The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty created by Second Circuit’s Madden decision “a priority on the OCC’s rulemaking agenda.” 

In Madden, the Second Circuit ruled that a purchaser of charged-off

I don’t understand why Professor Levitin is attacking the OCC and FDIC for filing an amicus brief in an “obscure small business bankruptcy case to which a bank was not even a party.”  The brief was an exceptional piece of drafting and analysis and the banking agencies do not deserve to be denigrated for a

This past Friday, by a vote of 225-186, the House passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.”  A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary Committee.  No action has been taken on the Senate bill.

The House bill would amend the Federal

Last week, New Jersey Attorney General Gurbir Grewal took the lead in pursing two actions against the U.S. Department of Education related to the Department’s alleged refusals to cooperate with state investigations of student loan servicers and for-profit schools.

On September 16, 2019, New Jersey, along with 16 other attorneys general, including New York, Colorado,

The CFPB announced that it will host a public workshop with the FTC on December 10, 2019 to discuss issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports.

According to the announcement, the workshop “seeks to bring together stakeholders – including industry representatives, consumer advocates, and regulators –

In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing counseling agencies.  We previously reported on the CFPB issuing its final No-Action Letter policy and other innovation policies.  (The CFPB issued just one

On Monday, September 9, 2019, a group of 28 housing, consumer protection and community development organizations issued a letter to the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal Reserve Board in advance of an anticipated Notice of Proposed Rulemaking regarding the Community Reinvestment Act (“CRA”) and in response to

The FTC announced settlements of two lawsuits filed in a California federal district court alleging similar violations of the FTC Act, the Telemarketing Sales Rule (TSR), and the Truth in Lending Act by providers of student debt relief services, their principals, and a Minnesota-based company that provided financing to customers of the providers involved in

In less than a year, pre-dispute arbitration agreements will be clearly permissible again now that the Department of Education has finalized its proposal to rescind the Obama administration’s “Borrower Defense” rule issued in November 2016 and replace it with “Institutional Accountability Regulations.”  The final regulations are effective July 1, 2020 and apply to loans disbursed