenders will be required, among other things, to determine...more

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