News & Analysis as of

Consumer Financial Products

CFPB Requests Information on Its Rulemaking Processes

by Weiner Brodsky Kider PC on

The CFPB released a Request for Information (RFI) regarding its rulemaking process. Through this RFI, the CFPB seeks feedback on all discretionary aspects of the CFPB’s rulemaking processes, including current practices,...more

House Financial Services Committee passes bill to ease restrictions on bank small-dollar loans

by Ballard Spahr LLP on

Earlier this week, by a party-line 34-26 vote, the House Financial Services Committee passed H.R. 4861, a bill seemingly intended to ease restrictions on short-term, small-dollar loans made by depository institutions. ...more

CFPB issues seventh annual FDCPA report

by Ballard Spahr LLP on

The CFPB has issued its seventh annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2017. The CFPB’s previous FDCPA annual reports began with a message from former Director Cordray....more

NYDFS sends survey request to online lenders

by Ballard Spahr LLP on

The New York Department of Financial Services has sent a letter directed to businesses that the DFS “understands…may be involved in online lending in the State of New York” and that asks recipients to complete a “New York...more

That’s No Autodialer: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

by Balch & Bingham LLP on

This article addresses the Court’s reversal of over a decade of confusion regarding autodialers. The TCPA defines an autodialer (automatic telephone dialing system, or ATDS) as “equipment which has the capacity (a) to store...more

Revoking Contractual Consent is Different: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

by Balch & Bingham LLP on

Here, we address one significant component of the decision: the D.C. Circuit’s confirmation that consumers may revoke consent to call by any reasonable means but with the qualification that parties may be able to contract...more

No Safe Harbor for Reassigned Numbers: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

by Balch & Bingham LLP on

Here, we examine the D.C. Circuit’s reversal of not simply the one-call safe harbor for reassigned numbers imposed by the FCC’s 2015 TCPA ruling but also the Commission’s treatment of reassigned numbers as a whole. ...more

Fifth Circuit Vacates Fiduciary Rule, Creating Circuit Split; Headed to Supreme Court?

by Pepper Hamilton LLP on

On March 15, in Chamber of Commerce v. U.S. Department of Labor, No. 17-10238 (5th Cir. March 15, 2018), the Fifth Circuit Court of Appeals struck down the Department of Labor’s (DOL’s) fiduciary rule in a 2-1 decision. ...more

Fifth Circuit Vacates DOL Fiduciary Rule

by Burr & Forman on

It was the Ides of March for the Obama Administration’s “fiduciary duty rule” that sought to remake much of nation’s financial markets by back-door regulation of anyone dealing with IRA investors. The US Fifth Circuit...more

S.2155 Does Not Facilitate Discriminatory Lending

by Ballard Spahr LLP on

In a blog post entitled “How S.2155 (the Bank Lobbyist Act) Facilitates Discriminatory Lending” Professor Adam Levitin claimed that “This bill functionally exempts 85% of US banks and credit unions from fair lending laws in...more

State of Washington Enacts Student Loan Servicing Law

by Ballard Spahr LLP on

Washington has become the latest state to impose a licensing requirement on student loan servicers. Last week, Governor Jay Inslee signed SB 6029, which establishes a “student loan bill of rights,” similar to the bills that...more

Education Dept. says state student loan servicing laws are preempted

by Ballard Spahr LLP on

In response to the wave of new state student loan servicing laws and enforcement activity, the U.S. Department of Education has published an interpretation emphasizing that the Higher Education Act (HEA) preempts state...more

D.C. Circuit Unwinds 2015 FCC TCPA Ruling: An Overview

by Balch & Bingham LLP on

In a watershed case, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) unwound key components of the controversial 2015 ruling by the Federal Communications Commission (FCC or Commission)...more

Fifth Circuit Strikes Down DOL Investment Advice Fiduciary Rules

by Ballard Spahr LLP on

The Fifth Circuit on March 15 vacated U.S. Department of Labor (DOL) regulations that redefined the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement...more

CFPB Issues Request for Information Regarding the Public Reporting Practices of Consumer Complaint Information

by Weiner Brodsky Kider PC on

The CFPB recently issued a Request for Information concerning its public reporting practices of consumer complaint information, and whether changes to the practices may be appropriate. The Request focuses on the reporting...more

Tenth Circuit Upholds DOL’s Authority to Impose New Conditions for PTEs and Leaves Door Open for Changes to Fiduciary Rule

The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the...more

Update to MLA Website Expands Search Functionality

by Ballard Spahr LLP on

Yesterday, the Department of Defense’s (DoD) Military Lending Act website was temporarily taken offline to accommodate various “security and performance enhancements.” ...more

Ohio Residential Mortgage Lending Act Takes Effect Next Week

by Ballard Spahr LLP on

The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more

Marketplace Lending Update: Who’s My Lender?

Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more

Misreading bankers’ worries: a response to Professor Sovern

by Ballard Spahr LLP on

In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more

Senate passes banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

Court Of Appeal Finds Mortgage Servicer To Be A Debt Collector

by Allen Matkins on

Rosenthal Fair Debt collection Practices Act defines a "debt collector" as "any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engaged in debt collection". Cal. Civ....more

Out Of Proportion: Court Denies Discovery Requests In Putative TCPA Class Action Due Burden On Defendant

by Carlton Fields on

This putative Telephone Consumer Protection Act (TCPA) class action arose from alleged marketing calls by Quicken Loans (Quicken) to potential mortgage customers. After the magistrate judge granted the plaintiff’s motion to...more

The SFC's enforcement priorities for 2018

by Hogan Lovells on

In late February, the SFC published its Enforcement Reporter setting out its enforcement priorities and approaches for 2018. The SFC emphasized its enhanced cross-divisional collaborative approach with more targeted...more

Reinsurer Prevails In Dismissing Breach Of Contract, Bad Faith Claims Asserted By Underlying Policyholder

by Carlton Fields on

A federal district court in Pennsylvania recently dismissed all claims asserted by an insured against a reinsurer in a coverage dispute over an explosion at plaintiff Three Rivers Hydroponics (“Three Rivers”)’s commercial...more

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