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Finance & Banking Consumer Protection

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more

CFPB to reconsider final payday loan rule

by Ballard Spahr LLP on

The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

Window on Washington - Vol. 2, Issue 2

by Clark Hill PLC on

Shutdown Watch: 4 Days. The government will run out of money on Friday if it does not pass another short-term spending bill. Last week it looked like Congress was close to negotiating a short-term continuing resolution that...more

Legal Issues Business Leaders Need to Know in 2018

by Arnall Golden Gregory LLP on

In recent years, the CFPB has struck fear into the C-suites of financial services companies. The agency was extraordinarily active in rulemaking that addresses every aspect of lending, prepaid cards and arbitration clauses in...more

Financial Services Quarterly Report - Fourth Quarter 2017: Trump Administration Unveils its Position on Financial Regulation...

by Dechert LLP on

During the Trump Administration’s first year in office, it has implemented major new policy approaches and engaged in significant reversals of Obama Administration policies in many areas. In contrast, the Administration to...more

CFPB Leadership Dispute: Impacts and Next Steps – An Update

by White & Case LLP on

On January 10, 2018, a federal judge denied Consumer Financial Protection Bureau (CFPB or Bureau) Deputy Director Leandra English's motion for a preliminary injunction to prevent (1) Mick Mulvaney from serving as CFPB Acting...more

Treasury to recommend CRA changes

by Ballard Spahr LLP on

According to a Wall Street Journal article, the Treasury Department expects to make recommendations in early 2018 for changing Community Reinvestment Act regulations....more

CFPB issues final rule to adjust civil penalties for inflation

by Ballard Spahr LLP on

The CFPB has published a final rule in the Federal Register to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...more

Payday lender sentenced to 16 years in prison

by Malcolm Ruthven on

The owner of a payday lending operation was sentenced to more than 16 years in prison, and the general counsel (attorney) for the business was sentenced to 7 years....more

2017 Year in Review: Developments in Payments

2017 was a year of continued innovation in the payments space as the adoption of digital payments continued to increase. Below we highlight recent developments in the payments sector....more

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