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Consumer Financial Contracts Consumer Financial Products

2017 Consumer Finance Year in Review

by Goodwin on

The consumer financial services industry began 2017 with optimism, as well as considerable uncertainty with the new Administration in the White House, knowing only that the year would bring change. And change it did bring...more

Five Years Later: Five Takeaways From the Bulletin That Rocked the Auto Finance Industry

In 2013, the Consumer Financial Protection Bureau (CFPB) issued a bulletin on indirect auto lending that took the industry by storm. As we approach the five-year anniversary of the memo’s issuance, it’s valuable to reflect on...more

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 Enters Consent Order with Lead Aggregator For Steering Consumers to Illegal Loans

by Goodwin on

On September 6, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lead aggregator over claims the aggregator steered consumers towards lenders who offered...more

CFPB Arbitration Rule Summary: Class Action Waivers Prohibited in Broad Range of Consumer Credit Transactions

On July 10, the Consumer Financial Protection Bureau (CFPB) issued its Final Arbitration Rule. While the CFPB's Final Rule publication weighs in at 775 pages, the rule itself occupies only 11 pages, and the Official...more

Final consumer credit fees guidelines

by DLA Piper on

On 30 June 2017 the Commerce Commission released its final guidelines on consumer credit fees. This follows the release of the draft guidelines in September 2016....more

CFPB Enforcement Continues to Rise in Q1 2017 as Other Federal and State Enforcement Trend Downwards

by Goodwin on

In the first quarter of 2017, Consumer Enforcement Watch tracked 46 enforcement actions taken against consumer financial service providers. This represents a slight decrease from the 50 enforcement actions taken against...more

What businesses need to know about amendments to Canadian consumer protection laws in 2017

by DLA Piper on

The past year has been a busy one for provincial governments and consumer protection laws in Canada. Several provinces have been busy closing gaps and loopholes that had resulted in some businesses being caught by consumer...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

House approves FY 2017 appropriations bill containing curbs on CFPB authority

by Ballard Spahr LLP on

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

DLA Piper response to UK FCA's 'Call for Input' on Consumer Credit Act review

by DLA Piper on

DLA Piper UK LLP (DLA Piper) welcomes the Financial Conduct Authority's (FCA) engagement with the consumer credit industry and is supportive of not just the FCA's review of the Consumer Credit Act 1974 (CCA) retained...more

CFPB Releases 2016 Rulemaking Agenda

by Goodwin on

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted...more

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

by Ballard Spahr LLP on

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

CFPB Releases Spring 2016 Rulemaking Agenda

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

by Reed Smith on

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for...more

Lender’s Allegedly “One-Sided” Gift Card Arbitration Clause Questioned

by Goodwin on

On August 6, 2015, a California federal judge requested further briefing on whether the arbitration clause in a lender’s Visa gift card user agreement may be unenforceable against a putative class action plaintiff – raising...more

Should I Stay Or Should I Go? Second Circuit Holds That FAA Requires a Stay, Not Dismissal, Upon Successful Motion to Compel...

by Seyfarth Shaw LLP on

Many courts dismiss an action once they order the parties to arbitrate the dispute. And many of these courts do so even if one of the parties requests that the court stay the proceedings pending arbitration. The...more

Consumer Rights Act 2015 Implementation in October 2015 - Do your consumer contracts have potentially unfair terms?

by Dentons on

In this article, written for Compliance Monitor, Nicholas Ralph of Dentons looks at how the unfair terms provisions of the CRA may impact financial services firms. The Consumer Rights Act 2015 (CRA), which received Royal...more

Lawmakers urge CFPB to reopen arbitration study

by Ballard Spahr LLP on

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

U.S. Dept. of Education proposes new restrictions on campus financial products

by Ballard Spahr LLP on

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more

CFPB extends comment period on credit card issues

by Ballard Spahr LLP on

In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more

CFPB files amicus brief in Fifth Circuit TILA case

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

The Other Shoe Has Dropped: CFPB Releases Report on Arbitration

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (CFPB) recently released its long awaited Report to Congress on arbitration agreements in consumer financial contracts. The Report’s conclusion, and Director Richard Cordray’s remarks,...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

by Baker Donelson on

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

Mortgage Shopping Toolkit Available for Compliance Guidance

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative designed to improve compliance and help consumers...more

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