Banking and Finance

Recent Posts

Which One of Us Is the Service Provider? The Dodd-Frank Act's Infinite Loop of Oversight
Posted on 26 Aug 2013 by LexisNexis Legal Newsroom Staff

by Valerie L. Hletko and Sarah E. Hager A centerpiece of CFPB supervision is service provider oversight but assigning roles is not always straightforward. A lack of clarity may lead to duplicative, simultaneous oversight. While there is substantial... Read More

Did You Hear That? CFPB Report to Congress Sounds Death Knell for Arbitration Clauses
Posted on 12 Mar 2015 by Troutman Sanders

by David N. Anthony , Alan D. Wingfield , John C. Lynch and Ethan G. Ostroff As anticipated , yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering... Read More

CFPB Announces Proposed No-Action Letter Program
Posted on 16 Oct 2014 by Dykema

by Kristen S. Birdsall On October 10, 2014, the Consumer Financial Protection Bureau (CFPB) announced a proposed policy under which they would issue No-Action Letters to applicants indicating that the CFPB would not initiate supervisory or enforcement... Read More

Reid Puts Off Cordray Nomination Vote Until Late Summer--Is He Arming The Nuclear Option?
Posted on 23 May 2013 by Dykema

by Jeffrey E. Jamison As the CFPB-Lawblog predicted, the vote on Richard Cordray's nomination as director of the Consumer Financial Protection Bureau has been delayed. Senate Majority Leader Harry Reid had announced that the vote would take... Read More

SNR Denton on Highlights of the CFPB's Short-Term, Small-Dollar Lending Examination Procedures
Posted on 21 May 2012 by Corporate and Securities Law Community Staff

The Consumer Financial Protection Bureau's ("CFPB") Short-Term, Small-Dollar Lending Examination Procedures Manual ("Procedures Manual") supplements the CFPB's Supervision and Examination Manual. The manual sets forth the... Read More

Roll Out Mobile Payment Technology Could Subject Apple to CFPB Scrutiny
Posted on 26 Sep 2014 by Dykema

by Vivian I. Kim During Apple Inc.’s latest product announcement on September 9, 2014, Apple announced a new system for mobile payments that “will change how you pay with breakthrough contractless payment technology and unique security... Read More

GAO Insists That CFPB Must Improve Financial Data Security
Posted on 24 Sep 2014 by Troutman Sanders

by H. Scott Kelly AND Michael E. Lacy According to a recent study by the U.S. Government Accountability Office, the financial data gathered by the Consumer Financial Protection Bureau on 25 million to 75 million U.S. credit cardholders is not safe... Read More

CFPB Issues Fall 2012 Supervisory Highlights Report
Posted on 4 Jan 2013 by Troutman Sanders

On October 31, 2012, the CFPB released its first report highlighting its supervisory activity between July 2011 and September 30, 2012. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB is authorized to supervise... Read More

Obama Picks Cordray to Lead the CFPB
Posted on 19 Jul 2011 by Troutman Sanders

by Troutman Sanders CFPB Team Ending months of speculation that Elizabeth Warren would lead the CFPB, the Obama administration announced on July 17, 2011 that Richard Cordray - currently the Assistant Director of the CFPB's Enforcement Division... Read More

The Consumer Financial Protection Bureau: Structure, Mission and Limitation of Authority Prior to the Appointment of a Director
Posted on 17 May 2011 by Corporate and Securities Law Community Staff

by Lewis Wiener and Evan Taylor The Consumer Financial Protection Bureau was created by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 111 P.L. 203 (also known as the Consumer Financial Protection Act of 2010). The CFPB will... Read More

CFPB to Amend Ability to Repay Rules under CARD Act to Consider Household Income
Posted on 29 Nov 2012 by Erik Gerding

The Consumer Financial Protection Bureau will begin a notice-and-comment rulemaking to reverse a portion of the "ability to repay" regulations under the CARD Act. The CFPB will begin formal rulemaking to allow card issuers to consider household... Read More

Is this a Brave New World? Implications of the CFPB and the FTC for Nonbank Financial Services Providers
Posted on 3 Aug 2010 by arnold

The Dodd-Frank Act contemplates the creation of a new Consumer Financial Protection Bureau (CFPB) within the Federal Reserve. CFPB would be responsible for consumer protection over financial products and services offered by both banks and nonbanks, including... Read More

Interagency Guidance Regarding Unfair or Deceptive Credit Practices
Posted on 9 Sep 2014 by Dykema

by Robert Hugh Ellis Several regulatory agencies have jointly issued guidance to banks, saving associations, and Federal credit unions concerning the repeal of consumer protection regulations promulgated under the FTC Act. The Board of Governors of... Read More

Capital One Settles Service Member Credit Violations For $12M
Posted on 27 Jul 2012 by LexisNexis® Mealey's™ Legal News

ALEXANDRIA, Va. - (Mealey's) Capital One Financial Corp. has agreed to pay $12 million to settle a suit brought by the U.S. Department of Justice alleging that it violated credit protections granted to U.S. military members by the Servicemembers... Read More

CFPB Begins Oversight of Prepaid-Card Complaints
Posted on 24 Jul 2014 by Troutman Sanders

by Scott Kelly and Michael E. Lacy The Consumer Financial Protection Bureau will begin looking into complaints about prepaid cards – including gift cards, benefit cards, and general purpose reloadable cards – the Bureau announced Monday... Read More