CFPB, Federal Agencies, State Agencies, and Attorneys General
Arbitration
White House issues Blueprint for Renters Bill of Rights: Will the CFPB and FTC stay in their lanes?CFPB proposes registry for supervised nonbanks using form contracts containing arbitration provisions, waivers, or other limitsCalifornia federal court enforces “clickwrap” web agreement and compels arbitration of claims against Google Auto Finance
Credit unions settle GAP fee refund cases with Colorado Attorney GeneralThis week's podcast episode: A look at the Federal Trade Commission’s proposed rule for auto dealers from the perspective of auto dealers and auto finance companies, with special guests Paul Metrey, Senior Vice President for Regulatory Affairs, National Automobile Dealers Association (NADA), and Richard Hackett, Regulatory Compliance Consultant and former Assistant Director, Consumer Financial Protection BureauCFPB seeks input on development of new auto market data set CFPB Enforcement
Ninth Circuit finds marketer of scholarship assistance subject to CFPB enforcement authorityNew litigation challenges CFPB’s subpoena authority based on Fifth Circuit decision holding CFPB’s funding mechanism is unconstitutionalGOP lawmakers question CFPB’s relationship with state attorneys general and take aim at interpretive rule on state enforcement authority CFPB Supervision
CFPB Fall 2022 Supervisory Highlights looks at auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday lendingCFPB issues Student Loan Servicing Special Edition of Supervisory HighlightsStrange bedfellows petition CFPB to adopt larger participant rule for personal loans Credit Cards
CFPB proposes significant changes to credit card late fee rules, including reduction in late fee safe harbor amounts and elimination of annual inflation adjustmentsBanking trade groups highlight CFPB SBREFA obligations for credit card penalty fees rulemakingCFPB issues request for information on consumer credit card market Credit Reports
White House issues Blueprint for Renters Bill of Rights: Will the CFPB and FTC stay in their lanes?Second Circuit holds inclusion on credit report of student loan debt alleged to have been discharged in bankruptcy did not make report inaccurate under FCRACFPB annual report on consumer complaints about “Big 3” consumer reporting agencies flags concerns with use of automated processes Debit Cards
Regulation II Expanded to Require Two Unaffiliated Networks on Card Not Present TransactionsDurbin interchange battles resurfaceElizabeth Warren and other congressional members urge rulemaking by the Department of Education re: regulating college/bank partnerships for debit/prepaid cards for student aid disbursement Debt Collection
Tenth Circuit dismisses FDCPA claim for lack of standing where third party mail vendor sent collection lettersNew Jersey federal court rules misleading collection letter alone does not establish Article III standingCan the American Law Institute Cure the Collection Claim Crisis for Courts, Creditors, and Consumers? Deposit Accounts
More CFPB attacks on bank fees through policy statementsFDIC issues guidance on multiple re-presentment NSF feesCFPB announces launch of new system for providing guidance and issues first Circular; FDIC issues final rule on misuse of FDIC name or logo or making misrepresentations about deposit insurance Diversity and Inclusion
This week's podcast episode: An update on diversity, equity, and inclusion in the consumer financial services industry, with special guest Naomi Mercer, Senior Vice President for Diversity, Equity, and Inclusion, American Bankers AssociationCFPB publishes report on state of D&I within financial services industryNY Department of Financial Services announces initiative to collect and publish diversity data FDIC Supervision
FDIC Consumer Compliance Supervisory Highlights looks at unauthorized EFTs, overdraft programs, re-presentment of unpaid transactions, and fair lendingFDIC Consumer Compliance Supervisory Highlights includes fair lending issuesFDIC 2018 Consumer Compliance Supervisory Highlights focuses on overdraft, RESPA, Regulation E, deferment, and finance charge calculation exam findings Fintech
This week's podcast episode: A look at the consumer financial products offered by fintechs and the regulatory issues they raise, with special guests Penny Lee, Chief Executive Officer, Financial Technology Association (FTA), and Gerron Levi, Senior Vice President and Head of Government Affairs, American Fintech Council (AFC)Democratic Senators introduce bill to close industrial loan company “loophole”; coalition of financial services and consumer organizations voice support for billTreasury report on bank/fintech relationships includes recommendations for CFPB supervision of non-bank installment lenders and data aggregators FTC
White House issues Blueprint for Renters Bill of Rights: Will the CFPB and FTC stay in their lanes?FTC seeks to ban non-compete agreementsThis week's podcast episode: A look at the Federal Trade Commission’s proposed rule for auto dealers from the perspective of auto dealers and auto finance companies, with special guests Paul Metrey, Senior Vice President for Regulatory Affairs, National Automobile Dealers Association (NADA), and Richard Hackett, Regulatory Compliance Consultant and former Assistant Director, Consumer Financial Protection Bureau Lead Generation
Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing callsThis week's podcast: A close look at lead generation and the compliance risks for lead generators and lead buyersFTC announces settlement with lead generation company; Ballard Spahr to hold February 2 webinar on lead generation Limited English Proficiency
URLA Preferred Language Question Requirement Is BackNevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loansThis week's podcast: A close look at the CFPB’s statement on providing financial products and services to limited English proficiency consumers Mortgages
HUD Addresses Use of Revised Fannie/Freddie Loan Documents with FHA LoansFederal Reserve Board final rule on benchmark replacements for contracts that use LIBOR published in Federal Register; Fannie Mae and Freddie Mac instruct servicers on LIBOR replacement indicesVA Eliminates HUD/VA Addendum to Uniform Residential Loan Application Prepaid Cards
CFPB files amicus brief in Fourth Circuit arguing Regulation E protections apply to prepaid account loaded with pandemic-related unemployment assistanceCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingCFPB moves for summary judgment in PayPal lawsuit and opposes PayPal’s summary judgment motion Privacy
California Enforcement Sweep Targets Mobile Apps – With a Focus on Honoring “Permission Slip” AppCPRA’s employee and B2B exemptions appear destined to sunsetThis week's podcast episode: A look at recent Federal Trade Commission and Consumer Financial Protection Bureau privacy and data security initiatives Remittance Transfers
Five Democratic Senators urge CFPB to revise remittance transfer ruleCFPB Enters into another Remittance Transfer Consent OrderCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicing Small Business
New Jersey Attorney General settles lawsuit against merchant cash advance providersAdvocacy group files lawsuit challenging California regulations requiring consumer-like disclosures for commercial transactionsCFPB makes preliminary determinations that Truth in Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure laws State Licensing
Arizona AG issues opinion concluding that no-interest, non-recourse earned wage access products are not “consumer lender loans” requiring a “consumer lender” licenseBallard Spahr adds Cryptocurrency and Blockchain Legislative Tracker to Ballard360 technology applicationsBill to extend the California Debt Collection Licensing Act’s grace period provisions sent to Governor Technology
This week's podcast episode: Using financial technology to improve consumers' financial health, a conversation with special guest Leigh Phillips, President and CEO of SaverLife and Chair of the CFPB's Consumer Advisory Board (CAB)CFPB to reopen comment period on request for comments to inform inquiry into large technology companies that offer payment servicesWhite House issues Blue Print for AI Bill of Rights Telemarketing
Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing callsFTC seeks comment on whether to continue Telemarketing Sales Rule business-to-business exception and proposes amendmentsFlorida Governor signs bill limiting use of automated dialing systems; new law effective July 1 UDAAP
CFPB issues circular on negative option marketingCFPB moves to dismiss Chamber’s lawsuit challenging UDAAP update to exam manual and opposes Chamber’s motion for summary judgmentU.S. Chamber of Commerce and other trade groups file motion for summary judgment in lawsuit against CFPB challenging UDAAP update to exam manual Uncategorized
OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assetsCFPB warns consumers about debt relief/settlement companies; Ballard to hold Nov. 9 webinarCFPB June 2017 "special edition" complaint report expands state-level data and analysis Usury
Study of Illinois 36% interest rate cap finds reduced access to creditTexas federal court enforces arbitration agreement and dismisses class action lawsuit filed against fintech company for evading Texas usury limit; company continues to face "true lender" challenge from California DFPIRepublican lawmakers send questions to OCC on bank-fintech partnerships
