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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

CFPB News: Supervisory Highlights, Consumer Protection Principles

In the latest roundup of Bureau of Consumer Financial Protection (CFPB or the Bureau) news, the Bureau published another edition of Supervisory Highlights, released nonbinding Consumer Protection Principles and was officially...more

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

Starting Up the CFPB’s No-Action Letter Program

The expanding use of mobile technologies, cloud computing, and the Internet of Things has greatly increased the amount of available consumer data. The ability to efficiently process this information has the potential to...more

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

by Ballard Spahr LLP on

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Director Cordray announces resignation plans to CFPB staff

by Ballard Spahr LLP on

According to widespread media reports, Director Cordray informed CFPB staff members today that he expects to resign as CFPB Director by the end of this month. ...more

CFPB Director Richard Cordray to Resign By End of November

According to press reports, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has announced that he will step down from his position by the end of the month. Cordray’s resignation provides President Trump...more

OCC establishes framework for evaluating applications from banks with less than satisfactory CRA rating

by Ballard Spahr LLP on

In a new Policies and Procedures Manual (PPM) issuance (PPM 6300-2), the OCC establishes its framework for evaluating certain types of licensing applications when the applicant bank has an overall Community Reinvestment Act...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

UK Payment Systems Regulator Consults on Reimbursement of Victims of Payment Scams

by Shearman & Sterling LLP on

The UK Payment Systems Regulator has published a report on the initiatives it has engaged in with banks, the payment systems industry and the Financial Conduct Authority to prevent or mitigate harm to consumers from scams...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

by Ballard Spahr LLP on

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Texas Voters Relax Home Equity Lending Restrictions

Texas has long had some of the tightest consumer protections in the home equity lending space. After years of lobbying by the industry, a constitutional amendment was submitted to voters on November 7, 2017, aimed at relaxing...more

CFPB issues fifth Financial Literacy Annual Report

by Ballard Spahr LLP on

The CFPB has issued its fifth Financial Literacy Annual Report to Congress. The report describes the CFPB’s ongoing financial literacy work, “with an emphasis on work during October 2016 through September 2017.”...more

CFPB sues nation’s largest debt-settlement services provider

by Ballard Spahr LLP on

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

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