Banking and Finance

Recent Posts

CFPB’s Nationwide Sweep Continues: Law Firm’s Activities, Assets, and Websites Frozen
Posted on 27 Mar 2015 by Troutman Sanders

by Jennifer Bowen and John C. Lynch The Consumer Financial Protection Bureau (“CFPB”) recently prevailed on a motion for preliminary injunction against a Florida law firm and several related companies as part of its “ nationwide sweep... Read More

Nonbank Student Loan Servicers Now Subject to CFPB Supervision
Posted on 17 May 2013 by Troutman Sanders

On March 14, 2013, the CFPB announced a proposed rule to supervise nonbank student loan servicers. Under the proposed rule, the CFPB would have supervisory authority for loan servicers with more than one million accounts - a move that would bring... Read More

Consumer Financial Protection Bureau Looking for Complaints about Payday Lenders
Posted on 6 Oct 2011 by Troutman Sanders

by Troutman Sanders CFPB Team By a blog post on September 30, 2011, Gail Hillebrand, Associate Director for Consumer Education and Enforcement for the Consumer Financial Protection Bureau (CFPB), invited comments from those with concerns about payday... Read More

CFPB Director Cordray Addresses “Serious Misunderstanding” About Three-Day Requirement, Reiterates CFPB Will Not Voluntarily Change August 1 Effective Date for TILA-RESPA Integrated Disclosure Rule
Posted on 14 May 2015 by Troutman Sanders

by Ethan G. Ostroff , John C. Lynch and Ashley L. Taylor, Jr. In a speech made on May 12 to the National Association of Realtors, Consumer Financial Protection Bureau Director Richard Cordray addressed questions surrounding the three-day requirement... Read More

CFPB Succumbs to Pressure, Opens Advisory Board and Council Meetings to Public
Posted on 29 May 2014 by Troutman Sanders

by Ethan Ostroff , David Anthony and Bryan Haynes Beginning in June, the Consumer Financial Protection Bureau will provide the public with access to the meetings of the Consumer Advisory Board (CAB)and the CFPB’s three Councils. Anyone may attend... Read More

CFPB Issues New National Mortgage Servicing Rules
Posted on 23 Jan 2013 by Dykema

by Donald C. Lampe , Jeffrey E. Jamison , and Michael B. Raines On Dec. 17, the Consumer Financial Protection Bureau (CFPB) issued the expected mortgage servicing final rules. At over 1,000 pages, the final rules will amend the Truth in Lending... Read More

Commentary on Dodd-Frank Act, Title XIV - Anti-Predatory Lending Provisions for Residential Mortgage Loans
Posted on 14 Sep 2010 by Stephen Ornstein, Matthew Yoon, John Holahan

In this Analysis, Stephen Ornstein, Matthew Yoon, and John Holahan, of SNR Denton, discuss the anti-predatory lending provisions of the historic Dodd-Frank Act. Prescribing a host of new standards for residential mortgage loans, Title XIV is one of the... Read More

CFPB to Survey Consumers on Debt Collection Experiences
Posted on 19 Mar 2014 by Dykema

In considering new rulemaking for the debt collection industry, the CFPB has decided to turn directly to consumers for input. As set forth in the notice issued March 6, 2014, the CFPB plans to send out a survey in order to learn more about consumers'... Read More

CFPB Continues Focus on Student Loans, Opening Complaint and Feedback Tool for Servicemembers and Veterans
Posted on 4 Feb 2014 by Dykema

by Chais L. Sweat In its continuing effort to ramp up oversight of student loans, on January 30, 2014, the CFPB announced the opening of a new online student complaint system specifically for servicemembers, veterans, and their families to report negative... Read More

CFPB Announces New Appeals Process For Adverse Findings: CFPB Still Judge, Jury and Final Word
Posted on 8 Nov 2012 by Dykema

by: Edward (Ted) W. Somers and Jeffrey E. Jamison Last week's announcement of the CFPB's new "appeal process" for supervised entities offers little solace to those organizations subject to an adverse finding or compliance rating... Read More

Political Disagreements over the CFPB Dominate Cordray’s Hearing and Delay Confirmation
Posted on 9 Sep 2011 by Troutman Sanders

by Troutman Sanders CFPB Team On September 6, 2011, Richard Cordray, former Ohio Attorney General and current nominee to become the first Director of the Consumer Financial Protection Bureau (CFPB), appeared before the Senate Banking Committee for a... Read More

CFPB Large Bank Supervision Will Begin July 21
Posted on 19 Jul 2011 by Ballard Spahr LLP

by the Consumer Financial Services Group When it makes its debut on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) intends to immediately launch its supervision program for large banks. In a release issued on July 12, 2011... Read More

Deputy Director Date of Consumer Financial Protection Bureau to Step Down in January
Posted on 19 Nov 2012 by Dykema

by Jeffrey E. Jamison Bloomberg News is reporting that Raj Date, the influential deputy director of the Consumer Financial Protection Bureau (CFPB), will be leaving the Bureau at the end of January. Date joined the Bureau in February 2011 as the... Read More

Consumer Financial Protection Bureau Issues Rules on Procedures for Investigations, Enforcement, Disclosure, and State Official Notifications
Posted on 2 Aug 2011 by Ballard Spahr LLP

by the Consumer Financial Services Group The Consumer Financial Protection Bureau (CFPB) published four interim final rules in the Federal Register on July 28, 2011, to establish its procedures for investigations, administrative enforcement actions... Read More