Consumer Protection & Privacy

Recent Posts

FTC Announces “Operation Collection Protection”
Posted on 11 Nov 2015 by Ballard Spahr LLP

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

CFPB May Sue PayPal Over Its Payment Services
Posted on 22 Apr 2015 by Troutman Sanders

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

CFPB Sues Company and Owner for Alleged Student Financial Aid Scam
Posted on 3 Nov 2015 by Doug Esten

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

Challenge to CFPB’s Constitutionality Reemerges
Posted on 29 Jul 2015 by Ballard Spahr LLP

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

CFPB Presents Annual Fair Lending Report to Congress
Posted on 13 May 2014 by Dykema

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

House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority
Posted on 11 Aug 2014 by Troutman Sanders

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

CFPB Orders Another Auto Lender to Pay $3.28 Million to Settle Claims for Illegal Debt Collection Involving Service Members
Posted on 3 Nov 2015 by Troutman Sanders

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

CFPB Fines Mortgage Servicer $1.5 Million for Failing to Honor Loan Modifications after Service Transfers
Posted on 5 Aug 2015 by Troutman Sanders

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

CFPB Files Lawsuit Against Internet Payday Loan Companies
Posted on 6 Aug 2015 by Ballard Spahr LLP

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

CFPB Highlights Credit Card Complaints in Fourth Monthly Complaint Report
Posted on 29 Oct 2015 by Ballard Spahr LLP

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

CFPB Reflects on Five Years of Dodd-Frank Enforcement in Written Senate Testimony
Posted on 23 Jul 2015 by Dykema

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

CFPB Proposes Final Interim Mortgage Servicing Rule
Posted on 18 Oct 2013 by Ballard Spahr LLP

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

Democrats Push End to Mandatory Arbitration
Posted on 26 May 2015 by Dykema

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

Agencies Address Fair Lending Concerns of Industry and Indicate that ECOA, Ability-to-Repay Rule Compatible
Posted on 24 Oct 2013 by Dykema

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

Snapshot Reveals Numbers and Trends of Consumer Credit Reporting Complaints to CFPB
Posted on 1 Sep 2015 by Troutman Sanders

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