We recently wrote about a Law 360 report indicating that the CFPB appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements. The report was based on comments made by CFPB Director Rohit Chopra at a virtual meeting organized by Public Justice. … Continue Reading
Consumer Financial Protection Act
Director Chopra Discusses Digital Marketing in Remarks at National Association of Attorneys General Presidential Summit
On August 10, 2022, Director Rohit Chopra delivered remarks at the 2022 National Association of Attorneys General Presidential Summit in Des Moines, Iowa on the topic of consumer protection in the digital world. Director Chopra focused his remarks on the current state of digital marketing and advertising in an ever-increasing digitalized world.… Continue Reading
CFPB enters into proposed settlement of lawsuit filed against debt settlement company, alleging deception about fees and disclosures in violation of the TSR and CFPA
On May 17, 2021, the Consumer Financial Protection Bureau (“CFPB”) announced that it entered into a proposed settlement of its lawsuit filed in a Massachusetts federal district court against debt settlement company DMB Financial, LLC (“DMB”), alleging that the company engaged in deceptive acts or practices in violation of the Telemarketing Sales Rule (“TSR”) and the Consumer Financial Protection Act (“CFPA”). … Continue Reading
CFPB enters into another proposed settlement with company and individuals offering student loan debt relief services
The CFPB announced that it has entered into a proposed settlement with a company and its three owner/officers for allegedly charging unlawful advance fees in violation of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA) in connection with their student loan debt relief business.
The complaint alleges that the company, Timemark Solutions, violated the TSR and CFPA by charging and collecting advance fees before consumers had received any adjustment of their student loans or made any payments toward such adjusted loans.… Continue Reading
House Passes Bill to Fix Privilege Waiver Problem for Nonbanks
A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state and federal law privileges for nondepository institutions supervised by the CFPB.
Entitled the “Examination and Supervisory Privilege Parity Act of 2014,” the bill received strong support from the American Financial Services Association (AFSA).… Continue Reading