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Tag Archives: CFPB

CFPB launches assessment of remittance rule

Posted in Remittance Transfers

The CFPB has issued a notice regarding its plans to conduct an assessment of its remittance transfer rule which became effective on October 28, 2013. The assessment is being conducted under Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct an assessment “of each significant rule or order adopted by the Bureau under… More >

House subcommittee to hold hearing tomorrow on CFPB’s constitutionality

Posted in CFPB General

The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing for tomorrow entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.”  The memo from the Committee’s Majority Staff to Committee Members states that “the [h]earing will examine whether the structure of the Bureau violates the Constitution as well… More >

Trump’s DOJ supports striking Cordray’s removable-only-for-cause protection from Dodd-Frank

Posted in CFPB General, Federal Agencies, Hot Issues, Richard Cordray

The DOJ submitted its amicus brief in the PHH case on Friday, March 17.  We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the removal-only-for-cause protection currently applicable to the director of the CFPB.  In its “view, the panel correctly applied severability principles and therefore properly… More >

CFPB covered by executive order on plan for reorganizing executive branch

Posted in CFPB General

President Trump has signed a new executive order entitled “Presidential Executive Order on a Comprehensive Plan for Reorganizing the Executive Branch.” Unlike the regulatory freeze memo issued on Inauguration Day by Reince Priebus, the President’s Chief of Staff, the so-called “two for one” executive order on reducing regulation and controlling costs, and the executive order… More >

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

Posted in CFPB Rulemaking, Fair Lending, Technology

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such fintech companies] are complying with all anti-discrimination laws, including the Equal Credit Opportunity Act.” In a letter to Director Cordray dated March 15, 2017, Representative… More >

PHH files opening en banc brief; seven supporting amicus briefs filed

Posted in CFPB Enforcement

On Friday, PHH filed its opening en banc brief with the D.C. Circuit in the rehearing of its appeal of Director Cordray’s June 2015 decision that affirmed an administrative law judge’s (ALJ) recommended decision concluding PHH had violated RESPA and increased the ALJ’s disgorgement award from over $6.4 million to over $109 million.  The rehearing… More >

CFPB flags new issues in latest credit card review; Ballard Spahr to hold April 13 webinar

Posted in Credit Cards

The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest.  The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act.  Based on its previous biennial reviews, the CFPB issued its first and second reports… More >

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting

Posted in CFPB Supervision

The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to… More >

House passes bill to subject CFPB rules to OIRA review

Posted in CFPB Rulemaking

On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget.  The bill… More >

CFPB publishes prepaid card rule compliance guide

Posted in Prepaid Cards

As it has done for other CFPB rules, the CFPB has published a small entity compliance guide for its prepaid card rule.  The final rule is generally effective on October 1, 2017. We have blogged about Republican efforts that are underway in Congress to use the Congressional Review Act to enact a joint resolution of… More >

Director Cordray and Comptroller Curry speak at LendIt USA conference

Posted in Marketplace Lending, Technology

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which both CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry spoke. Director Cordray began his remarks by returning to his familiar “level playing field” theme, observing that “[e]venhanded oversight of all providers” regardless of… More >

D.C. Circuit grants motion of U.S. for leave to file amicus brief in PHH by March 17; denies motions to intervene

Posted in CFPB Enforcement

The D.C. Circuit has entered an order granting the unopposed motion of the United States for leave to file an amicus brief in PHH by March 17, 2017.  As we previously observed, the motion appears to signal the DOJ’s intention to support PHH rather than the CFPB. In a second order, the D.C. Circuit denied… More >

ACA International flags shortcomings in CFPB national debt collection consumer survey

Posted in CFPB Rulemaking, Debt Collection

In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in January 2017 that presented the findings of the CFPB’s national debt collection consumer survey. In our blog post about… More >

CFPB February 2017 complaint report highlights credit reporting complaints, complaints from Louisiana consumers

Posted in Credit Reports

The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas. General findings include the following: As of February 1, 2017, the CFPB handled approximately 1,110,100 complaints nationally, including approximately 29,700 complaints in January 2017. Debt collection… More >

Motion filed by U.S. seeking leave to file amicus brief by March 17 signals support for PHH

Posted in CFPB Enforcement

The United States, at the Solicitor General’s request, has filed an “unopposed motion” with the D.C. Circuit for leave to file an amicus brief in PHH by March 17, 2017.  The motion states that both PHH and the CFPB have consented to the motion. The D.C. Circuit’s order granting the CFPB’s petition for rehearing en banc… More >

Competing House and Senate bills aim to eliminate or reform the CFPB

Posted in CFPB General

Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to reform the agency are pending in the House and Senate. These bills can generally be broken down into two categories. The… More >

NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

Posted in Federal Agencies

On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the Secretary of the Treasury, Steven Mnuchin, in his capacity as Chairman of the Financial Stability Oversight Council (the “FSOC”), the voting… More >

ABA comments on CFPB’s RFI on consumer access to financial information; Ballard Spahr to hold March 16 webinar on RFI

Posted in CFPB General

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have the resources to develop secure portals and the ability to impose privacy and data security requirements through contractual provisions negotiated with aggregators, community banks… More >

Court declines to enjoin Dept. of Education termination of recognition status of college accrediting organization challenging CFPB CID

Posted in CFPB Enforcement

In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting Council for Independent Colleges and Schools (ACICS) as a nationally recognized accrediting agency.  Earlier this week, the D.C. federal district court denied ACICS’ motion for… More >

The Eastern District of Michigan affirms the CFPB’s broad authority to issue civil investigative demands

Posted in CFPB General

A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a Civil Investigative Demand (“CID”) is very broad, particularly when compared to discovery in federal litigation. For example, federal courts… More >

CFPB seeking information on use of alternative data in credit process, including by small business lenders

Posted in Credit Reports, Small Business

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process.  On March 21, 2017 from 12:00 to 1:00 p.m. ET, Ballard Spahr attorneys will hold a webinar: The New Frontier of Alternative Credit Models: Opportunities, Risks and the CFPB’s Request… More >