In a complaint filed in the U.S. District Court for the Northern District of California, the FTC alleges that a company that distributes a mobile banking application (App) and its founder who is the company’s sole officer have engaged in deceptive practices in violation of Section 5 of the FTC by making misrepresentations regarding consumers’
Regulatory and Enforcement
OCC issues proposed rule on fair access to financial services
By Alan S. Kaplinsky on
Posted in OCC, Regulatory and Enforcement
The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. Comments on the proposal are due by January 4, 2021.
The rule would apply to national banks and federal savings associations with a market position that allows them…
FTC sends letter to student debt relief provider warning that its advertising may be misleading
By John L. Culhane, Jr. on
Posted in FTC, Regulatory and Enforcement
The FTC recently published a blog post about a warning letter it sent to TAPD, Inc., which does business as Frank Financial Aid, warning the company that advertising and marketing, including on its website, may be misleading consumers about pandemic-related relief in the form of grants available to postsecondary students and a cash advance product…
CFPB Updates HMDA Guide for 2021 Data
By Richard J. Andreano, Jr. on
As previously reported, in August 2020 the CFPB released the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. Recently, the CFPB released an update to the FIG. Edits Q656 and Q657 that were in Table 8: Macro Quality Edits for…
Ninth Circuit hears oral argument in Seila Law on remand from SCOTUS
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
Last Thursday, on remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in Seila Law. The members of the three judge panel were Judge Susan Graber and Judge Paul Watford from the Ninth Circuit and Judge Jack Zouhary from the U.S. District Court for the…
This week’s podcast: California’s new Consumer Financial Protection Law (CFPL): a look at the California Department of Financial Protection and Innovation’s (DFPI’s) implementation plans
By Barbara S. Mishkin on
Posted in Regulatory and Enforcement, Technology
We are joined by Bret Ladine, the DFPI’s General Counsel. We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints. Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of…
CFPB Announces No Change in HPML Appraisal Exemption Threshold
By Richard J. Andreano, Jr. on
The CFPB recently announced that it, along with the Comptroller of the Currency and Federal Reserve Board, issued a final rule that will maintain the current exemption threshold to the appraisal requirement for higher priced mortgage loans (HPML). The initial exemption threshold was $25,000, and the threshold is subject to annual adjustment based on changes…
California Department of Financial Protection and Innovation Provides Update on California Consumer Financial Protection Law and Debt Collection Licensing Act Rulemaking
By Michael R. Guerrero on
On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI’s intent of the session was to gather feedback on the CCFPL to help inform and prioritize its rulemaking and implementation efforts. Also during the…
CFPB announces settlement with debt collector for FCRA violations involving furnishing of consumer information to CRAs
By John L. Culhane, Jr. on
The CFPB announced that it has entered into a settlement with Afni, Inc. to address its alleged FCRA violations in furnishing consumer information to consumer reporting agencies (CRAs). Afni is a debt collector specializing in the collection of debts on behalf of telecommunications companies. The consent order imposes a $500,000 civil money penalty.
The FCRA/Regulation…
Fintech and Consumer Finance: Agenda for 2021 webinar to be held on December 9-10
By Barbara S. Mishkin on
Posted in Fintech, Regulatory and Enforcement
On December 9-10, 2020, the Conference on Consumer Finance Law and the Program on Financial Regulation & Technology at George Mason University’s Scalia Law School is sponsoring a webinar that will examine emerging issues in the areas of fintech and consumer finance.
Chris Willis, Deputy Practice Leader of Ballard Spahr’s Consumer Financial Services Group, will…