News & Analysis as of

Consumer Protection Finance & Banking

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

2017 in Review: Three State Enforcement Trends Impacting the Auto Finance Industry

Auto lenders, like many private citizens, began 2017 curious as to what change the impending Trump administration would bring. In the landscape of government enforcement, however, the consensus amongst industry participants...more

CFPB News: Existential Questions, Payday Lending Reexamined

It’s a huge week for the Consumer Financial Protection Bureau (CFPB), as it announces a “call for evidence” on how well it is performing its “proper and appropriate” functions, and the bureau announces that it will reconsider...more

DOJ responds to English’s emergency motion for expedited appeal

by Ballard Spahr LLP on

The DOJ has filed a response to the emergency motion filed by Leandra English with the U.S. Court of Appeals for the D. C. Circuit requesting expedited briefing and oral argument in her appeal from the district court’s denial...more

3rd Circuit Holds Delaware Tolling Statute Does Not Apply to Out-of-State Resident Subject to Service of Process

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the Third Circuit recently held that under Delaware law, a debtor’s out-of-state residency alone did not toll the Delaware statute of limitations. The Third Circuit overturned the U.S. District...more

UPDATE: Ohio’s Tenth District Follows Federal Precedent Finding No Standing for Technical Violations of the FCRA’s Disclosure...

by Reminger Co., LPA on

In December 2017, Ohio’s Tenth District Court of Appeals upheld a Court of Claims decision dismissing FCRA claims for lack of standing. See Smith v. Ohio State Univ., 10th Dist. Franklin No. 17AP-218, 2017-Ohio-8836. This is...more

Mulvaney Reigns In The CFPB

On November 24, 2017, the White House appointed Mick Mulvaney as acting director of the CFPB, effective November 27, 2017. Since then, concerns have been raised that Mulvaney might ‘gut” the agency. Here is a quick look at...more

The Retroactivity of TCPA Regulations and Amendments

by Cohen & Grigsby, P.C on

On December 13, 2017, the United States Court of Appeals for the Ninth Circuit ruled that a 2012 amendment to the Telephone Consumer Protection Act (“TCPA”) excluding liability for phone calls related to the collection of...more

CFPB to Reconsider Payday Loan Rule

by Pepper Hamilton LLP on

On January 16, the CFPB announced plans to “reconsider” its newly minted regulation for Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Payday Rule)....more

OCC Report Identifies Cybersecurity and AML as Key Risks for Federal Banking System

by Ballard Spahr LLP on

Last week, the OCC released its semiannual risk report highlighting credit, operational, and compliance risks to the federal banking system. The report focuses on issues that pose threats to those financial institutions...more

Expensive loans in California can force you into bankruptcy!

by Malcolm Ruthven on

If you think "payday" loans are bad, consider a loan of $5,000 that requires you to pay back $42,000. Yes, that can happen in California....more

CFPB Announces Review of Agency’s Functions

by Morrison & Foerster LLP on

On January 17, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced that it soon will begin issuing a series of Requests for Information (RFIs) to “ensure the Bureau is fulfilling its proper and...more

NY AG Moves to Compel Debt Collector to Respond to Discovery Requests

by Goodwin on

?On January 17, the New York Attorney General (AG) filed a motion to compel a debt collection company and its owner to produce financial documents, business records, and other documents in a lawsuit alleging that the...more

Speak Up! The CFPB Wants Your Feedback

January 17th, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB is expected to...more

Overturning the CFPB’s final payday loan rule by reopening rulemaking or CRA resolution

by Ballard Spahr LLP on

On December 1, 2018, three Democrat and three Republican members of the House of Representatives introduced a joint resolution under the Congressional Review Act (H.J. Res. 122) to override the CFPB’s final payday/auto...more

FFIEC Finalizes Proposed Revisions to the Call Report in Effort to Reduce the Burden of Reporting

by Weiner Brodsky Kider PC on

The FFIEC has finalized updates to the Consolidated Reports of Condition and Income (“Call Report”) with the goal of reducing the burden associated with Call Report data collection and reporting requirements and implementing...more

ASIC product intervention power for credit products

by Dentons on

Draft legislation to give ASIC a product intervention power in relation to financial products and credit products has been released by Treasury. Submissions on the draft legislation are due by 9 February 2018. This...more

Mulvaney forgoes CFPB funding

by Ballard Spahr LLP on

Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, has sent a letter to Fed Chair Janet Yellen “to inform [her] that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0.” (emphasis...more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

by Ballard Spahr LLP on

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Financial Services Weekly News - January 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more

CFPB to issue RFIs seeking feedback on its activities

by Ballard Spahr LLP on

The CFPB announced that, in coming weeks, it plans to publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on its enforcement, supervisory, rulemaking, market monitoring, and educational...more

Oral argument held in SDNY credit union lawsuit challenging Mulvaney appointment

by Ballard Spahr LLP on

The U.S. District Court for the Southern District of New York recently held oral argument regarding the pending motions in the Lower East Side People’s Federal Credit Union v. Trump and Mulvaney. ...more

Dept. of Education proposes disclosure of pre-dispute arbitration agreements by schools receiving Title IV aid for student...

by Ballard Spahr LLP on

The Department of Education, in an issue paper submitted as part of negotiated rulemaking on its final “borrower defense” rule, is proposing to require schools that use pre-dispute arbitration agreements and class action...more

English files emergency motion for expedited appeal

by Ballard Spahr LLP on

Leandra English has filed an emergency motion with the U.S. Court of Appeals for the D. C. Circuit requesting expedited briefing and oral argument in her appeal from the district court’s denial of her preliminary injunction...more

CFPB Acting Director Mulvaney Announces Call for Public Input Regarding CFPB Functions

On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is soliciting public input “to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” ...more

D.C. Circuit To Hear Appeal In Fight To Control CFPB

by Seyfarth Shaw LLP on

Seyfarth Synopsis: A federal judge on Wednesday denied a request to remove Mick Mulvaney as the CFPB’s acting director, finding that the President has authority to appoint the acting director despite former CFPB Director...more

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