In perhaps the most direct confirmation that the Biden Administration plans to return the CFPB to the dominant and active role it had under the leadership of former Director Cordray, Acting Director Uejio has published a blog post announcing that the Bureau has launched “an effort to recruit attorneys at all experience levels to join our team.”… Continue Reading

In its February 2021 Bulletin, the California Department of Financial Protection and Innovation (DFPI) reminds licensed mortgage loan servicers that DFPI examinations will include processes to determine compliance with state and federal laws providing consumer protections with regard to COVID-19-related foreclosures.  The DFPI notes that these laws “include provisions allowing for forbearance of mortgage payments, post-forbearance options forbidding the requirement of lump sum payments, and the extension of the California Homeowner Bill of Rights to tenant occupied principal residences.”  … Continue Reading

Again demonstrating that he does not intend to merely be a caretaker for the CFPB’s next Director, Acting Director Uejio has publicly shared his statement to the Bureau’s Division of Consumer Education and External Affairs (CEEA) in which he directs Consumer Response to prepare a report highlighting the companies with a poor track record in responding to consumer complaints. … Continue Reading

Unless vetoed by Governor Pritzker, SB 1792 will soon become law and overhaul the state’s consumer finance laws.  After discussing the lenders and loans covered by the 36% APR cap, the types of charges included in the cap, and the penalties for violations, we look at what SB 1792 means for loans made via a bank partnership model, including when an agent or service provider would be considered the lender and the interaction with federal law.… Continue Reading

On January 14, 2021, the NCUA and CFPB announced the agencies have entered into a memorandum of understanding relating to their joint supervision of federally insured credit unions over $10 billion in assets. The MOU seeks to “improve coordination, cooperation, and efficiency generally, and to reduce the burden to institutions and examination staff” by proactively sharing information and coordinating on examinations.… Continue Reading

On January 26, 2021, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (“ECOA”) and Regulation B. The Bureau leverages the FTC’s annual letter for its own Annual Report to Congress on ECOA.

The FTC has authority to enforce the ECOA and Regulation B with respect to nonbank financial service providers within its jurisdiction.… Continue Reading

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).

Since the CCFPL became effective on January 1, the DFPI has moved quickly to exercise its new jurisdiction and authority. … Continue Reading

We are pleased to announce that Ballard Spahr has launched HR Law Watch, a new blog focused on workplace developments.  The blog will provide updates of interest to public and private employers related to federal, state, and local government guidance and compliance, legislation, legal trends, and other developments.

HR Law Watch is produced by the members of Ballard’s Labor and Employment Group—a nationwide team of more than 40 attorneys. … Continue Reading

In a blog post published at the end of last week, Acting CFPB Director Uejio shared with the public the statement that he sent to the staff of the Bureau’s Division of Research, Markets, and Regulations (RMR) outlining his regulatory priorities and directing staff to “explore options for preserving the status quo with respect to QM and debt collection rules.”… Continue Reading

For our webinar last week, “The Times at the CFPB are A-Changing: Perspectives on the CFPB Under Acting Director Uejio and Director Chopra,”  we were joined by special guest former CFPB Director Richard Cordray.  The webinar looked at the changes that the CFPB is likely to undergo under the leadership of Messrs.… Continue Reading