December 2012

The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act.  Last week, both the House and Senate agreed to the conference report.  The MLA, as implemented by rules issued by the Department of Defense, imposes a 36% rate cap on tax refund loans and certain payday and auto title loans made to active duty armed forces members and their dependents, and prohibits certain terms in such loans.  … Continue Reading

The CFPB has issued a proposal to make revisions to the remittance transfer rule and delay the rule’s effective date.  The CFPB had announced its plans to make the proposal in a bulletin it issued in November. The proposal would delay the rule’s effective date, currently set for February 7, 2013, until 90 days after the proposal is finalized. … Continue Reading

In the first action of its kind since the agency’s creation, the CFPB, Attorneys General from New Mexico, North Carolina, North Dakota, and Wisconsin, and the Hawaii Office of Consumer Protection joined forces to enjoin a debt-relief service provider from conducting business in violation of federal laws and the laws of the five participating states. … Continue Reading

The CFPB has issued its second annual report to Congress on the CFPB’s workforce.  The Dodd-Frank Act requires the CFPB to submit an annual report that includes a Recruitment and Retention Plan, Training and Workforce Development Plan, and Workplace Flexibilities Plan. 

Titled “Growing our Human Capital,” the report describes the CFPB’s progress in building its workforce since July 21, 2011 (the date of its first annual report.) … Continue Reading

On December  20, 2012, President Obama signed into law (1) the bill amending the Electronic Fund Transfer Act (H.R. 4367) to eliminate the ATM fee sticker requirement, and (2) the bill amending the Federal Deposit Insurance Act (H.R. 4014) to provide protection against waiver of the
attorney-client privilege when privileged information is shared with the CFPB or by the CFPB with other federal agencies.… Continue Reading

I am pleased to announce that Amy S. Mushahwar has joined Ballard Spahr as of counsel in our Washington, D.C., office, where she will be a member of the firm’s nationally recognized Consumer Financial Services, Privacy and Data Security, and E-Discovery and Data Management Groups. I also welcome Amy as a regular contributor to our blog.… Continue Reading

I am pleased to announce that Glen P. Trudel, a noted consumer financial services and banking lawyer, has joined Ballard Spahr as a partner in our Wilmington, Delaware, office. I also welcome Glen as a regular contributor to our blog.

Glen’s arrival expands Ballard Spahr’s already formidable consumer financial services and banking regulatory capabilities into one of the nation’s important financial centers.… Continue Reading

Credit CardsThe CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry. Signed into law in 2009 and implemented through a series of changes to Regulation Z that became effective in three stages spanning August 2009 to October 2011, the CARD Act imposed significant new restrictions on credit card pricing practices.… Continue Reading

The CFPB has announced that it will be holding two field hearings in January 2013 on mortgage policy.  The first hearing is scheduled for January 10 in Baltimore and the second hearing is scheduled for January 17 in Atlanta. CFPB Director Richard Cordray is expected to deliver remarks at both hearings and there will also be testimony from consumer groups, industry representatives, and members of the public. … Continue Reading

The CFPB is searching for an Assistant Director to head its Office of Financial Institutions.  The Office is part of the CFPB’s Division of External Affairs. Based on the job description posted by the CFPB on its website, it appears that the Office’s role will be to develop and implement the CFPB’s outreach efforts to bank and nonbank trade associations and significant, individual financial institutions. … Continue Reading