The Federal Trade Commission (FTC) yesterday announced its new coordinated effort against unlawful debt collection practices, “Operation Collection Protection.” The FTC also announced that federal, state and local law enforcement agencies... Read More
by H. Scott Kelly and Michael E. Lacy On April 9, PayPal Holdings Inc . (“PayPal”) issued a regulatory filing indicating that it may soon face a lawsuit from the Consumer Financial Protection Bureau . The CFPB is targeting the activities... Read More
by Barbara S. Mishkin A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam. In addition to injunctive relief,... Read More
by Barbara S. Mishkin The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et... Read More
by Stephanie T. Yu On April 30, the Consumer Financial Protection Bureau (the CFPB) presented its annual Fair Lending Report to Congress. The Fair Lending Report details the CFPB’s actions and initiatives during 2013. In particular, the Report... Read More
by Paige S. Fitzgerald and Alan Wingfield In a letter dated July 29, addressed to Richard Cordray, Director of the Consumer Financial Protection Bureau, two Republicans – Representative Jeb Hensarling, Chairman of the House Committee on Financial... Read More
by Ethan G. Ostroff , Keith J. Barnett and Alan D. Wingfield On October 28, the Consumer Financial Protection Bureau filed an administrative consent order against Security National Automotive Acceptance Company (“SNAAC”), an Ohio auto lender... Read More
by D. Kyle Deak , Jason Manning and John C. Lynch On July 30, the Consumer Financial Protection Bureau announced that it reached an agreement with Residential Credit Solutions, Inc., a national mortgage servicing company, whereby the mortgage loan... Read More
by Barbara S. Mishkin The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With the... Read More
by Barbara S. Mishkin The CFPB has issued its October 2015 complaint report , the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro area... Read More
by Mark J. Magyar On July 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) published on its website the written testimony of CFPB Director Richard Cordray before the Senate Committee on Banking, Housing, and Urban Affairs. In... Read More
by Karen M. Morgan In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release , bulletin , and interim... Read More
by Samantha L. Walls On Thursday, May 21, 2015, fifty-eight Democratic members of Congress pushed the Consumer Financial Protection Bureau (“CFPB”) to prohibit mandatory arbitration clauses in consumer financial contracts. The clauses,... Read More
by Haydn J. Richards, Jr. and Heather C. Hutchings In an October 22, 2013 statement released by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal... Read More
by David M. Gettings , Tim J. St. George and David N. Anthony On August 25, the Consumer Financial Protection Bureau released its monthly consumer complaint snapshot , which included a focus on complaints regarding credit reporting. According to the... Read More