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Consumer Protection Finance & Banking

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

Consumer credit – walking the regulatory tightrope

by White & Case LLP on

Subprime and near prime lending have been subject to intense regulatory scrutiny during the aftermath of the financial crisis. The global economic crisis that took hold in 2007 has largely been attributed to the widespread...more

Forever 21 Latest Retailer to Suffer Credit Card Breach

Forever 21 has warned customers who used a credit card at any of its stores between March and October 2017 that their credit card may have been compromised....more

CFPB Encourages Financial Institutions to Provide Consumers with Greater Control over Payment Methods

by MoFo Reenforcement on

Following the Equifax security breach, it was reported that the Consumer Financial Protection Bureau (CFPB) started to focus on cardholder transaction controls, such as how they are being offered in the marketplace to aid in...more

Changes Ahead At the Consumer Financial Protection Bureau

by Butler Snow LLP on

Richard Cordray was confirmed as the head of the Consumer Financial Protection Bureau (CFPB) in 2013 under President Barack Obama. The CFPB was formed by Congress following the 2008 financial crisis. Although his term ends...more

CFPB to Remove Arbitration Rule from CFR

by Ballard Spahr LLP on

The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR). ...more

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

by Ballard Spahr LLP on

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

Federal jury convicts operator of payday lenders sued by CFPB and FTC

by Ballard Spahr LLP on

Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Seventh Circuit: Class Action Limitations Tolling Stops Upon Dismissal, Regardless of Appeal

by Ballard Spahr LLP on

Addressing the often confusing issue of when class action tolling ends, in Collins v. Village of Palatine, the U.S. Court of Appeals for the Seventh Circuit announced the adoption of a simple and uniform rule: The...more

CFPB’s Arbitration Rule Dies at Hands of Senate and President

by Goodwin on

Three months after the U.S. House of Representatives voted on July 25, 2017 to block the Consumer Financial Protection Bureau’s (CFPB) Arbitration Rule, the U.S. Senate followed suit. On October 24, 2017, the Senate passed a...more

House Financial Services Committee approves “Madden fix” bill

by Ballard Spahr LLP on

A bill to provide a “Madden fix” and three other bills relevant to mortgage lenders were included among the more than 20 bills approved by the House Financial Services Committee on November 15, 2017. With the exception of...more

CFPB to seek OMB approval for testing of overdraft disclosures

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that it plans to seek OMB approval to conduct online testing of ATM/overdraft disclosures with 8,000 individuals. Comments are due on or before January 16,...more

CFPB submits request to conduct online debt collection survey to OMB

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register that it has submitted to OMB its request to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures. Comments must be...more

Window on Washington - Vol. 1, Issue 35

by Clark Hill PLC on

Ryan Hints at Short-Term Spending Bill: Speaker Paul Ryan (R-Wis.) on Tuesday said Republicans might need a short-term spending bill to prevent a government shutdown on December 9. Ryan said the House GOP's goal is to pass a...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 8

Sales of VIX-Linked ETPs – Back to Basics for FINRA - FINRA used a misselling case to remind member firms of certain fundamentals, including the importance of implementing a new product approval process, reasonable...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

DealBook’s Common Sense column takes a look at the AT&T/Time Warner deal and the “battle lines” forming for an “epic” antitrust battle, in spite of the vertical nature of the merger (the companies don’t compete in any...more

CFPB's Financial Data Sharing Principles Impose New Burdens On Financial Institutions

by Pepper Hamilton LLP on

The Consumer Financial Protection Bureau (CFPB) recently published nine “principles” and an accompanying “insights” report regarding consumers who have authorized financial data sharing and aggregation (especially with...more

CFPB final payday/auto title/high-rate installment loan rule published in Federal Register

by Ballard Spahr LLP on

The CFPB’s final payday loan rule was published in today’s Federal Register. Lenders covered by the rule include nonbank entities as well as banks and credit unions. In addition to payday loans, the rule covers auto title...more

President Trump to appoint Mick Mulvaney CFPB Acting Director

by Ballard Spahr LLP on

According to media reports, President Trump is expected to name Mick Mulvaney, the current Director of the Office of Management and Budget, to serve as CFPB Acting Director upon Director Cordray’s resignation.  The...more

Otting confirmed as Comptroller of the Currency

by Ballard Spahr LLP on

By a vote of 54-43, Joseph Otting has been confirmed by the Senate as Comptroller of the Currency. Mr. Otting is a former president and CEO of California-based OneWest Bank, where he worked with Steven Mnuchin, who now serves...more

CFPB Files Suit Against National Debt-Settlement Services Provider For Allegedly Misleading Consumers

by Goodwin on

On November 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced it filed suit in federal court in California against a national debt-settlement services provider and its CEO based on alleged violations of the...more

Will CFPB Director Richard Cordray's Resignation Usher in a New Era of Financial Services Regulation?

by Clark Hill PLC on

On Wednesday, November 15, 2017, Richard Cordray, the confirmed Director of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as of July 16, 2013, revealed that he will leave that position by the end of the month....more

Cordray to Resign as CFPB Director

by BakerHostetler on

In an email to CFPB staff on Wednesday, Director Richard Cordray announced that he will resign by the end of November. Although it is rumored that Director Cordray will run for governor of Ohio, he did not specify his future...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Justin Nelson Launches Campaign for Texas Attorney General- Democrat Justin Nelson declared his candidacy for Texas AG seeking to unseat incumbent Republican AG Ken Paxton, who is running for...more

CFPB Director Richard Cordray Resigning

by Hinshaw & Culbertson LLP on

In news that is still breaking, the first and only Consumer Financial Protection Bureau director, Richard Cordray, has announced he will be resigning at the end of this month....more

Financial Services Weekly News - November 2017 #3

by Goodwin on

Editor's Note - A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more

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