CFPB, Federal Agencies, State Agencies, and Attorneys General
CFPB Enforcement
GOP lawmakers question CFPB’s relationship with state attorneys general and take aim at interpretive rule on state enforcement authorityDirector Chopra promotes aggressive enforcement in remarks to National Association of State Attorneys GeneralThis week's podcast: CFPB enforcement action developments and trends CFPB Supervision
CFPB issues Student Loan Servicing Special Edition of Supervisory HighlightsStrange bedfellows petition CFPB to adopt larger participant rule for personal loansThis week's podcast episode: A conversation with special guest Peggy Twohig, former CFPB Assistant Director for Supervision Policy and Strategy Deposit Accounts
FDIC 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 insuranceDepository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levy Fair Lending
DOJ announces settlement of redlining lawsuitFHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending DataThis week's podcast episode: A close look at the Justice Department’s settlement with Meta (formerly Facebook) to resolve alleged Fair Housing Act violations arising from Meta’s targeted advertising system FDIC
Bi-partisan group of Senators urge FDIC not to target industrial loan companies for unfavorable treatmentWhite House announces two Republican nominees to FDIC Board of DirectorsThis 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 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
FHFA announces Office of Financial TechnologyTreasury seeks comments on digital assets, including opportunities and risks for consumersCFPB, federal banking agencies, and other federal agencies issue Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B Fintech
OCC keeps focus on bank/fintech partnershipsCFPB enters into consent order with fintech company to resolve alleged UDAAP practices arising from use of algorithmCalifornia Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership FTC
FTC calls attention to buy-now-pay-later compliance issuesTrade groups react to FTC’s proposed Motor Vehicle Dealers Trade Regulation Rule as public comment period closesThis week's podcast episode: A look at recent Federal Trade Commission and Consumer Financial Protection Bureau privacy and data security initiatives 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 Overdrafts
New York federal district court allows class action challenging bank’s NSF fees to proceed on breach of contract theoryCurinos publishes update to "Competition Drives Overdraft Disruption" study, predicting consumer savings of $28B from 2021 to 2025House Financial Services Committee passes the Overdraft Protection Act 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 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 State Enforcement
GOP lawmakers question CFPB’s relationship with state attorneys general and take aim at interpretive rule on state enforcement authorityThis week's podcast episode: A conversation with special guest Phil Weiser, Colorado Attorney GeneralNew CFPB interpretive rule outlines broad state CFPA enforcement authority 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 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
