News & Analysis as of

Canada Revenue Agency Consumer Financial Protection Bureau

October and November Developments

by Sullivan & Worcester on

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

CFPB and DOJ announce redlining settlement

by Ballard Spahr LLP on

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

Ferguson Commission Urges Greater Access to Banking in Disadvantaged Communities

by Polsinelli on

This week, the Ferguson Commission released an analysis of the socio-economic environment following the shooting of Michael Brown that included recommendations for financially strengthening lower-income areas. The Commission,...more

FTC Announces Settlement with Auto Loan Servicer for Alleged Violations of FCRA Furnisher Rule

by Ballard Spahr LLP on

The Federal Trade Commission (FTC) recently announced a settlement with a company that services auto loans for alleged violations of the Fair Credit Reporting Act (FCRA) “Furnisher Rule.” The settlement serves as a reminder...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

by MoFo Reenforcement on

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more

CFPB highlights unlawful practices by consumer reporting agencies, debt collectors and payday lenders

by Ballard Spahr LLP on

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders. The...more

Editorial: Who’s The Fairest Lender Of Them All? As Government Scrutiny Intensifies, Don’t Get Snowed Under By Fair-Lending Laws

by Bilzin Sumberg on

In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more

Prudential Regulators Clarify Supervisory Approach Relative to CFPB Mortgage Regulation

by Ballard Spahr LLP on

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Prudential Regulators”) have...more

CFPB Issues Guidance Bulletin on Furnisher’s Duty to Investigate

by Goodwin on

The CFPB issued a guidance bulletin setting forth its expectations for how companies that supply information for credit reports, commonly referred to as furnishers, should comply with the requirements of the Fair Credit...more

New Year, New FCRA Forms

by Butler Snow LLP on

Do you use a third party service to conduct background checks on job applicants or employees? If yes, then you should take note of new forms which employers are required to use for this purpose, effective January 1, 2013. ...more

Orrick's Financial Industry Week in Review - January 7, 2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

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