News & Analysis as of

Policies and Procedures Consumer Financial Protection Bureau (CFPB)

Mitratech Holdings, Inc

Common Background Screening Mistakes

Did you know that 94% of companies perform background checks? Of those, almost all are criminal record checks, fingerprinting, and verifications. But is that the right approach? And with so many people doing them, it should...more

Sheppard Mullin Richter & Hampton LLP

Treasury Highlights AI’s Potential and Risks in Financial Services

On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses, opportunities, and risks of Artificial Intelligence (AI) in financial...more

Hudson Cook, LLP

Pay Now or Pay Later, But Paying Later May Cost a Whole Lot More

Hudson Cook, LLP on

The Consumer Financial Protection Bureau has long required that an institution within the scope of its supervision or enforcement authority, including both depository institutions like banks and non-depository consumer...more

Hudson Cook, LLP

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

Hudson Cook, LLP on

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more

Guidepost Solutions LLC

The Benefits of Consumer Complaints: Improve Processes and Achieve Business Goals

Complaints are a crucial component of any business’s integrity. But all too often complaints are overlooked because of the very nature of them. The rise of grievances being aired across social media platforms has desensitized...more

Husch Blackwell LLP

FDIC's Continued Focus on RESPA Section 8 Violations: What Bank and Non-Bank Lenders Should Know

Husch Blackwell LLP on

It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Holland & Knight LLP

Will Mariner Finance Decision Lead State Regulators to Bring CFPA Claims?

Holland & Knight LLP on

A lengthy decision recently issued by the U.S. District Court for the Eastern District of Pennsylvania, Pennsylvania by Shapiro v. Mariner Fin., LLC, No. CV 22-3253, 2024 WL 169654 (E.D. Pa. Jan. 12, 2024) (Hodge, J.), may...more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

Husch Blackwell LLP on

On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues Focus on Credit Reporting with Guidance on FCRA Compliance

On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file...more

Mintz - Antitrust Viewpoints

Federal Trade Commission Announces Voice Cloning Challenge — AI: The Washington Report

Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more

Snell & Wilmer

Climate-Related Financial Risk Management Final Interagency Guidance Rules Issued – Now What’s Next?

Snell & Wilmer on

On October 24, 2023, the Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued the joint agency climate-related financial risk management guidance for...more

Hanzo

Why Marketing Compliance for Financial Services Is A Big Deal

Hanzo on

In today's fiercely competitive business landscape, financial services companies, like their counterparts in other industries, rely on advertising and digital marketing strategies to create brand recognition, promote their...more

Troutman Pepper Locke

CFPB Enters Consent Order Against Medical Debt Collector for Alleged FCRA and FDCPA Violations

Troutman Pepper Locke on

On June 8, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order against medical debt collector Phoenix Financial Services for alleged violations of the Fair Credit Reporting Act (FCRA)...more

Goodwin

Agencies Issue Final Guidance on Third-Party Risk Management

Goodwin on

Agencies Issue Final Guidance on Third-Party Risk Management - On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more

Troutman Pepper Locke

CFPB's Policy Statement on Abusiveness (Part 1) - The Consumer Finance Podcast

Troutman Pepper Locke on

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau's (CFPB)...more

Holland & Knight LLP

2023 Social Media Advertising Landscape: An Update from a Senior FTC Official

Holland & Knight LLP on

Michael Ostheimer, a senior staff attorney for the Federal Trade Commission (FTC), joined Holland & Knight for a recent webinar presentation on social media advertising and marketing practices.  This Holland & Knight alert...more

Morrison & Foerster LLP

Finally! CFPB Issues Final Small Business Data Collection Rule

On March 30, 2023, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its long-awaited small business lending data collection final rule (“Final Rule”). The Final Rule implements Section 1071 of the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report: ID Theft Among Servicemembers Increasing

On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family...more

Cozen O'Connor

Servicio UniTeller Must Refund Consumers, Pay Fines for Failure to Follow Remittance Rules

Cozen O'Connor on

The CFPB issued an order against Servicio UniTeller, Inc., an international remittance company that helps consumers send money to their families overseas, for violations of the Electronic Fund Transfer Act (EFTA) and the...more

Sheppard Mullin Richter & Hampton LLP

Regulators Remind Auto Industry of Servicemember Protections

On July 29, the CFPB and DOJ issued a joint letter to the auto lending and leasing industry reminding auto companies of their obligations under the Servicemembers Civil Relief Act (SCRA)....more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

Sheppard Mullin Richter & Hampton LLP

No Relief in Sight: CFPB and FTC Continue to Take Action Against Debt Settlement Companies

On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. According to the...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Goodwin

SEC Proposes New Round of Money Market Fund Reforms

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) voted to propose money market fund reforms; the SEC also proposed amendments to Rule 10b5-1 trading plans and to modernize and improve share repurchase...more

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