2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
In this month's article, we share some of our top "bites" for the prior month covered during the January 18, 2023, webinar. Bite # 8: The CFPB Publishes Civil Penalty Inflation Adjustments Rule in Federal Register - ...more
[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
The Consumer Financial Protection Bureau (CFPB) previously indicated in its Fall 2018 Rulemaking Agenda that it intends to issue a Notice of Proposed Rulemaking (NPRM) in the Spring of 2019 regarding debt-collection practices...more
At the end of May 2018, the Consumer Financial Protection Bureau (CFPB) released an analysis of consumer debt collection complaints highlighting several issues that often arise in those complaints. In light of Acting...more
Supreme Court: Bank That Buys Debt for Its Own Account Is Not Debt Collector - The U.S. Supreme Court recently held that a bank that collects on debts it has bought and holds “for its own account” is not a debt collector...more
Consumer Protection - Colorado Attorney General Obtains Judgment Against Debt Collection Company - Colorado AG Cynthia Coffman obtained a judgment against debt collection company Peak Resolution LLC, its owner, and...more
On March 30, Director Cordray gave his annual speech to the United States Chamber of Commerce’s 11th Annual Capital Markets Summit. His prepared remarks focused on the CFPB’s role in adopting regulations....more
Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more
The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection. The report also highlights complaints from consumers in Arizona and the Phoenix metro area. General findings...more
The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area. The CFPB began taking prepaid card...more
Editor's Note - Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more
On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule which would prohibit application of pre-dispute arbitration agreements to class litigation involving a broad range of consumer...more
On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more
The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more
The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more
At the 2016 Digital Payments Intensive in London, DWT Emerging Payments and Prepaid team leader Andy Lorentz offered attendees insight into some major recent and upcoming developments with respect to regulation of consumer...more
As the consumer finance industry is aware, on June 25, 2015, consumer narratives became publicly available on the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database. As of Feb. 1, 2016, the Bureau has...more
A Q&A guide to consumer finance regulation in Pennsylvania. This Q&A addresses state-specific laws governing the offering and sale of consumer financial products and services, including credit cards, residential...more
On March 1, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for February 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more
Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more
Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more
This will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well. In addition to exercising its supervisory and enforcement...more