Search results for: NDG Financial Corp

On September 18, 2023, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly published and sought comments on a proposal to implement new, standardized capital requirements that would, among other things, increase capital requirements for banks with $100 billion or more in total assets.… Continue Reading

It appears that the final chapter of the ITT Educational Services, Inc. (“ITT”) story was written last week with the CFPB’s announcement that it entered into a stipulated settlement with PEAKS Trust 2009-1 (“PEAKS”), a special purpose entity created in 2009 to purchase, own, and manage certain private student loans with students enrolled at ITT.… Continue Reading

The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2015.

In the background section of the report, the CFPB provides various statistics about the debt collection industry and consumer debt.  The CFPB observes that there has been a significant increase in consumer FDCPA litigation, with 4,316 cases in 2007 and 11,697 cases in 2015.… Continue Reading

The CFPB has entered into a proposed settlement with a group of corporate and individual defendants who were alleged to have engaged in unlawful conduct in connection with offering “short-term loans to consumers located in the United States through a network of affiliated companies located in Canada and Malta.”

The settlement is intended to resolve a lawsuit filed by the CFPB against the defendants in 2015 in a New York federal district court that alleged the defendants made payday loans to residents of states in which the loans were void under state law because the defendants charged interest rates that exceeded state usury limits or the defendants failed to acquire required licenses. … Continue Reading

Today, the House Appropriations Committee’s Subcommittee on Financial Services and General Government will mark up its draft fiscal year 2018 appropriations bill.  The draft bill contains multiple provisions to reform the CFPB, which include:

  • Bringing the CFPB into the regular appropriations process;
  • Eliminating the CFPB’s supervisory authority;
  • Removing the CFPB’s UDAAP authority;
  • Repealing the CFPB’s authority to place restrictions on arbitration; and
  • Creating an exemption from risk retention requirements for nonresidential mortgages.
… Continue Reading