In this edition of Fintech Flash, we discuss important things to know about the regulation of unfair, deceptive, and abusive acts or practices and 10 areas of focus to mitigate your UDAAP risk. When a regulator...more
On March 31, the CFPB published its Consumer Response Annual Report for 2022, providing an overview of consumer complaints received by the agency between January 1 and December 31, 2022. According to the report, the Bureau...more
Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt Collection Licensing Act...more
Holland & Knight hosted Dama Brown, the former Regional Director of the Federal Trade Commission's (FTC) Southwest Region, for a webinar presentation on Aug. 11, 2021. During the interview, Holland & Knight Partner Anthony...more
On July 17, the Consumer Financial Protection Bureau added new features to its Consumer Complaint Database. The new "trends" features allow a user to view complaint data over time. While the database always allowed a user to...more
Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services - The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate...more
In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more
House Financial Services Committee Chairwoman Maxine Waters has introduced the “Consumers First Act” (to be designated H.R. 1500), a modified version of a bill she introduced in the last session of Congress when Mr. Mulvaney...more
For the first time in over a year, the CFPB has issued a Complaint Snapshot. A practice started by Cordray in 2015, the report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
Last week, the CFPB issued a Complaint Snapshot analyzing mortgage complaint data from November 1, 2016 to October 31, 2018. The report indicates an overall reduction in complaint volume for mortgage products over the time...more
A group of 15 Democratic state attorneys general have submitted a letter responding to the CFPB’s request for information seeking comment on potential changes to the CFPB’s practices for the public reporting of consumer...more
A group of 35 Democratic Senators have sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information....more
The CFPB’s July 2017 complaint report, which the CFPB calls another “special edition complaint report,” departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June 2017 complaint report was also called a...more
Last week, in the wake of CHOICE 2.0 and continued questions regarding the constitutionality of its structure, the CFPB released a special edition of its monthly complaint report. The report contained statistical information...more
This week, the Consumer Financial Protection Bureau (CFPB) released its June 2017 complaint report. The format is different than usual. Normally, the report spotlights complaints from a particular industry and state. This...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older. The CFPB reports that consumers...more
The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more
The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more
The CFPB has issued its April 2017 complaint report that highlights student loan complaints. The report also highlights complaints from consumers in Nevada and the Las Vegas metro area....more
On March 28, 2017, the Consumer Financial Protection Bureau (CFPB) released Volume 21 of its Monthly Complaint Report (the “Report”). The purpose of the Report is, in part, to educate consumers and financial institutions on...more
The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more
The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area. The CFPB began taking prepaid card...more
The CFPB’s Student Loan Ombudsman has released a new “Mid-year update on student loan complaints” that highlights issues related to income-driven repayment plan (IDR) application issues. The update covers complaints...more
On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more