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Tag Archives: CFPB

CFPB highlights bank account or service complaints in fifth monthly complaint report

Posted in Deposit Accounts

The CFPB has issued its November 2015 complaint report, the fifth in its new series of monthly complaint reports.  The new report highlights bank account or service complaints and complaints from consumers in Connecticut and the Hartford metro area. General findings include the following: As of November 1, 2015, the CFPB handled approximately 749,000 complaints… More >

CFPB plans national survey on financial well-being

Posted in Financial Literacy

The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined that improvement in consumer financial well-being is the ultimate goal of its financial literacy initiatives.  To inform its identification… More >

CFPB issues compliance bulletin on preauthorized electronic payments

Posted in Electronic Payments

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers (EFT) and the CFPB’s compliance expectations.  The bulletin was accompanied by the CFPB’s publication of sample letters a consumer can use in connection with preauthorized… More >

CFPB issues eighth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its eighth Semi-Annual Report to the President and Congress covering the period from April 1, 2015 through September 30, 2015. The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, which we have covered in previous blog posts. By way of aggregate statistics, the report indicates… More >

CFPB raising LGBT issues with supervised entities

Posted in Fair Lending

We recently blogged about remarks made by Patrice Ficklin, Director of the CFPB’s Office of Fair Lending, at the American Bar Association’s Consumer Financial Services Institute.  In her remarks, she stated that the CFPB is focusing on LGBT consumers and the challenges they face.  She suggested that the ECOA’s prohibition against discrimination on the basis… More >

CFPB issues snapshot of servicemember complaints

Posted in Military Issues, Payday Lending

The CFPB has issued a new “snapshot of servicemember complaints.”  The report states that as of November 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost consumer credit.  These complaints were submitted under two complaint categories: the “payday loan” category or under the “debt collection” category with “payday… More >

Alan Kaplinsky and Professor Sovern: the arbitration debate continues

Posted in Arbitration

In a new American Banker article, Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, responded to an article by Professor Jeff Sovern that called into question Alan’s prediction that the CFPB’s proposed plan to ban class action waivers in consumer arbitration agreements will cause companies to abandon arbitration completely. In the article,… More >

House passes bill to curb QM requirements

Posted in CFPB General, Mortgages

On November 18, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor exception for depository institutions from certain provisions of the Truth in Lending Act and Regulation Z, and for mortgage originators from the steering prohibition of the loan originator compensation requirements under Regulation Z (LO Comp Rule). By… More >

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

Posted in CFPB Rulemaking

The CFPB released its Fall 2015 rulemaking agenda last Friday.  The agenda sets the following timetables for key rulemaking initiatives: Arbitration.  The Fall 2015 agenda gives a December 2015 date for further prerule activities.  We assume that date reflects the December 19 due date for the report to be issued by the CFPB’s arbitration Small… More >

Disclosure Confusion in the Online Lead Generation Industry

Posted in CFPB General, FTC, Hot Issues, Lead Generation, UDAAP

This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two fundamental questions surrounding the role that disclosures can and should play in the industry: What should be… More >

CFPB continues to sharpen focus on small business lending

Posted in Marketplace Lending, Small Business

Evidence of CFPB interest in small business lending continues to mount.  While it was not surprising to see federal regulators attending the American Banker’s Marketplace Lending +Investment conference in New York City two weeks ago since many marketplace lenders make consumer loans, the CFPB also had several representatives attend the American Banker’s Small Business Banking… More >

CFPB brings administrative action against online lender

Posted in CFPB Enforcement

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA), and the CFPA’s UDAAP prohibition.  The announcement is unusual since it has not been the CFPB’s typical practice to announce an administrative action… More >

American Banker claims CFPB complaint database believed to be unreliable

Posted in CFPB General

A recent article by the American Banker claims, based on undisclosed CFPB documents and interviews with current and former agency officials, that the CFPB’s consumer complaint database is widely held to be inaccurate and untrustworthy. The article points to what it believes to be egregious instances of duplicative complaints as well as the misidentification of… More >

CFPB issues FY 2015 financial report

Posted in CFPB General

The CFPB has issued its financial report for its 2015 fiscal year, which ended on September 30, 2015.  The report indicates that the number of CFPB employees grew from 1,443 in FY 2014 to 1,529 in FY 2015.  Transfers to the CFPB from the Fed (which are capped by Dodd-Frank at a pre-set percentage of… More >

NY Times publishes another article on arbitration

Posted in Arbitration

This past Sunday, the NY Times published an article carrying the headline, “Efforts to Rein in Arbitration Come Under Well-Financed Attack.”  The “well-financed attack” to which the headline refers appears to be an advertisement critical of the CFPB that ran during last week’s Republican presidential debate and recent efforts by the U.S. Chamber of Commerce… More >

Lawmaker seeks information on CFPB’s role in regulating online lending to small businesses

Posted in Fair Lending, Small Business

Congresswoman Nydia Velázquez, ranking Democratic member on the House Small Business Committee, has sent a letter to Director Cordray and Mary Jo White, SEC Chair, seeking information about the roles of the CFPB and SEC in regulating online lending to small businesses. In her letter, Ms. Velázquez raises concerns that “small business consumers and retail… More >

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

Posted in Financial Literacy

Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention.  He identified three areas where the CFPB is focusing its efforts and where financial institutions can “band together with [the CFPB]” to advance such efforts. The first area of focus is financial education in schools, with the… More >

FTC and VA enter into agreement for investigating educational institutions

Posted in FTC, Military Issues

The Federal Trade Commission and the Department of Veterans Affairs have signed a “Memorandum of Agreement” (MOA) “to provide mutual assistance in the oversight and enforcement of laws pertaining to advertising, sales, and enrollment practices of institutions of higher learning and other establishments that offer training for military education benefits recipients.” Federal law (38 U.S.C…. More >

CFPB seeking Assistant Director to advise on small business lending data collection rules

Posted in Fair Lending

The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.”  According to the job posting, the Assistant Director “will lead an inter-disciplinary team in the Bureau’s research and development of a landmark collection of data about loans to… More >

FTC announces “Operation Collection Protection”

Posted in Debt Collection, FTC

Last week, the FTC announced a new coordinated effort against unlawful debt collection practices, “Operation Collection Protection.”  The FTC also announced that federal, state and local law enforcement agencies have brought 30 new actions against debt collectors nationwide. In targeting debt collectors, the FTC is joining forces with the CFPB as well as the Department… More >

More criticism for NY Times arbitration stance in Forbes article

Posted in Arbitration

Daniel Fisher of Forbes has written another article criticizing the NY Times for its stance on arbitration.  Last week, Mr. Fisher criticized the first article in the Times’ three-part series on arbitration for disregarding the many negative aspects of class action litigation.  (Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, was quoted… More >