Newsletters

10.12.17

Cybersecurity, Data Breaches Continue to Make Headlines

Cybersecurity continues to make headlines in the financial services industry, from the recent announcement that the Securities and Exchange Commission (SEC) was targeted by hackers to final approval of the settlement in a class action brought by financial institutions against Home Depot after a ...


10.12.17

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit against a company offering a biweekly payment program, modified the Equal ...


10.12.17

Bank Compels Arbitration of Overdraft Class Action

Reversing a Florida district court action, the U.S. Court of Appeals, Eleventh Circuit agreed with a national bank that a class action challenging overdraft fees should be moved to arbitration.


10.12.17

OCC Head Talks Changing Business Models, Madden Fix

Speaking at an industry event, Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Keith Noreika discussed changing business models as well as the need for a “Madden fix.”


10.12.17

Payday Debt Collector, Servicer Must Forgive $12M

Shortly before the Consumer Financial Protection Bureau (CFPB) issued its payday loan rule, the New York Department of Financial Services (DFS) announced a consent order with a payday loan servicer and debt collector totaling almost $12 million in loan forgiveness.


10.12.17

SEC Gets Tough on ICOs, Files First Fraud Case

The SEC has filed charges against multiple ICO sponsors alleging securities law violations.


09.28.17

Equifax Breach Felt From Lawsuits to Legislation to … Arbitration?

As the Equifax data breach continues to reverberate—with multiple class actions filed, calls to revamp the credit reporting industry and new legislation proposed—even the arbitration rules of the Consumer Financial Protection Bureau (CFPB) may see an impact.


09.28.17

California Bill Would Ban Arbitration in Fraudulent Bank Contracts

In the wake of a scandal involving a national bank that allegedly opened millions of accounts without the consent of consumers, the California legislature has passed a bill that would prohibit the application of mandatory arbitration clauses to bank accounts that were created fraudulently.


09.28.17

Court Tosses CFPB Suit as Discovery Sanction

A Georgia federal court judge has dismissed a lawsuit filed by the Consumer Financial Protection Bureau (CFPB or Bureau) against four payment processors as a sanction for demonstrating a “blatant disregard” for the court’s instructions.


09.28.17

New From the CFPB: No-Action Letter, Online Aggregator Targeted

In the latest Consumer Financial Protection Bureau news, the Bureau issued its first no-action letter (of any kind), and did so to an online lending platform.