News & Analysis as of

Fees Consumer Financial Protection Bureau

The CFPB Says Fees and Fee-Related Disclosures For Payments-By-Phone May Constitute an Unfair and Deceptive Practice and Violate...

by Dorsey & Whitney LLP on

In a Compliance Bulletin released July 27, 2017, the Consumer Financial Protection Bureau (CFPB) cautioned covered persons and service providers that fees for pay-by-phone services (called “phone pay fees”) may run afoul of...more

Under the CFPB’s Watchful Eye: Phone Pay Fees

by Alston & Bird on

On July 31, the Consumer Financial Protection Bureau (CFPB) issued Compliance Bulletin 2017-01: Phone Pay Fees. The Bulletin addresses pay-by-phone services, defined to include (1) providing consumers with the option of...more

CFPB Files Complaints Against Credit Repair Companies for Charging Illegal Fees and Misleading Consumers

by Goodwin on

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced? that it filed two complaints and proposed final judgments against four California-based credit repair companies for misleading consumers and...more

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

by Ballard Spahr LLP on

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

CFPB’s Prepaid Card Rule: Short Form Disclosure Requirements

by Ballard Spahr LLP on

The CFPB’s Final Rule on prepaid cards includes, in addition to the long form disclosure requirements discussed in our November 21st blog post, highly detailed requirements for providing “preacquisition” disclosures to...more

CFPB’s Final Prepaid Card Rule: Long Form Disclosures

by Ballard Spahr LLP on

The final Prepaid Card Rule requires not only so-called “packaging” or short form disclosures prior to acquisition of the prepaid card account, but also that a long form disclosure be provided to the consumer. Whereas the...more

Petition for writ of certiorari filed in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...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

CFPB sues credit repair company

by Ballard Spahr LLP on

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

Your daily dose of financial news - The Brief – 9.19.16

by Robins Kaplan LLP on

Gretchen Morgenson and Fair Game have had a few days to reflect on the Bayer/Monsanto deal, and with that little bit of hindsight (and a lot of history), she’s not too sure that Bayer’s stockholders are going to be thrilled...more

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

by Ballard Spahr LLP on

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

CFPB Notes Increase in Prepaid Card-Related Consumer Complaints in Monthly Snapshot; Lessons Gleaned

by Bryan Cave on

It’s been a couple months now, so you probably saw the CFPB’s Monthly Complaint Snapshot for November 2015, released in December. The product spotlight for November was money transfers. Notably, however, the CFPB also...more

CFPB Issues TRID Revision

by BakerHostetler on

On February 10, 2016, the Consumer Financial Protection Bureau (CFPB) issued a correction in the Federal Register to the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the...more

Financial Services Weekly News - October 2015 #2

by Goodwin on

Regulatory Developments: FINRA Proposes Rules for Funding Portals - On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more

CFPB and DOJ Take Action Against Fifth Third Bank

by Stinson Leonard Street on

On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more

Cases We’re Watching: CFPB v. Morgan Drexen

by MoFo Reenforcement on

We don’t know about you, but we’ve been following the contentious litigation between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen pretty closely. The CFPB filed its lawsuit in...more

CFPB Orders Subprime Credit Card Company to Pay Estimated $2.7 Million in Refunds for Alleged Illegal Credit Card Fees

by Ballard Spahr LLP on

Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit...more

CFPB Permits Refunds of Points and Fees Charged for Qualified Mortgages

On October 22, 2014, the CFPB announced that it would permit refunds of excessive fees (with interest) within 210 days after loan closing for qualified mortgages. The provision expires in January 2021 and requires lenders to...more

CFPB settles with military base retailer for alleged fee scam; Senators seek CFPB investigation of retailer’s debt collection...

by Ballard Spahr LLP on

The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges...more

42 Results
|
View per page
Page: of 2
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.