The CFPB has released a new issue of Supervisory Highlights that carries the title “Junk Fees Update Special Edition.” The report discusses the CFPB’s examinations involving fees in the areas of deposits, auto servicing, and remittances that were generally completed between February 2023 and August 2023. The report updates the CFPB’s “Junk Fees Special Edition” of Supervisory Highlights issued in March 2023. … Continue Reading
CFPB issues advisory opinion on fees charged by large banks and credit unions to respond to information requests and releases data showing elimination of NSF fees
Posted in CFPB, Regulatory and Enforcement
As we have previously reported on this blog and discussed on our Consumer Finance Monitor Podcast, last year, the CFPB embarked on a campaign orchestrated by the Biden Administration to eliminate “junk fees.” Today, the CFPB issued three new items in connection with those efforts. First, the CFPB issued a new advisory opinion on fees charged by large banks and credit unions subject to CFPB supervision (i.e.,… Continue Reading
FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information
Posted in Credit Reports, Litigation and Court Decisions
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New York federal court in Suluki v. Credit One Bank, NA. The agencies argue that the district court disregarded the Fair Credit Reporting Act’s (“FCRA”) requirement that a furnisher delete disputed information that it cannot verify. … Continue Reading
OCC issues bank supervision operating plan for fiscal year 2024
By Andrew Carobus on
Posted in OCC
The Office of the Comptroller of the Currency’s (OCC) Committee on Bank Supervision (CBS) recently issued its annual Bank Supervision Operating Plan for FY 2024, which sets forth the OCC’s supervision priorities and objectives across CBS operating units. The Plan also facilitates the execution of supervisory strategies for individual national banks, federal savings associations, and federal branches of agencies of foreign banking organizations (collectively, Banks). … Continue Reading
This week’s podcast episode: A close look at the Federal Trade Commission’s updates to its guides on the use of endorsements and testimonials in advertising and proposed rule on the use of consumer reviews and testimonials
By Barbara S. Mishkin on
Posted in FTC, Regulatory and Enforcement
Our special guest is Michael Ostheimer, Senior Consumer Protection Attorney in the FTC’s Division of Advertising Practices. In June 2023, the FTC updated its guides that set forth the FTC’s position on how Section 5 of the FTC Act, which prohibits unfair or deceptive acts or practices, applies to the use of endorsements and testimonials in advertising. … Continue Reading
NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct
A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants).
The lawsuit alleges that the Corporate Defendants contracted with debt collectors to collect consumer debts on their behalf either directly or through other debt collectors or sold consumer debts to debt collectors, some of whom were contractually required to make ongoing payments to the Corporate Defendants. … Continue Reading
SCOTUS hears oral argument in challenge to constitutionality of CFPB’s funding
Yesterday morning, the U.S. Supreme Court held oral argument in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau, a case we have been following closely on Consumer Finance Monitor because of its profound potential implications for the future of the CFPB. In the case, the Court will rule on whether the CFPB’s funding mechanism violates the U.S.… Continue Reading
SCOTUS to Determine When Clock Starts under APA’s Statute of Limitations
Last Friday, the U.S. Supreme Court agreed to decide when a right of action first accrues for an Administrative Procedure Act (APA) challenge to a final rule issued by a federal agency—when the final rule is issued or when the rule first causes injury.
In April 2021, the North Dakota Retail Association, North Dakota Petroleum Marketers Association and Corner Post, Inc.… Continue Reading
Alan Kaplinsky authors American Banker article on CFPB v. CFSA
By Barbara S. Mishkin on
Posted in CFPB, Litigation and Court Decisions
Tomorrow, the U.S. Supreme Court will hear oral argument in CFPB v. CFSA, in which the question presented is whether the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution.
In an article requested by and published today in American Banker’s BankThink, Alan Kaplinsky, Senior Counsel (and former practice group leader) in Ballard Spahr’s Consumer Financial Services Group, argues that the Supreme Court should rule that the CFPB’s funding mechanism is unconstitutional. … Continue Reading
CFPB Releases 2022 Mortgage Market Activity and Trends Report
By Richard J. Andreano, Jr. on
The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA).
The CFPB addresses various 2022 lending results, with many results reflecting changes from 2021 to 2022 based on increases in mortgage interest rates and other economic factors.… Continue Reading