Newsletters

08.31.17

Another Court Finds the CFPB Constitutional

Ruling that the Consumer Financial Protection Bureau (CFPB) is constitutional and has the authority to act against companies without first adopting specific rules defining whether any specific practice is unfair, deceptive or abusive, a Pennsylvania federal court judge denied a student loan ...


08.17.17

Forecast: Abundance of Potential New Rulemaking From the CFPB

After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies on notice about forthcoming rules on payday, title, high-cost installment ...


08.17.17

Pay-by-Phone Fees Get a Call From the CFPB

Be careful with pay-by-phone fees, the Consumer Financial Protection Bureau (CFPB or Bureau) cautioned companies in a new compliance bulletin, expressing concern about businesses “potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or keeping them in the ...


07.20.17

Payday Lenders’ Operation Choke Point Challenge Survives Dismissal

Two new Consumer Financial Protection Bureau (CFPB) reports provide important insights into the CFPB’s and state regulators’ latest activities and enforcement targets.


07.10.17

Treasury Spends Ink on Regulatory Changes

The Treasury Department, in the first of four reports to President Trump detailing its review of financial regulations and its recommendations about potential changes to the depository system, proposed major changes in the Consumer Financial Protection Bureau (CFPB) structure as well as a ...


07.10.17

Financial Services Law—CFPB Bans Most Consumer Arbitrations

Today, and to no one’s surprise, the Consumer Financial Protection Bureau (CFPB) announced a final rule that prevents banks and other covered providers of specified consumer financial products from incorporating or enforcing predispute mandatory arbitration to the extent that the clause bars ...


06.22.17

Supreme Court: FDCPA Doesn’t Cover Owned Debt

A bank or other person may collect debts that it purchased for its own account without triggering the statutory requirements of the Fair Debt Collection Practices Act, a unanimous Supreme Court recently ruled.


06.08.17

California Court Upholds CFPB’s Constitutionality, Request for CID

Taking the opposite approach from recent decisions of the U.S. Court of Appeals for the D.C. Circuit, a California federal court upheld the constitutionality of the Consumer Financial Protection Bureau while also ordering the defendant to comply with a civil investigative demand issued by the ...


05.12.17

CSBS Sues OCC Over Fintech Charters

An organization of state banking regulators hit the Office of the Comptroller of the Currency with a lawsuit, claiming the federal agency’s plan to issue fintech charters exceeds its authority.


04.13.17

$3M Penalty for Credit Reporting Agency in CFPB Action

A major credit bureau and its subsidiaries will pay a civil penalty of $3 million, revise how it represents how the credit scores it markets to consumers are used, and put in place changes in its compliance management system in a settlement with the Consumer Financial Protection Bureau (CFPB or ...