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Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

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Accessibility

DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodationSCOTUS agrees to hear ADA case on standing of website testerThis week's podcast: Websites as “places of public accommodation” under Title III of the Americans with Disabilities Act (ADA): a deep dive into the legal and regulatory issues facing businesses

AMLA of 2020

Department of Treasury Issues Strategy on De-Risking

Appraisals

Appraisal Subcommittee to Host Public Hearing on Appraisal BiasFederal Agencies Propose Reconsideration of Value GuidanceFederal Agencies Propose Automated Valuation Model Quality Control Rule

Arbitration

Seventh Circuit stays order requiring Samsung to pay millions in arbitration feesThis week's podcast episode: Prohibited by law and totally ineffective—just two of the many reasons why the CFPB should deny the petition for rulemaking on post-dispute consumer arbitration agreementsBallard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer arbitration agreements

Artificial Intelligence

FTC authorizes use of compulsory process in artificial intelligence investigationsCPPA releases proposed automated decision-making rulesFCC and FTC announce new AI calling and voice initiatives

Attorney General Privilege

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Attorney Liability

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Auto Finance

FTC and Wisconsin AG enter into settlements with auto dealerships for alleged discriminatory financing practices and deceptive add-on product practicesAFSA raises concerns about sufficiency of CFPB’s Supervisory HighlightsCFPB sues auto loan servicer for UDAAP violations

Auto Title Loans

"Dormant Commerce Clause" case law continues to evolveCalifornia DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigationCFPB Issues Report on Consumer Use of Alternative Financial Services

Beneficial Ownership

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Better Future Forward

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

BSA/AML

Bipartisan group of Senators re-introduce Digital Asset Money Laundering ActFormer bank compliance chief seeks appellate review of OCC administrative enforcement proceeding dismissalThis week's podcast episode: A look at the Treasury Department’s April 2023 report on decentralized finance or “DeFi”

Buy Now Pay Later

CFPB issues new report on buy-now-pay-laterThis 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)This week's podcast episode: The Consumer Financial Protection Bureau’s report on buy-now-pay-later (BNPL): What are the takeaways and the CFPB’s expected next steps?

CADBO

Ballard Spahr to hold Sept. 29 webinar on ramp up in CA consumer financial protection laws with special guests former CFPB Director Richard Cordray and CA Department of Business Oversight General Counsel Bret LadineCA and NY governors propose expansion of state consumer financial protection regimes

CADFPI

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFiCalifornia DFPI Finalizes Regulations Governing Student Loan ServicersCalifornia Reconsidering the “Digital Financial Assets Law”

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

This week's podcast episode: Consumer finance impact of a CFPB run amokCFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPBCBA counters CFPB information about CARD Act Report

CFPB Enforcement

CFPB Suffers Significant Defeat In ECOA Lawsuit Against Townstone MortgageNinth 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 unconstitutional

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 announces revised methodology for determining average prime offer ratesCFPB Analyzes Impacts of Higher Mortgage Interest RatesCFPB Issues Report Addressing Asian American and Pacific Islanders in the Mortgage Market

CFPB People

CFPB Appoints New Members to Advisory CommitteesCFPB Director Rohit Chopra addresses FDIC deposit insurance and the banking industryCFPB Director Chopra’s remarks to Community Bank and Credit Union Advisory Councils focus on service provider competition

CFPB Rulemaking

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent LoansCFPB Issues Proposed Rule Offering Consumers Greater Access to and Control Over Their Financial DataCFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt

CFPB Supervision

This week's podcast episode: A deep dive into the Consumer Financial Protection Bureau’s Policy Statement on abusive acts and practices under the Consumer Financial Protection ActAFSA raises concerns about sufficiency of CFPB’s Supervisory HighlightsCFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances 

Climate change

New York Department of Financial Services issues proposed guidance relating to management of material financial risks from climate change

Colorado Student Loan Servicing Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Commercial Financing

Bill to license commercial lenders proposed in New York

Community Banks

Federal Reserve Announces Consent Order Related to Bank's Use of Discount PointsBipartisan regulatory reform bill includes significant changes for community banks

Corporate Transparency Act

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Correspondent Bank Accounts

Department of Treasury Issues Strategy on De-Risking

COVID-19

HUD Finalizes Rule Providing for 40-Year FHA Loan ModificationsCFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protectionsThis week's podcast: Preparing for the end of COVID-19-related hardship assistance programs

Credit Cards

CBA counters CFPB information about CARD Act ReportFederal Reserve Considering Lowering Debit Card Interchange Fee CapsCFPB Issues Biennial CARD Act Report to Congress

Credit Reports

Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damagesCFPB and FTC announce settlements with TransUnionFTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information

Crypto

Federal Reserve Board issues letters on program to supervise novel banking activitiesThis week's podcast episode: A deep dive into cryptocurrency and its risks to investors and the banking system, with special guest, Arthur E. Wilmarth, Professor Emeritus, George Washington University Law SchoolCourts split on whether cryptocurrency is a security

Cyber Currency

OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assetsHouse Financial Services Committee to hold Oct. 23 hearing on FacebookDraft Legislation Seeks to “Keep Big Tech Out Of Finance”

Cybersecurity

CPPA publishes new draft regulations addressing AI, risk assessments, cyber auditsNYDFS Announces Updated Cybersecurity RegulationNYDFS Announces Draft Amendments to Cybersecurity Regulation

Data Security

FTC announces new Safeguards Rule breach notification requirementsCalifornia’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data BrokersKansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security Standards Consistent with GLBA’s Consumer Information Safeguard Rule

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

Federal Reserve Considering Lowering Debit Card Interchange Fee CapsFederal Reserve considering revisions to debit card interchange feesSCOTUS to Determine When Clock Starts under APA’s Statute of Limitations

Debt Collection

CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPBNew Jersey Appellate Division Affirms Dismissal of Consumer Fraud Class Action Against Debt Collector under the New Jersey Consumer Fraud ActNY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

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 Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances CFPB and OCC announce consent orders with Bank of America involving deposit account representment fees and credit cardsCFPB issues circular on reopening closed deposit accounts

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

Dept. of ED

SCOTUS holds Biden lacks authority for $430 billion loan cancellation planThis week's podcast episode: An update on the debate over federal student loan forgivenessED recalls federal student loans from private debt collectors

Dept. of Education

Dept. of Education issues framework for student loan servicer accountabilityCFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition PlansBiden loan forgiveness alternatives face new challenge

Dept. of Justice

Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOADOJ Redlining Consent Order With Ameris BankAttorney General Merrick Garland Remarks on the DOJ’s Success in Combating Redlining

Digital Assets

California Reconsidering the “Digital Financial Assets Law”DOJ Issues Report on Digital Asset Law Enforcement Seeking Expansive New Powers, and Launches New Crypto Prosecutor NetworkTreasury seeks comments on digital assets, including opportunities and risks for consumers

Digital Currency

OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

Diversity and Inclusion

Ballard Spahr to hold webinar on: How the U. S. Supreme Court's Decision in College Admissions Could Impact Diversity, Equity & Inclusion Programs in Financial InstitutionsRepublican and Democratic Attorneys General spar over implications for private employers of SCOTUS ruling on affirmative action; Ballard Spahr to hold webinar on SCOTUS ruling on Sept. 13Ballard Spahr attorneys discuss implications for diversity, equity, and inclusion programs of SCOTUS ruling on affirmative action

Earned Wage Access

Missouri joins state efforts to regulate earned wage access providersMaryland regulator issues guidance on earned wage access productsNevada passes law to regulate earned wage access providers

Elder Financial Abuse

“Pig Butchering”: FinCEN Issues Alert on Virtual Currency ScamFinCEN warns against elder financial exploitationCalifornia Extends Cancellation Period for Senior Citizens under certain “Door-to-Door” Contracts

Electronic Contracting

This week's podcast episode: Electronic contracting: the new Restatement of Consumer Contracts and other emerging regulatory and litigation issues, with special guest Florencia Marotta-Wurgler, Professor, New York University Law School, and Restatement Co-Reporter

Electronic Payments

CFPB settles action against processor of mortgage payments for erroneous processing of payments and deficient information security practicesDemocratic Senators send letter to federal banking agencies raising concerns about fraudulent transactionsCFPB issues report on delivery of public benefits payments

Fair Credit

FTC Settles With Background Report Companies for FCRA Violations and Deceptive ActsFTC issues annual ECOA report to CFPBFourth Circuit Rules Communications Decency Act Did Not Protect Data Aggregator From FCRA Liability

Fair Lending

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOADOJ Redlining Consent Order With Ameris Bank

FCC

FCC and FTC announce new AI calling and voice initiativesFCC considering new requirements for blocking text messages and new limits on text message sendersFCC rules ringless voicemails are subject to TCPA robocall prohibition

FDIC

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6OCC, Federal Reserve, and FDIC issue final Community Reinvestment Act rule

FDIC Enforcement

FDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnershipsFDIC Keeps Up the Pressure on Misleading Representations about Deposit InsuranceOCC and FDIC issue proposed rules to undo Madden

FDIC Supervision

New issue of FDIC Consumer Compliance Supervisory Highlights looks at referral arrangements, trigger leads, servicemember protections, fair lending complianceFDIC 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 issues

Federal Agencies

SCOTUS to hear oral argument on January 17 in cases challenging Chevron deferenceABA releases recording of program on Supreme Court revisiting of Chevron judicial deference frameworkSCOTUS agrees to hear second case challenging Chevron deference

Federal Reserve Board

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6Federal Reserve Considering Lowering Debit Card Interchange Fee Caps

Financial Crimes Enforcement Network (FINCEN)

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

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

FinCEN

“Pig Butchering”: FinCEN Issues Alert on Virtual Currency ScamClosing the gate: House adopts ENABLERS Act amendment to 2023 NDAAFinCEN and federal functional regulators issue coded warnings against de-risking

Fintech

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFiOppFi Hat Trick: Third Federal Court Upholds Arbitration ClauseFederal Reserve Board issues letters on program to supervise novel banking activities

Flood Insurance

HUD Issues Final Rule Permitting Private Flood Insurance with FHA LoansHUD Proposes Rule to Permit Use of Private Flood Insurance Policies with FHA LoansCongress Extends National Flood Insurance Program for One Year

FTC

FTC authorizes use of compulsory process in artificial intelligence investigationsThis week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”FCC and FTC announce new AI calling and voice initiatives

FTC Enforcement

NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreementsFTC Settles With Background Report Companies for FCRA Violations and Deceptive ActsFTC proposes new rule imposing prohibitions and disclosure requirements on auto-dealers in car-buying process

General

Alan Kaplinsky to moderate ABA program on pending SCOTUS case revisiting Chevron deferenceProfessor Jeff Sovern joins faculty of University of Maryland Francis King Carey School of Law

GLBA

Kansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security Standards Consistent with GLBA’s Consumer Information Safeguard Rule

HMDA

CFPB Releases 2022 Mortgage Market Activity and Trends ReportFFIEC announces release of 2022 HMDA data2022 HMDA Modified Loan Application Data Published

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

HUD

Appraisal Subcommittee to Host Public Hearing on Appraisal BiasCourt Rules in Favor of HUD in Disparate Impact Rule CaseCFPB Highlights Applicable HUD-Issued RESPA Guidance

Identity Theft

CBA weighs in on the CFPB’s proposed expansion of what constitutes a credit reportFinCEN issues advisory on COVID-19 and imposter and money mule schemesSSN identity verification tool being developed; initial enrollment deadline of July 31

Income Share Agreements

NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreementsCFPB and 11 states file lawsuit against companies engaged in origination and collection of income share agreementsCalifornia DFPI issues proposed rules implementing Student Loan Servicing Act

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

DOJ Settles Redlining Claims in Rhode IslandHUD requires use of Supplemental Consumer Information Form for FHA mortgage loansURLA Preferred Language Question Requirement Is Back

Litigation and Court Decisions

SCOTUS to hear oral argument on January 17 in cases challenging Chevron deferenceFifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPBSeventh Circuit stays order requiring Samsung to pay millions in arbitration fees

Machine Learning

This week's podcast episode: CFPB Director Chopra’s targeting of “digital” or “algorithmic” redlining: What it means for providers of technology and consumer credit

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 continues to look to creditors to help servicemembers take advantage of SCRA benefitsCourt looks to FCRA in interpreting MLA statute of limitationsDOJ announces consent order with property management company to resolve alleged SCRA early lease termination violations

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 Services Business

Department of Treasury Issues Strategy on De-Risking

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

Money Transmission

D.C. Department of Insurance, Securities and Banking issues bulletin on money transmissionConnecticut Department of Banking issues consumer and industry advisory on money transmission

Mortgage Servicing

North Dakota enacts mortgage lender and servicer lawsSCOTUS asks for Solicitor General’s views on federal preemption of state laws requiring payment of interest on mortgage escrow accountsNinth Circuit Vacates and Remands $8 Million CFPB Judgment in Lawsuit Against Mortgage Services Company

Mortgages

FHFA Announces 2024 Conforming Mortgage Loan LimitsCFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent LoansDOJ Redlining Consent Order With Ameris Bank

NCUA

FinCEN and federal functional regulators issue coded warnings against de-riskingCFPB/federal banking agencies/state financial regulators announce end of flexible supervisory and enforcement approach to mortgage servicer complianceCFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition

Non-sufficient funds fees

CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levelsOCC and FDIC address overdraft and NSF fee practicesCFPB report of decline in bank revenues from overdraft and NSF fees follows President Biden’s targeting of “junk fees” State of the Union address

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

NYDFS

NYDFS releases Industry Guidance Letter on Assessment of the Character and Fitness of Directors, Senior Officers, and ManagersNYDFS releases final regulations implementing virtual currency licensee assessmentsNew York Department of Financial Services issues final regulations for consumer-like disclosures for commercial financing

OCC

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6OCC, Federal Reserve, and FDIC issue final Community Reinvestment Act rule

OHDFI

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Overdrafts

Biden Administration continues efforts to crackdown on “junk fees”CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levelsOCC and FDIC address overdraft and NSF fee practices

Payday Lending

CFPB takes action against payday lender's CEO for alleged fraudulent transfers to avoid payment of judgmentCFPB and All American Check Cashing agree to settlement conferenceMichigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

Payments

Zelle offers details on its solution to protect scammed customersCFPB issues proposal to supervise nonbank providers of digital wallets and payment appsThis week's podcast episode: A look at the impact of new developments in payment systems on low-income consumers

Podcasts

This week's podcast episode: How the New York Department of Financial Services (DFS) regulates virtual currency, a close look with special guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFSThis week's podcast episode: How the U.S. Supreme Court will decide the threat to the CFPB’s funding and structure: Part II, with Adam J. White, a renowned expert on Separation of Powers and the Appropriations Clause and a close follower of the Supreme CourtThis week's podcast episode: How the U.S. Supreme Court will decide the threat to the CFPB's funding and structure: Part I, with Adam J. White, a renowned expert on Separation of Powers and the Appropriations Clause and a close follower of the Supreme Court

Preemption

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” AnalysisSupreme Court Grants Cert for Interest-on-Escrow Preemption CaseColorado opt-out signed into law, effects to be seen

Prepaid Cards

CFPB issues report on delivery of public benefits paymentsD.C. Circuit rules CFPB prepaid card rule does not mandate use of “model clause”CFPB files amicus brief in Fourth Circuit arguing Regulation E protections apply to prepaid account loaded with pandemic-related unemployment assistance

Privacy

CPPA releases proposed automated decision-making rulesCalifornia’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data BrokersCPPA publishes new draft regulations addressing AI, risk assessments, cyber audits

Private Education

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

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

Regulation Z

CFPB Issues Biennial CARD Act Report to CongressCFPB annual CARD Act, HOEPA, QM adjustments do not include credit card penalty fees safe harborsCFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

Regulatory and Enforcement

FTC authorizes use of compulsory process in artificial intelligence investigationsThis week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6

Remittance Transfers

CFPB enters into consent order with remittance transfer providerCFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances Five Democratic Senators urge CFPB to revise remittance transfer 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

RESPA

CFPB Highlights Applicable HUD-Issued RESPA Guidance4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation ClaimFDIC RESPA Section 8 Settlement Acknowledges Legitimacy of Marketing Arrangements

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

Risk Assessment

Department of Treasury Issues Strategy on De-Risking

S.2155

Congress Passes Legislation Addressing VA Refinance Loan IssuesHouse Passes Bill to Address Unintended Ginnie Mae Securitization Issue Created by S.2155S.2155 Does Not Facilitate Discriminatory Lending

SBREFA panel

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

Section 1071

Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule on nationwide basis against all covered entitiesSenate votes to override CFPB small business lending rule CFPB Releases Updated 1071 Small Business Lending FAQs

Small Business

FTC targets deceptive practices in merchant cash advance caseTexas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule on nationwide basis against all covered entitiesSenate votes to override CFPB small business lending rule 

Small Dollar Loans

Trade groups challenging CFPB payday loan rule file opening brief with Fifth CircuitTexas federal court denies trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups ask Fifth Circuit to extend stayCFPB files opposition to trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups file response

Small-dollar loans

Nevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debtThis week's podcast episode: A close look at the recent study of the effects of Illinois' 36% “all-In” interest rate cap on small-dollar credit availability, with special guest Tom Miller, Professor of Finance, Mississippi State University, and study co-authorStudy of Illinois 36% interest rate cap finds reduced access to credit

State Enforcement

Debt Management Company to Pay $110k in Refunds to Customers under Agreement with Colorado Attorney General’s OfficeNJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreementsNew York federal court stays lawsuit filed jointly by CFPB and New York Attorney General pending SCOTUS decision in CFSA

State Licensing

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” AnalysisConnecticut Issues Guidance Clarifying the Applicability of its Small Loan Act to “True Lenders” and Earned Wage Access ProvidersCourts split on whether cryptocurrency is a security

State regulation

CPPA releases proposed automated decision-making rulesCFPB issues report on state community reinvestment lawsCalifornia DFPI Finalizes Regulations Governing Student Loan Servicers

Student Loan Equity Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Student Loans

Dept. of Education issues framework for student loan servicer accountabilityCalifornia DFPI Finalizes Regulations Governing Student Loan ServicersCFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans

TCPA

FCC and FTC announce new AI calling and voice initiativesNinth Circuit rules text messages not “prerecorded voice messages” under TCPASixth Circuit rules plaintiff’s receipt of one ringless voicemail provides standing for TCPA claim

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

TILA / RESPA

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent LoansCFPB announces revised methodology for determining average prime offer ratesCFPB seeks input on construction and construction-to-permanent loan trial disclosure sandbox application

Title Insurance

4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation ClaimHouse Passes Bill to Amend TRID Rule DisclosuresCFPB enters into RESPA settlement with title agent

TRID

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent LoansCFPB seeks input on construction and construction-to-permanent loan trial disclosure sandbox applicationCFPB Publishes TRID FAQ’s and a Factsheet on Treatment of Title Insurance Premiums

UDAAP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPBCFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order vacating changesThis week's podcast episode: A deep dive into the Consumer Financial Protection Bureau’s Policy Statement on abusive acts and practices under the Consumer Financial Protection Act

UDAP

This week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with negative optionThis week's podcast episode: Shining a bright light on digital dark patterns

Uncategorized

CFPB Seeks Input on Regulatory Flexibility Act Assessment of Mortgage Loan Originator RulesOCC 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 webinar

Uniform Consumer Credit Code

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Usury

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” AnalysisCalifornia Court Denies DFPI’s Motion for Preliminary Injunction Against OppFiOppFi Hat Trick: Third Federal Court Upholds Arbitration Clause

Vehicle Loans

CFPB highlights potential impact of high vehicle costs on consumers with deep subprime credit scoresTrump 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 dealers

Virtual Currency

California Reconsidering the “Digital Financial Assets Law”“Pig Butchering”: FinCEN Issues Alert on Virtual Currency ScamNYDFS releases final regulations implementing virtual currency licensee assessments

Regulatory & Enforcement
Litigation & Court Decisions


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Recent Posts

  • FHFA Announces 2024 Conforming Mortgage Loan Limits
  • CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans
  • FTC authorizes use of compulsory process in artificial intelligence investigations
  • CPPA releases proposed automated decision-making rules
  • SCOTUS to hear oral argument on January 17 in cases challenging Chevron deference

Consumer Finance Monitor

by the Consumer Financial Services Group at Ballard Spahr LLP

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Daniel JT McKenna
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John D. Socknat
socknatj@ballardspahr.com
202.661.2253
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ABOUT THE CFS GROUP

The Consumer Financial Services Group is nationally recognized for its guidance in structuring and documenting new consumer financial services products, its experience with the full range of federal and state consumer credit laws throughout the country, and its skill in litigation defense and avoidance, including pioneering work in pre-dispute arbitration programs. Read More
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