The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement that the hearing will feature “remarks from Director Cordray, as well as testimony from community groups, industry representatives, and members of the public.”… Continue Reading
CFPB to hold Nov. 17 field hearing on consumer access to financial records
On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing.
The field hearing would appear to be connected to remarks delivered last month by Director Cordray in conjunction with the CFPB’s release of a report on its Project Catalyst initiative. … Continue Reading
CFPB Releases Debt Collection Industry Study
On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking. Together with its release of the outline, the CFPB issued a report, “Study of Third-Party Debt Collection Operations.”… Continue Reading
CFPB Holds Hearing to Present Proposals for Debt Collection Regulation
July 28th, the CFPB held a field hearing in Sacramento, California on debt collection that coincided with its release of an outline of the proposals it is considering in connection with its debt collection rulemaking. In his opening remarks, Director Cordray discussed the key elements of the proposals under consideration which would only cover businesses that would be “debt collectors” under the Fair Debt Collection Practices Act, such as third-party debt collectors, debt buyers, and collection law firms.… Continue Reading
Alan Kaplinsky to represent industry at May 5 CFPB arbitration field hearing
Alan Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, has been asked by the CFPB to testify as an industry representative at the CFPB’s May 5 field hearing on arbitration. We expect the hearing to coincide with the CFPB’s release of a proposed rule on the use of arbitration agreements in certain consumer financial services contracts that would prohibit financial institutions from using arbitration agreements to block consumers from filing class action lawsuits.… Continue Reading
CFPB to hold May 5 field hearing on arbitration
The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016. We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of arbitration agreements in certain consumer financial services contracts.
In October 2015, the CFPB convened its Small Business Regulatory Enforcement Fairness Act (SBREFA) panel to review the proposals it was considering. … Continue Reading
CFPB postpones field hearing on checking account access to Feb. 3
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally scheduled for today.
As we previously reported, we expect the hearing to coincide with an announcement by the CFPB of steps it is taking to address concerns raised by Director Cordray in connection with the CFPB’s October 2014 forum on checking account screening policies and practices.… Continue Reading
CFPB to hold January 27 field hearing on checking account access
The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016.
In October 2014, the CFPB held a forum on checking account screening policies and practices. In his remarks, Director Cordray raised concerns about the accuracy of the reports obtained by banks and credit unions from specialty consumer reporting agencies that are used to determine whether to open a checking account for new customers. … Continue Reading
Video of October 7 CFPB arbitration field hearing now available
On October 7, 2015, the CFPB held a field hearing on arbitration. At the hearing, Alan S. Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, at the invitation of the CFPB, presented the industry’s perspective on arbitration agreements.
The CFPB recently released a video of the field hearing. Alan’s remarks can be found at the following segments of the video: 39 to 43 minutes, 56 to 62 minutes and 70 minutes to 74 minutes.… Continue Reading
CFPB Proposes Ban on Class Action Waivers
Today, the CFPB announced at a field hearing in Denver, Colorado that it is considering proposing rules that would prohibit consumer financial services companies from using class action waivers in consumer arbitration clauses. The CFPB has published an outline of its proposals in preparation for convening a Small Business Review Panel to gather feedback from small industry stakeholders. … Continue Reading