Newsletters

07.18.18

California AG Hits Student Loan Servicer With Lawsuit

California Attorney General Xavier Becerra announced a lawsuit against Navient Corp. and its subsidiaries on behalf of the estimated 1.5 million borrowers living in the state, alleging misconduct in the servicing and collection of federal student loans.


07.13.18

DOJ Fraud Task Force: What It Means for Financial Services

With the July 11 announcement by Deputy Attorney General Rod Rosenstein of the new Department of Justice (DOJ) Task Force on Market Integrity and Consumer Fraud comes the obvious question: How will this task force affect the ongoing role of the Bureau of Consumer Financial Protection(CFPB); the ...


07.05.18

Might Courts Force Leadership Change at CFPB?

The future of the Bureau of Consumer Financial Protection (CFPB) remains uncertain, as the nomination of a permanent director turned controversial, and a New York federal court ruled its structure unconstitutional.


07.05.18

CFPB News: More Reports, Settlements and Actions Dropped

In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached two major settlements.


07.05.18

Installment Consumer Lending Falls in California, DBO Reports

The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell almost 10 percent over the prior year.


06.21.18

NY Federal Judge: CFPB Structure Unconstitutional

Dismissing the CFPB from a suit it joined with the New York attorney general, a federal judge sitting in New York has ruled that the structure of the Bureau of Consumer Financial Protection (formerly known as the Consumer Financial Protection Bureau, or CFPB) is unconstitutional, requiring ...


06.20.18

CFPB News: Mulvaney Replacement, BCFP Signage and Other Musings

As the President nominates the virtually unknown Kathy Kraninger as Director, the Acting Director gets a reprieve while taking a wrecking ball to the status quo at the agency formerly known as the CFPB.


06.20.18

Enforcement: PHH Suit Gone but Other Enforcement Activity Continues

As the  Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators.


06.20.18

Federal Reserve Governor Talks Digital Innovations

How will digital innovations impact the financial system? Speaking at the Decoding Digital Currency Conference sponsored by the San Francisco Federal Reserve Bank, Federal Reserve Board Governor Lael Brainard discussed cryptocurrencies, digital currencies and distributed ledger technologies.


06.06.18

AML News: FinCEN Issues Exceptions to Beneficial Ownership Rule

With FinCEN’s new Beneficial Ownership Rule now in effect, the regulator has quickly provided some important exceptive relief for premium finance lenders.