Newsletters

11.09.17

CFPB News: Supervisory Highlights, Consumer Protection Principles

In the latest roundup of Bureau of Consumer Financial Protection (CFPB or the Bureau) news, the Bureau published another edition of Supervisory Highlights, released nonbinding Consumer Protection Principles and was officially handed a defeat when President Donald Trump killed the arbitration rule.


11.09.17

Exclusion Precludes Coverage for Bank’s $24M Settlement

In a blow to a bank that settled overdraft litigation for $24 million, the U.S. Court of Appeals, Seventh Circuit affirmed that the financial institution’s liability policy did not provide coverage for the deal.


10.26.17

Multi-Plaintiff Suit Challenges CFPB’s Arbitration Rule

With no progress in Congress repealing the Consumer Financial Protection Bureau’s (CFPB or Bureau) arbitration rule, a coalition of 18 organizations filed suit in Texas federal court seeking to halt implementation of the prohibition on the use of mandatory predispute arbitration clauses.


10.26.17

CFPB Tweaks Rules for Mortgage Servicer Communications

The Consumer Financial Protection Bureau (CFPB or Bureau) released a new interim final rule intended to clarify how mortgage servicers can communicate with borrowers at risk of foreclosure, as well as a proposed rule about bankruptcy communications.


10.25.17

The CFPB Arbitration Rule Is Dead, or Is It?

By now you’ve heard that the Senate has killed the Consumer Financial Protection Bureau’s (CFPB’s) arbitration rule.


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

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.


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

Regulators Repudiate Operation Choke Point at Lawmakers’ Request

Sounding the likely death knell for Operation Choke Point, federal regulators formally repudiated the program after receiving a letter from Republican legislators inviting them to do so.