Skip to content

Menu

Ballard Spahr L.L.P. logo
HomeKey TopicsSub-MenuRegulatory and EnforcementLitigation and Court Decisions

Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

Topics

Appraisals

CFPB Hosts Hearing On Appraisal Bias

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

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

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

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 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 Analyzes Impacts of Higher Mortgage Interest RatesCFPB Issues Report Addressing Asian American and Pacific Islanders in the Mortgage MarketCFPB Issues TRID Rule FAQs on BUILD Act Partial Exemption

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 Adjusts HMDA and HPML Asset Exemption ThresholdsCFPB Issues Technical HMDA Rule for Closed-End Loan ThresholdCFPB Addresses Approach to Court Order Overturning Closed-End Loan HMDA Reporting Threshold

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

Climate change

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

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

Cybersecurity

NYDFS Announces Updated Cybersecurity RegulationNYDFS Announces Draft Amendments to Cybersecurity RegulationGAO report recommends DHS and Treasury assess federal response to cyber attacks

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?

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

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

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

Digital Assets

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

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

Elder Financial Abuse

FinCEN warns against elder financial exploitationCalifornia Extends Cancellation Period for Senior Citizens under certain “Door-to-Door” ContractsCFPB issues update to 2016 advisory on elder financial abuse

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

Trade group urges CFPB not to impose liability on banks for fraudulent P2P paymentsCFPB expected to issue new guidance requiring banks to repay more fraud victimsCFPB issues compliance bulletin on application of EFTA compulsory use prohibition to government benefits

Fair Credit

Fourth Circuit Rules Communications Decency Act Did Not Protect Data Aggregator From FCRA LiabilityFHFA Announces Updated FICO and Vantage Scores for Use by GSEsCFPB Addresses “Junk Data” in Credit Reports

Fair Lending

Justice Department finalizes compliance metrics for Meta’s (formerly Facebook) target advertising system pursuant to settlementCFPB Hosts Hearing On Appraisal BiasHUD Issues Draft Reconsideration of Value Guidance with FHA Loans

FDIC

FDIC extends comment period for proposed signage and advertising ruleBank trade groups seek more time to comment on FDIC proposed signage and advertising ruleFederal banking agencies issue joint statement on crypto-asset risks

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

2022 Fair Lending Interagency Webinar looks at redlining, appraisal bias, special purpose credit programsFHFA announces Office of Financial TechnologyTreasury seeks comments on digital assets, including opportunities and risks for consumers

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

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

FTC Enforcement

FTC proposes new rule imposing prohibitions and disclosure requirements on auto-dealers in car-buying processFTC issues guidance on negative option programs and warns of increased enforcementFTC settles lawsuit against car dealer alleging discriminatory pricing practices

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

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

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

New CFPB report highlights increase in servicemember identity theft incidentsNew CFPB report proactively encourages creditors to apply SCRA interest rate benefitsCFPB and FTC file amicus brief regarding  servicemembers’ right to sue under the Military Lending Act

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

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

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

Non-sufficient funds fees

This week's podcast episode: A close look at the FDIC’s supervisory guidance and class action litigation regarding multiple non-sufficient funds fees arising from re-presentment of the same unpaid transaction

OCC

Federal banking agencies issue joint statement on crypto-asset risksOCC official highlights agency’s fair lending focusOCC revises civil money penalty manual

Overdrafts

7th Circuit Affirms District Courts’ Dismissal of NSF Class ActionMore CFPB attacks on bank fees through policy statementsNew York federal district court allows class action challenging bank’s NSF fees to proceed on breach of contract theory

Payday Lending

CFPB and All American Check Cashing agree to settlement conferenceMichigan’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 rule

Preemption

CFPB makes preliminary determinations that Truth in Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure lawsRepublican lawmakers send questions to OCC on bank-fintech partnershipsCFPB issues interpretive rule on FCRA preemption

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

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

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

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

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 Enforcement

California Enforcement Sweep Targets Mobile Apps – With a Focus on Honoring “Permission Slip” AppNew Jersey Attorney General settles lawsuit against merchant cash advance providersCredit unions settle GAP fee refund cases with Colorado Attorney General

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

Student Loans

California DFPI releases modified proposed Student Loan Servicing Act regulationsTrend to watch: New legislation may blur lines between student loan servicing and debt collectionSCOTUS agrees to hear second case challenging loan forgiveness

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 Adjusts HMDA and HPML Asset Exemption ThresholdsDivided 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 Calculations

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

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

Regulatory & Enforcement
Litigation & Court Decisions


Consumer Finance Monitor Podcast

CA Consumer Financial Protection Law Resource Center

Stay Connected

RSS LinkedIn Twitter YouTube
Top Ranked Chambers USA 2022

Topics

Archives

Resources

  • American Bankers Association (ABA)
  • American Financial Services Association
  • CA AG
  • CA Department of Financial Protection and Innovation
  • CBA
  • CFPB
  • Conference of State Bank Supervisors (CSBS)
  • Democratic Attorneys General Association (DAGA)
  • Dodd-Frank Act Title X
  • Dodd-Frank Act Title XIV
  • DOJ
  • FCC
  • FDIC
  • Federal Reserve Bank
  • Financial Services Roundtable (FSR)
  • FTC
  • HUD
  • IL AG
  • MA AG
  • MBA
  • National Association of Attorneys General (NAAG)
  • Nationwide Mortgage Licensing System (NMLS)
  • NCUA
  • NY AG
  • NY DFS
  • OCC
  • U.S. Department of the Treasury

Related Blogs

  • American Banker BankThink
  • American Bankers Association Dodd-Frank Tracker for CFPB
  • Bankwatch
  • Consumer Law & Policy
  • Credit Slips
CFS Alerts
CFS Events

Recent Posts

  • 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, DFS
  • CFPB proposes significant changes to credit card late fee rules, including reduction in late fee safe harbor amounts and elimination of annual inflation adjustments
  • California Enforcement Sweep Targets Mobile Apps – With a Focus on Honoring “Permission Slip” App
  • FDIC extends comment period for proposed signage and advertising rule
  • White House issues Blueprint for Renters Bill of Rights: Will the CFPB and FTC stay in their lanes?

Consumer Finance Monitor

by the Consumer Financial Services Group at Ballard Spahr LLP

RSS LinkedIn Twitter YouTube

Practice Leaders

Daniel JT McKenna
mckennad@ballardspahr.com
215.864.8321
John D. Socknat
socknatj@ballardspahr.com
202.661.2253
DisclaimerPrivacy Policy

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
Copyright © 2023, Ballard Spahr L.L.P. All Rights Reserved.
www.ballardspahr.com
Law blog design & platform by LexBlog LexBlog Logo