News & Analysis as of

UDAAP

Consumer financial services at a crossroads: CFPB structural changes

by White & Case LLP on

The appointment of Mick Mulvaney as CFPB Acting Director has led to significant changes to the Bureau’s structure and how it operates. Through a series of swift moves, Acting Director Mulvaney has brought in several...more

Fifth Circuit agrees to hear challenge to CFPB’s constitutionality

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more

CFPB and OCC Settle with National Bank for $1 Billion Over Auto and Mortgage Lending Practices

by Goodwin on

On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)? and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action...more

Seventh Circuit Reinstates Barnes & Noble Data Breach Class Action

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Seventh Circuit has reinstated a data breach class action filed against Barnes & Noble (B&N).  The litigation, styled as Dieffenbach v. Barnes & Noble, Inc., now heads back to the U.S....more

Federal Court Orders Loan Servicer to Comply with CFPB’s CID Investigating Potential UDAAP and FCRA Violations

by Dorsey & Whitney LLP on

On February 28, 2018, the U.S. District Court for the Western District of Pennsylvania granted a petition by the Consumer Financial Protection Bureau (“CFPB”) to enforce a civil investigative demand (“CID”) against a student...more

RESPA and UDAAP Enforcement Following The PHH Decision: What To Expect

by Foley & Lardner LLP on

As anyone who is associated with the residential real estate settlement services industry can appreciate, resolution of the PHH case by the full bench of the D.C. Circuit Court of Appeals has brought much-needed clarity and...more

The CFPB Under New Leadership: What to Expect in 2018

by Pepper Hamilton LLP on

Speculation about the future of the Consumer Financial Protection Bureau (CFPB) has been ever-present since Donald Trump’s victory in the 2016 Presidential election was first announced. Originally published in Delaware...more

The CFPB: No More “Pushing the Envelope”

by Vedder Price on

On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (the “CFPB”), published an opinion editorial in The Wall Street Journal (the “Op-Ed”) describing his vision of the CFPB’s role in...more

Rumors of UDAAP’s Demise May be Exaggerated

by Davis Wright Tremaine LLP on

New Priorities at the CFPB… On February 12, 2018, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) and Director of the Office of Management and Budget (“OMB”), Mick Mulvaney, released...more

A New Era: The CFPB to Reconsider How it Fulfills Its Purpose

by Vedder Price on

On January 17, 2018, the Consumer Financial Protection Bureau (the “CFPB”) announced that it will issue a call for “evidence” to ensure the CFPB is “fulfilling its proper and appropriate functions to best protect consumers.”...more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

by Ballard Spahr LLP on

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Will FCC reversal on net neutrality rules impact consumer payments?

by Ballard Spahr LLP on

On Thursday, December 14, the Federal Communications Commission voted 3-2 to reverse its 2015 order classifying the provision of broadband internet access services as a “telecommunication service” subject to Title II of the...more

Recent Congressional Review Act Developments Could Have Far-Reaching Effects

by Pepper Hamilton LLP on

On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more

CFPB changes direction in enforcement action; Mulvaney names senior advisor

by Ballard Spahr LLP on

A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more

Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies....more

Electronic Mortgage Closings Improve Homebuying

The financial services industry — and the consumer financial services marketplace in particular — is experiencing significant innovation. Technology has facilitated the emergence of fintech as a major industry — fundamentally...more

Oklahoma files amicus brief in support of tribal lenders’ motion to dismiss CFPB lawsuit

by Ballard Spahr LLP on

The State of Oklahoma has filed an amicus brief in support of the motion to dismiss filed by four online tribal lenders sued by the CFPB for alleged Consumer Financial Protection Act and Truth in Lending Act violations. The...more

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

by Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

State AGs and FTC Combine Forces for Consumer Protection

by Foley & Lardner LLP on

A dozen bipartisan State Attorneys General and the Federal Trade Commission (FTC) recently instigated a medieval siege dubbed “Operation Game of Loans” against alleged student loan relief scams. This coordinated nationwide...more

A Deeper Dive: The CFPB Short-Term Small- Dollar Lending Rule

Introduction - By now you’ve likely heard that the Consumer Financial Protection Bureau (CFPB) has released a final small-dollar lending rule. The hallmark of the rule is the requirement That lenders make a reasonable...more

CFPB Continues Focus on UDAAP

by Baker Donelson on

There is a continued focus by the Consumer Financial Protection Bureau (CFPB) on acts or practices deemed unfair, deceptive, or abusive – commonly called "UDAAP." This article provides a summary overview of UDAAP and then an...more

CFPB Highlights Supervisory Findings Related to Credit Cards

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau’s (CFPB) most recent Supervisory Highlights report identified a number of areas of non-compliance by credit card issuers that were confidentially resolved in the supervisory process....more

FTC Provides Guidance on Reasonable Data Security Practices (Part I of III)

by Patrick Law Group, LLC on

Over the past 15 years, the Federal Trade Commission (FTC) has brought more than 60 cases against companies for unfair or deceptive data security practices that put consumers’ personal data at unreasonable risk. Although the...more

CFPB Overreaches in Handling Alleged RESPA ABA Exemption Issues in Meridian

by Foley & Lardner LLP on

On September 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the settlement of its Real Estate Settlement Procedures Act (RESPA) enforcement action against Meridian Title Corp. (Meridian), an Indiana-based...more

Pennsylvania Enters into a New Area of Consumer Protection Enforcement: What Financial Services Companies Must Do Now

by Clark Hill PLC on

Since coming into office in January of this year, Pennsylvania Attorney General ("AG" or "General") Josh Shapiro has wasted no time in rebuilding an office that had been riddled with scandal and inefficiencies. One top...more

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Cybersecurity

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