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
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
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
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
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
Here we go again. That sentiment—or one close to it—is surely on the minds of many in financial institutions across the country. The reason: after a grueling race to prepare for sweeping changes to the mortgage industry that took effect at... Read More
by Barbara S. Mishkin The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro area... Read More
by Ethan G. Ostroff , William H. Hurd and Brendan H. Connors On March 9, a regulatory milestone occurred. Consumer Financial Protection Bureau Director Richard Cordray presided over oral arguments in the first ever appeal of a CFPB administrative enforcement... Read More
by Alejandro Moreno and Brian Burke Farrell On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit... Read More
by Knox Dobbins On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau... Read More
The Bureau of Consumer Financial Protection (CFPB) has issued a Notice and Request for Comment identifying six markets for consumer financial products and services being considered as markets in which "larger participants" will be subject to... Read More
by Massie P. Cooper and John C. Lynch On November 20, the Consumer Financial Protection Bureau proposed measures aimed at mortgage servicers. These proposed measures provide surviving family members and other homeowners with the same protections as... Read More
On January 4, 2012, President Obama installed Richard Cordray as Director of the new Consumer Financial Protection Bureau Financial Protection ("CFPB"). Mr. Cordray had served as Attorney General for the State of Ohio and most recently was in... Read More
by Elisa J. Lintemuth The Consumer Financial Protection Bureau has proposed new rules to amend Regulation E (Electronic Fund Transfer Act) and Regulation Z (Truth in Lending Act) to create protections for consumers using prepaid cards. These proposed... Read More