Newsletters

02.02.17

CFPB Hits Student Loan Servicer With Lawsuit

The Consumer Financial Protection Bureau (CFPB) has sued a major student loan servicer as detailed by the complaint filed in Pennsylvania federal court.


01.19.17

The Last of Obama-Era CFPB Enforcement?

Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took action against entities ranging from Virginia pawnbrokers to national lender ...


12.21.16

CFPB Warns Financial Institutions About Incentives

Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin.


12.08.16

Trump Administration Gears Up for Financial Services Changes

With the new administration weeks from taking over, President-elect Donald J. Trump's transition team is getting ready to make changes in the financial services industry, including a potential overhaul of the Dodd-Frank Act and a reduction in corporate tax rates.


11.10.16

OCC Embraces "Responsible Innovation" With New Office, Framework

The Office of the Comptroller of the Currency (OCC) announced plans to establish an office dedicated to responsible innovation, accompanied by a formal framework to "improve the agency's ability to identify, understand, and respond to financial innovation affecting the federal banking ...


10.27.16

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions.


10.13.16

California's DBO Hits LendUp With Action, Fine

California's Department of Business Oversight (DBO) reached a $2.68 million settlement with LendUp recently, a deal based on the regulator's allegations that the firm charged illegal fees and committed other "widespread" violations of state law.


10.11.16

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB), and overturned a $109 ...


09.29.16

CFPB Flunks For-Profit Education Company, Orders $31M Payment

Continuing its recent focus on student lending, the Consumer Financial Protection Bureau (CFPB) ordered a for-profit college company to provide loan forgiveness and refunds of more than $23 million, adding an $8 million civil money penalty on top.


09.15.16

OCC, CFPB Charge Bank With Illegal Credit Card Practices

Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).