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Finance & Banking Consumer Protection

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Northern District of Illinois Reaffirms That State Court Procedural Missteps Alone Are Insufficient to Sustain a Claim Under the...

by Locke Lord LLP on

On February 15, 2018, Judge Harry D. Leinenweber of the United States District Court for the Northern District of Illinois reaffirmed that the Fair Debt Collection Practices Act (FDCPA) does not provide borrowers with a...more

Court Dismisses Credit Union’s Challenge to Mulvaney’s Appointment

by Weiner Brodsky Kider PC on

A federal court has dismissed a lawsuit filed by a New York credit union that challenged the President’s appointment of Mick Mulvaney as the Acting Director of the CFPB. The credit union had sought a declaratory judgment...more

President Trump Sets Cybersecurity Funding Goals In Budget Proposal

by King & Spalding on

On February 12, 2018, President Trump released a budget proposal for fiscal year 2019 that includes requests for cybersecurity-related funding for the Department of Defense (“DOD”), Department of Homeland Security (“DHS”),...more

New York DFS Cybersecurity Certifications Due

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

D.C. releases revised Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Department of Insurance, Securities, and Banking (DISB) has released for comment a revised “Student Loan Borrower’s Bill of Rights.” ...more

CFPB: Fair Lending Moves, New RFIs and Director Fight

Firestorms continue to brew at the Consumer Financial Protection Bureau, as Acting Director Mick Mulvaney tackles a wholesale overhaul of the much-criticized bureau. In the most recent news, the CFPB’s new five-year plan...more

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

Two Opportunities for Student Loan Companies to Speak Up

Two recent requests from lawmakers have provided student loan servicers and originators the opportunity to comment on hot-button issues for the industry: The CFPB issued a Request for Information last week, seeking...more

Collection Letter Making Settlement Offer for Time-Barred Debt Can Violate FDCPA Without Legal Action Threat, Third Circuit Rules

by Ballard Spahr LLP on

A letter sent to collect a time-barred debt that makes a settlement offer can, even without a threat of legal action, violate the Fair Debt Collection Practices Act's (FDCPA) general prohibition against a debt collector's use...more

Rumors of UDAAP’s Demise May be Exaggerated

by Davis Wright Tremaine LLP on

New Priorities at the CFPB… On February 12, 2018, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) and Director of the Office of Management and Budget (“OMB”), Mick Mulvaney, released...more

Maine Ups the Ante on Debt Collection Licensing

by Hinshaw & Culbertson LLP on

The State of Maine recently enacted legislation that greatly expands those entities required to obtain a debt collection license. Previously, a debt collector needed to obtain a license if it was attempting to collect a debt...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

House Passes Bill to Amend TRID Rule Disclosures

by Ballard Spahr LLP on

On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171. The bill would amend the manner in which title insurance premiums are disclosed...more

New York Attorney General Expresses Support for Student Loan Servicing Legislation

by Ballard Spahr LLP on

Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been...more

House passes “Madden fix” bill

by Ballard Spahr LLP on

By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

CFPB seeks comment on its supervision program

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its supervision program. Comments on the RFI will be due no later than 90 days after it is published in the Federal Register, which the CFPB expects to...more

CARD Act Report: The CFPB Departs from Precedent

by Davis Wright Tremaine LLP on

Editors’ Note: The following is one part of DWT’s ongoing coverage of the 2017 CARD Act Report. Other parts include our prior PLA post The Consumer Credit Market: The CFPB’s 2017 CARD Act Report and a recent FSR webinar....more

CFPB FY 2018-2022 strategic plan reflects Mulvaney’s new approach

by Ballard Spahr LLP on

The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting...more

Pierre v. Midland Credit: Three Significant Lessons for Debt Collectors

by Locke Lord LLP on

On February 5, 2018, debt collectors took a significant defeat in the United States District Court for the Northern District of Illinois in Pierre v. Midland Credit Management, Inc., 1:16-cv-02895. Judge Henry D. Leinenweber...more

CFPB Releases FY2018 – FY 2022 Strategic Plan

Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its five-year Strategic Plan that establishes its mission, strategic goals, and strategic objectives. This Strategic Plan presents an...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Joseph Siegelman Declares Candidacy for Alabama Attorney General- Democrat Joseph Siegelman, a Birmingham personal injury attorney and the son of former Alabama governor Don Siegelman, announced...more

Financial Services Weekly News - February 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more

CFPB Launches LAR Formatting Tool

by Weiner Brodsky Kider PC on

The CFPB recently launched its 2018 LAR Formatting Tool, which aims to help financial institutions prepare and convert HMDA data into electronic files so that the information may be properly submitted to the CFPB’s HMDA...more

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