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Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

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Arbitration

Employer prevails in latest FAA preemption ruling from U.S. Supreme CourtCQ Roll Call highlights Consumer Finance Monitor and Sovern v. Kaplinsky legal debateU.S. Supreme Court Ruling Denies Arbitration, Ramps Up Litigation

Auto Finance

CFPB 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 servicingFTC announces $10 million settlement with auto dealerships for alleged unlawful add-on charges and discriminatory conductColorado Attorney General enters into settlements with credit unions requiring refunds of GAP fees

Auto Title Loans

California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigationCFPB Issues Report on Consumer Use of Alternative Financial ServicesCFPB enters into consent order with small-dollar lender to settle alleged TILA and UDAAP violations

Campus Financial Products

CFPB releases seventh annual report to Congress on college credit card agreementsCFPB releases report on college credit card agreementsCFPB releases report on college credit card agreements and compliance bulletin

CFPB Enforcement

Director Chopra promotes aggressive enforcement in remarks to National Association of State Attorneys GeneralThis week's podcast: CFPB enforcement action developments and trendsCFPB Enters Into Consent Order With Reverse Mortgage Lender and Broker

CFPB Exams

Update on recent non-COVID-19-related consumer financial services legal developmentsCFPB to Provide More Specific Notifications of Purpose in Civil Investigative DemandsCFPB seeking legislative fix to give it clear MLA examination authority

CFPB General

CFPB Issues Report Addressing Asian American and Pacific Islanders in the Mortgage MarketCFPB Issues TRID Rule FAQs on BUILD Act Partial ExemptionCFPB Announces Availability of Beta HMDA Filing Platform for 2021 Data

CFPB People

CFPB Director Chopra’s remarks to Community Bank and Credit Union Advisory Councils focus on service provider competitionCFPB Fair Lending Leaders Publish Article Promoting Broader Use of Special Purpose Credit ProgramsCFPB announces new executive staff members

CFPB Rulemaking

CFPB SBREFA Panel Outline on AVM Rulemaking Addresses Potential for Algorithmic Bias In Home ValuationsCFPB establishes new process for submission of petitions for rulemakingCFPB Will Assess the 2015 HMDA Rule and Not Pursue Other HMDA Rulemakings

CFPB Supervision

This week's podcast episode: A conversation with special guest Peggy Twohig, former CFPB Assistant Director for Supervision Policy and StrategyThis week's podcast episode: CFPB invokes its “dormant authority” to supervise nonbanks that present risks to consumers: What it means for nonbank providers of consumer financial products and servicesCFPB 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

Credit Cards

CFPB sends letters to CEOs of major credit card issuers regarding payment furnishing practicesCFPB 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 publishes annual CARD Act, HOEPA, QM adjustments

Credit Reports

CFPB outlines BNPL expectationsCFPB sends letters to CEOs of major credit card issuers regarding payment furnishing practicesFourth Circuit hears argument on whether Section 230 immunity defeats FCRA class action

Cybersecurity

Financial institutions face increasingly stringent federal breach reporting requirementsFederal agencies consider requiring reporting of computer security incidentsCSBS Launches Three Online Tools for the Financial Services Industry

Debit Cards

Durbin 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 disbursementScrutiny of campus financial products grows

Debt Collection

DFPI releases notice addressing processing delays for debt collection license applicationsCFPB 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 issues report on consumer complaints involving medical debt; Biden Administration announces actions relating to medical debt

Debt Collection NPRM

Rumor Has It That Publication Of The CFPB’s Final Collection Rules Is ImminentUpdate on recent non-COVID-19-related consumer financial services legal developmentsCFPB extends comment period for supplemental debt collection proposal; states take emergency SOL actions

Deposit Accounts

CFPB 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 insuranceDepository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levyCFPB fines bank $10 million for conduct related to bank account garnishments and account agreements

Deposit Advance Loans

House Financial Services Committee passes bill to ease restrictions on bank small-dollar loansOCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidanceCFPB issues proposed payday/auto title/high-rate installment loan rule

Diversity and Inclusion

CFPB publishes report on state of D&I within financial services industryNY Department of Financial Services announces initiative to collect and publish diversity dataHouse Financial Services Committee to mark-up bills dealing with debt collection, diversity and inclusion

Elder Financial Abuse

California Extends Cancellation Period for Senior Citizens under certain “Door-to-Door” ContractsCFPB issues update to 2016 advisory on elder financial abuseFDIC and CFPB to co-host webinar on elder financial abuse

Electronic Payments

CFPB issues compliance bulletin on application of EFTA compulsory use prohibition to government benefitsCFPB publishes Reg E correctionsVermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to dismiss EFTA claim

Fair Credit

Eighth Circuit finds that class-action FCRA plaintiff lacks Article III standing under SpokeoCalifornia Court of Appeal allows plaintiff to bring willful FCRA claims as class action before juryCFPB proposes rule for credit reports issued on human trafficking survivors

Fair Lending

Justice Department announces settlement with Meta (formerly Facebook) to resolve alleged FHA violations arising from Meta’s targeted advertising system2021 HMDA Data ReleasedMichigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

FDIC

This week's podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLCKey differences between the OCC's rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulatorsCalifornia lawmakers urge FDIC to rein in bank partnerships

FDIC Enforcement

OCC and FDIC issue proposed rules to undo MaddenFDIC RESPA Section 8 Settlement Acknowledges Legitimacy of Marketing ArrangementsD.C. district court allows payday lenders' due process claims to proceed against "Operation Choke Point"

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

Federal Agencies

CFPB, federal banking agencies, and other federal agencies issue Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation BThis week's podcast: A look at the enforcement challenges facing lenders arising out of the federal paycheck protection lending program (PPP), with special guest Louis Bruno, a partner in EisnerAmper’s advisory practiceFFIEC issues updated guidance on authentication and access

Financial Literacy

Fed reported to have reservations about fintech charterCFPB issues fifth Financial Literacy Annual ReportCFPB releases report on financial well-being of consumers and new consumer tool

Fintech

Bank/nonbank partnerships could face CFPB scrutinyCalifornia lawmakers urge FDIC to rein in bank partnershipsCFPB issues order terminating Upstart no-action letter

FTC

FTC seeks public input on updates to 2013 guide on making effective disclosures in digital advertisingFTC Provides Annual Report to CFPB on 2021 Activities Regarding Financial ActsUnpacking the FTC’s Recent Blog Post Regarding Breach Notification

FTC Enforcement

FTC issues guidance on negative option programs and warns of increased enforcementFTC settles lawsuit against car dealer alleging discriminatory pricing practicesFTC announces settlements with student debt relief company and company that financed fees

Hot Issues

Register Now for the National Institute on Consumer Financial Services BasicsBusinesses Now Face ADA Risk Related to COVID-19 Mandatory Employee Mask-Wearing PoliciesAAA And JAMS announce updated operational procedures amid COVID-19 crisis

Identity Theft

FinCEN issues advisory on COVID-19 and imposter and money mule schemesSSN identity verification tool being developed; initial enrollment deadline of July 31New York Regulation of Consumer Reporting Agencies Following Data Breaches

Lead Generation

This 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 generationMinnesota federal court decision is warning to lead generators

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

Manufactured Housing

House Financial Services Committee schedules Oct. 11 mark-up of "Madden fix" billCFPB manufactured housing white paper may presage future regulation

Marketplace Lending

NYDFS calls for application of NY usury limits to all online lending and more regulation in online lending reportNYDFS sends survey request to online lendersBipartisan bill to provide "true lender" fix introduced in House

Military Issues

CFPB Office of Servicemember Affairs annual report highlights consumer complaints from military familiesCFPB Highlights Unfair Treatment of Servicemembers through the Military Allotment SystemDOJ files lawsuit alleging SCRA violations for unlawfully auctioning servicemembers’ vehicles

Mobile Payments

House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile paymentsThe ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)CFPB to hold June 12 field hearing on mobile financial services

Money Transfers

FinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl TraffickingState regulators agree to multistate licensing process for money service businessesMoney transfer complaints highlighted in CFPB December 2015 complaint report

Mortgages

2021 HMDA Data ReleasedDivided Eleventh Circuit panel rules TILA-required monthly mortgage statements can constitute debt collection communications subject to FDCPA and Florida lawCFPB 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

OCC

This week's podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLCKey differences between the OCC's rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulatorsFinCEN and OCC address cryptocurrency: responsible innovation and pervasive hype

Overdrafts

CFPB continues focus on overdraft practicesSenate Banking Subcommittee holds hearing on overdraft fees and their effects on working familiesDivided Tenth Circuit panel rules national bank’s extended overdraft fee are not “interest” under the NBA

Payday Lending

Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest RatesFifth Circuit holds oral argument in trade groups’ challenge to CFPB payday loan ruleCFPB issues report on state payday loan extended payment plans

Preemption

Divided Tenth Circuit panel rules national bank’s extended overdraft fee are not “interest” under the NBAPennsylvania federal court holds Reg J defenses alone do not create federal question jurisdictionThis week's podcast: Congress overrides the OCC’s true lender rule: what are the risks for banks and their loan program nonbank partners?

Prepaid Cards

CFPB 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 motionCFPB publishes Spring 2020 rulemaking agenda

Privacy

Initial thoughts about the proposed CPRA regulationsDraft California Privacy Rights Act regulations released by CPPAConnecticut poised To become fifth state to enact privacy law

Recess Appointment

U.S. Supreme Court likely to rule on cert petition in NLRB v. Noel Canning at June 20 ConferenceUpdate: Third Circuit recess appointment decision ups the ante on certiorari

Remittance Transfers

CFPB 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 servicingSignaling more joint enforcement with states, CFPB files lawsuit with NY Attorney General against “repeat offender” MoneyGramHouse passes CRA resolution to override OCC true lender rule

Research

CFPB to Participate in FTC Workshop on Consumer DisclosuresFOIA Lawsuit Filed Challenging CFPB Research MethodologyCFPB Issues Study on Credit Reports; Next Steps are Unknown

Richard Cordray

CFPB urges more consumer control over payment methodsD.C. Circuit poised to decide constitutionality of CFPB structure in PHH caseTrump's DOJ supports striking Cordray's removable-only-for-cause protection from Dodd-Frank

SBREFA panel

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

Small Business

California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financingUtah and Virginia enact registration and disclosure requirements for providers of merchant cash advancesCFPB files another status report in Section 1071 rulemaking lawsuit; Republican lawmakkers send letter to Director Chopra on rulemaking and introduce bills to amend ECOA

State Enforcement

This week's podcast episode: A conversation with special guest Phil Weiser, Colorado Attorney GeneralNew CFPB interpretive rule outlines broad state CFPA enforcement authorityColorado Attorney General enters into settlements with credit unions requiring refunds of GAP fees

State Licensing

DFPI releases notice addressing processing delays for debt collection license applicationsConnecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan licenseKentucky enacts licensing requirement for servicers of private and federal student loans

Student Loans

This week's podcast episode: An update on the debate over federal student loan forgivenessCFPB 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 servicingDepartment of Education announces major revisions to IDR payment counting

Technology

CFPB seeks comments to inform inquiry into large technology companies that offer payment servicesCFPB orders six large technology platforms offering payment services to provide informationCFPB adds new section on information technology to Supervision and Examination Manual

Telemarketing

FTC 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 1FTC brings suit against second VoIP service provider for facilitating illegal telemarketing robocalls

TILA / RESPA

Divided Eleventh Circuit panel rules TILA-required monthly mortgage statements can constitute debt collection communications subject to FDCPA and Florida lawCFPB Issues Factsheet Addressing Prepaid Interest for Certain QM Loan APR CalculationsCFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

UDAAP

New CFPB interpretive rule outlines broad state CFPA enforcement authorityCFPB issues annual fair lending reportWhy the CFPB’s expansion of its UDAAP authority to target discrimination requires rulemaking

Uncategorized

CFPB warns consumers about debt relief/settlement companies; Ballard to hold Nov. 9 webinarCFPB June 2017 "special edition" complaint report expands state-level data and analysisFinancial Choice Act slated for House floor vote during week of June 5

Usury

Bank/nonbank partnerships could face CFPB scrutinyCalifornia lawmakers urge FDIC to rein in bank partnershipsClass Action Lawsuit Filed Against FinTech Lender Opportunity Financial For Evading Texas State Usury Laws

Vehicle Loans

Trump Administration Plans to End Military Lending Act Prohibition on Offering GAP Insurance to Service Members in Auto Loan TransactionsNew York City adopts new requirements for used car dealersProposed bill would significantly expand MLA disclosure requirements

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Recent Posts

  • This week’s podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLC
  • Justice Department announces settlement with Meta (formerly Facebook) to resolve alleged FHA violations arising from Meta’s targeted advertising system
  • Key differences between the OCC’s rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulators
  • Simplification and possible registration of nonbanks on CFPB rulemaking table
  • 2021 HMDA Data Released

Consumer Finance Monitor

by the Consumer Financial Services Group at Ballard Spahr LLP

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Daniel JT McKenna
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