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Goodwin

CFPB Fines Bank for Accessing Customer Credit Reports and Opening Accounts, Credit Cards, and Lines of Credit Without Customers’...

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​​​​​​​On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more

ArentFox Schiff

CFPB Denies Bank of America’s Request to Quash Probe Into Unauthorized Consumer Account Openings

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As recently as last week, the Consumer Financial Protection Bureau has continued on its campaign of federal consumer protection and enforcement decisions. Namely, we have been sharing with our readers and constituents the...more

Ballard Spahr LLP

CFPB October 2017 “special edition” complaint report highlights servicemember complaints

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The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more

Spilman Thomas & Battle, PLLC

Breaking Insights: U.S. Senate Disapproves Consumer Financial Protection Bureau's Rule

U.S. Senate disapproves Consumer Financial Protection Bureau's rule prohibiting arbitration clauses in consumer contracts with Vice President Pence casting the tie-breaking vote....more

Jones Day

Protecting Your Identity After a Data Breach

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In light of recent high-profile breaches of highly sensitive data, this is a good time to remind individuals of how to protect their identity and credit information....more

Baker Donelson

2017's Top Five Consumer Complaints to the CFPB (So Far)

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Despite continued efforts in Congress to curtail the scope of the CFPB, the Bureau continues to move ahead with issuing new regulations, conducting investigations and initiating enforcement actions. As part of its efforts,...more

Bass, Berry & Sims PLC

Privacy Perils: The Numbers (Might) Lie

Bass, Berry & Sims PLC on

As if there weren't enough concerns over the security of your banking and credit card accounts – thefts of card numbers, card skimmers and online account hacking, to name a few....more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.27.16

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We learned yesterday that Twitter’s shopping itself around for a buyer. It’s facing one big complication, though—the sizeable amount of stock Twitter has doled out to its employees over the years. Last year, for example,...more

Thomas Fox - Compliance Evangelist

Wells Fargo Week, Part III-the Bank Knew All Along

You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more

Morrison & Foerster LLP

New Agency Guidance on Applying CIP Requirements to Prepaid Cardholders

In response to continuing concerns about the vulnerability of prepaid cards to criminal and terrorist abuse, five regulators issued interagency joint guidance today clarifying bank obligations to identify prepaid card...more

Holland & Knight LLP

CFPB Proposes Limits on Companies' Use of Arbitration Clauses

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The Consumer Financial Protection Bureau (CFPB) has proposed new rules that would ban companies' use of arbitration clauses that prevent consumer class action lawsuits. The potential new rules, announced this month, would...more

Polsinelli

Two Major Implications for Consumer Finance Industry from This Month’s Proposed CFPB Rules

Polsinelli on

When the Consumer Finance Protection Bureau (CFPB) released its study on the use of pre-dispute arbitration (PDA) clauses earlier this year, many expected the CFPB to propose a ban on all PDAs in contracts for consumer...more

BakerHostetler

CFPB Taking Steps to Ban Class Action Waivers

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On October 7, the CFPB announced at a field hearing in Denver, Colorado, that it plans to propose rules via its rule-making authority that would prohibit financial services companies from including class action waivers in...more

Baker Donelson

CFPB Eyes Consumer Arbitration Clauses

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It has only been 24 hours since the Consumer Financial Protection Bureau (CFPB) announced its plans to propose rules limiting the use of arbitration clauses, but the financial services industry is already gearing up to...more

Stinson LLP

CFPB Takes Aim at Class Action Waivers in Arbitration

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On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more

Orrick, Herrington & Sutcliffe LLP

Notifying Parties In Username/Password Breaches . . . It’s Not Just the Law

As we head into the end of 2015, state legislators across the country continue to strengthen, update and, in some instances, broaden the scope of their respective state data breach notification laws. Specifically, many...more

Baker Donelson

Flaws and All, CFPB's Arbitration Study Sparks Vigorous Debate over Next Steps in Regulating Mandatory Arbitration Clauses

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As expected, the reaction to the Consumer Financial Protection Bureau's (CFPB) arbitration study report, released in March 2015, has been vociferous. All sides of this important debate are loudly proclaiming that their...more

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