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Tag Archives: CFPB

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 >

Industry trade groups’ renewed challenge to HUD disparate impact rule could yield helpful precedent for ECOA cases

Posted in Fair Credit

The D.C. district court recently granted two industry trade associations whose members sell homeowners insurance leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule (Rule) adopted by the U.S. Department of Housing and Urban Development (HUD).  In their amended complaint, the trade associations allege that the… More >

CFPB seeking comment on new repayment plan disclosures for federal student loan borrowers

Posted in Student Loans

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before June 12, 2016. Referred to by the CFPB as “the student loan Payback Playbook,” the prototypes consist of three potential Playbooks. … More >

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

Posted in Mortgages

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011. General findings include the following: As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016.  As… More >

CFPB finalizes December 2011 interim final rules

Posted in CFPB Rulemaking

The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer financial protection laws implemented by such rules. The Dodd-Frank Act, as of July 21, 2011, transferred… More >

CFPB unveils changes to website

Posted in CFPB General

The CFPB’s website has a new look.  Last week, the CFPB unveiled a set of updates to the website.  According to the CFPB, the new features “will help users quickly and easily browse the vast range of information, tools, and reports that we provide.” We certainly hope that the changes will make it easier for… More >

CFPB announces consent orders with debt collection law firm, two law firm partners, debt buyer

Posted in CFPB Enforcement, Debt Collection

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the subject of the other consent order.  The consent orders recite that the conduct of the law… More >

CFPB lacked authority to issue CID to college accrediting organization, D.C. federal district court rules

Posted in CFPB Enforcement

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015. ACICS’s petition to modify or set aside the CID was denied by the CFPB on October 8, 2015, and the CFPB thereafter filed a… More >

The CFPB’s report on online payday loan payments: setting the stage for limits on collection practices?

Posted in CFPB Rulemaking, Payday Lending

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans.  The latest report is the third report issued by the CFPB in connection with its payday loan rulemaking.  (The previous reports were issued in April 2013 and… More >

CFPB to hold May 5 field hearing on arbitration

Posted in Arbitration

The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016.  We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of arbitration agreements in certain consumer financial services contracts. In October 2015, the CFPB convened its… More >

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Posted in CFPB Enforcement

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in exchange for advance fees and, in reality, did little or nothing to help consumers.  The CFPB charged… More >

FTC to host June 9 forum on marketplace lending

Posted in FTC, Marketplace Lending

The interest of federal regulators in marketplace lending continues to grow.  In March 2016, the CFPB announced that it is taking complaints about marketplace lenders.  In July 2015, the Treasury Department issued a request for information regarding online marketplace lending and, in February 2016, the FDIC published an article highlighting the risks for banks that… More >

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

Posted in CFPB People

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of Small Business Lending Markets.  The CFPB’s job posting indicated that the Assistant Director would head the CFPB’s team involved… More >

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

Posted in CFPB Enforcement, CFPB General

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit.  The case involves PHH’s appeal from Director Cordray’s June 2015 decision  affirming an administrative law judge’s recommended decision that concluded PHH had… More >

CFPB representatives confirmed for 21st Annual PLI Consumer Financial Services Institute Chicago session

Posted in CFPB General

The CFPB representatives who will be participating in the Chicago session of the 21st Annual Consumer Financial Services Institute, sponsored by the Practicing Law Institute, have now been confirmed.  The Chicago session will take place  on May 12-13, 2016.  (The New York City session was held on April 4-5, 2016 (with live webcasts and groupcasts… More >

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Posted in CFPB Rulemaking, Payday Lending

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the CFPB proposes a payday loan rule. In the letter, the Congressmen assert that comments made by CFPB officials about… More >

Alan Kaplinsky receives Lifetime Achievement Award from American College of Consumer Financial Services Lawyers

Posted in Arbitration, CFPB General

I am delighted to report that Alan Kaplinsky has received the prestigious Senator William Proxmire Lifetime Achievement Award from the American College of Consumer Financial Services Lawyers.  The award is granted periodically to a person whose career has produced many years of distinguished accomplishments and contributions to the field of consumer financial services law.  Alan received the… More >

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and Fintech companies

Posted in Auto Finance, CFPB Enforcement, Fair Credit, Payday Lending, Small Business

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions.  While the hearing was much less contentious than last month’s hearing of the House Financial Services Committee at which Director Cordray appeared, the questions raised by Republican Senators focused on many of the… More >

CFPB releases 2015 complaint report

Posted in CFPB General

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 271,600 complaints received in 2015, approximately… More >