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Tag Archives: CFPB

Comment period on CFPB proposed arbitration rule ends August 22

Posted in Arbitration

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016. The proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides… More >

SCOTUS decides FDCPA case

Posted in Debt Collection

On May 16, 2016, the U.S. Supreme Court unanimously held in Sheriff v. Gillie that an independent contractor to the Ohio Attorney General (OAG) did not mislead consumers in violation of the Fair Debt Collection Practices Act (FDCPA) when it used the OAG’s letterhead in correspondence with consumers in collecting debts owed to the State of… More >

CFPB launches Spanish-language Twitter and Facebook accounts

Posted in CFPB General

The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts.  The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB” feature on its website. In its blog post about the Twitter and Facebook launch, the CFPB notes that it is “working to ensure that consumers… More >

CFPB releases Spring 2016 rulemaking agenda

Posted in Arbitration, Mortgages, Overdrafts, Payday Lending, Prepaid Cards, Small Business

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 arbitration rule on May 5, 2016, stating only that the CFPB “is preparing to issue a Notice of Proposed Rulemaking this spring.” … More >

High Praise for WSJ Editorial, with a Small Caveat

Posted in Arbitration

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes final. The editorial predicts that the proposed rule will encourage more class actions to be filed against financial… More >

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

Posted in Arbitration, CFPB Rulemaking

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” The Committee questioned the panel members on whether the CFPB’s proposed rule meets the mandate… More >

CFPB issues guidance on deposit reconciliation practices; Ballard to hold June 21 webinar

Posted in Deposit Accounts

The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.”  The other agencies are the OCC, Fed, FDIC, and NCUA.  The guidance is intended to set forth the agencies’ supervisory expectations regarding consumer account deposit reconciliation practices. For purposes of the guidance, a “credit discrepancy” is created when the amount that… More >

The CFPB’s auto title loan report: last step to a payday/title loan proposal?

Posted in Auto Title Loans

The CFPB has issued a new report entitled “Single-Payment Vehicle Title Lending,” summarizing data on single-payment auto title loans.  The latest report is the fourth report issued by the CFPB in connection with its anticipated rulemaking addressing single-payment payday and auto title loans, deposit advance products, and certain “high cost” installment and open-end loans.  The… More >

OCC to hold forum on financial innovation

Posted in CFPB General

In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen.  In particular, he indicated that while FinTech companies should not have an advantage in the marketplace over banks because they are not complying with same rules, the CFPB would seek to enforce… More >

CFPB Sues All American Check Cashing

Posted in CFPB Enforcement, CFPB People, Hot Issues, Payday Lending, UDAAP

On May 11, 2016, the CFPB sued All American Check Cashing, Mid-State Finance and their President and owner Michael E. Gray. It alleged that the Defendants engaged in abusive, deceptive, and unfair conduct in making certain payday loans, failing to refund overpayments on those loans, and cashing consumers’ checks. The CFPB’s claims are mundane. The… More >

Our thoughts on “Ask CFPB”

Posted in CFPB General

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful information for consumers on a wide range of topics such as bank accounts, credit reports and scores, debt… More >

CFPB enforcement lawyer tries to clarify when a state law violation is also a UDAAP

Posted in CFPB Enforcement, UDAAP

On Thursday, May 11, 2016 in Chicago, I moderated the “CFPB Speaks” panel which was the lead-off panel at the sold-out Practicing Law Institute  21st Annual Consumer Financial Services Institute. The CFPB speakers were:  Jeff Ehrlich, Deputy Assistant Director, Office of Enforcement, Paul Mondor, Managing Counsel, Office of Regulations and Chris Young, Senior Counsel and… More >

House to hold May 18 hearing on CFPB’s proposed arbitration rule

Posted in Arbitration

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” On May 5, 2016, the CFPB issued a proposed rule that would prohibit covered providers… More >

CFPB Academic Research Council to meet on May 20

Posted in CFPB General

The CFPB has announced that there will be meeting of its Academic Research Council on May 20, 2016 in Washington, D.C. to discuss methodologies for CFPB research. The agenda indicates that after welcomes from Director Cordray and Ron Borzekowski, a CFPB Assistant Director, there will be a subcommittee report and discussion followed by a presentation and discussion on the… More >

CFPB to hold May 25 webinar for banks on elder financial exploitation

Posted in Elder Financial Abuse

The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation.  The webinar will highlight the CFPB’s March 2016 report that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond… More >

House Financial Services Committee investigating CFPB arbitration rulemaking

Posted in Arbitration

On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute arbitration agreements in contracts for consumer financial products and services.”  Now that the CFPB has formally released its proposed arbitration rule banning the… More >

CFPB issues proposed rule to prohibit class action waivers in consumer arbitration agreements

Posted in Arbitration

As widely anticipated, the CFPB announced at its field hearing today in Albuquerque, New Mexico that it is proposing regulations that would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing… More >

House bill introduced to amend CFPB UDAAP authority

Posted in UDAAP

The Dodd-Frank Act gave the CFPB authority to regulate “unfair, deceptive, or abusive” acts or practices.  Republican Congressman Blaine Luetkemeyer has introduced the “Unfair or Deceptive Acts or Practices Uniformity Act,” (H.R. 5112), which would remove the CFPB’s authority to regulate abusive acts or practices. The bill would also prohibit the CFPB from taking any… More >

Treasury Dept. marketplace lending findings expected to be released next week

Posted in Marketplace Lending

The CFPB recently joined other federal regulators who have indicated a growing interest in marketplace lending with its announcement that it is accepting consumer complaints about loans obtained through marketplace lenders.  The U.S. Department of the Treasury had previously demonstrated its interest in marketplace lending by issuing a request for information (RFI) in July 2015…. More >

FFIEC proposes new rating system

Posted in CFPB Exams

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision since the current rating system was adopted in 1980.  The other FFIEC members are the Fed, FDIC, NCUA, OCC and State Liaison Committee.  The FFIEC states… More >

CFPB Amends ILSA Regulations to Allow Electronic Registration Filings

Posted in CFPB Rulemaking

The CFPB has announced that it is amending the Interstate Land Sales Full Disclosure Act’s implementing regulations to allow electronic registration filings. The Dodd-Frank Act transferred rulemaking authority over the ILSA from HUD to the CFPB. The ILSA requires certain developers to register their subdivisions plans and provide disclosures to consumers regarding the lots or condominiums… More >

CFPB issues 2015 fair lending report

Posted in Fair Lending

The CFPB has issued a report covering its fair lending activities during 2015.  The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108 million in remediation.  Much of the information contained in the report was the subject of previous blog posts. Like its 2014 fair… More >

Dept. of Education announces student loan credit reporting and servicing initiatives

Posted in Student Loans

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative repayment plans.  The CFPB’s announcement was accompanied by an announcement by the Department of Education of two new student loan-related initiatives,… More >