Category Archives: Financial Services/CFPB

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CFPB Director Cordray Announces Departure to Bureau Staff

In an internal email to CFPB staff, Director Cordray announced that he will be stepping down by the end of the month. Industry participants and observers have long speculated that Director Cordray might leave office prior to the expiration of his five-year term (July 2018) to run for governor of Ohio. Upon his departure, Director … Continue Reading

Impact of Arbitration Rule CRA Vote on CFPB Regulations

The CFPB’s Arbitration Rule has been sent to the President’s desk to join 14 other federal agency regulations that have been repealed under the Congressional Review Act (CRA). The disapproval resolution, which was passed by the House in July, was passed by the Senate late in the evening on October 24. The rule would have prohibited companies … Continue Reading

What’s the Federal Trade Commission Been Up to Recently?

A change in administration inevitably raises questions regarding the priorities and direction of federal agencies. To help set the record straight, Lesley Fair, a Senior Attorney with the Federal Trade Commission’s (FTC or Commission), Bureau of Consumer Protection, reminded us during last week’s NAD Annual Conference that the FTC has kept quite busy over the last … Continue Reading

CFPB Sanctioned for Bad Faith Conduct

A federal district court judge in Atlanta has granted five defendants’ motions for terminating sanctions against the Consumer Financial Protection Bureau for the agency’s conduct in connection with its Rule 30(b)(6) depositions. Venable attorneys represented one of those defendants, and were the principal authors of the briefs leading to the sanctions. The court agreed with … Continue Reading

Lather, Rinse, Repeat, FTC Continues To Pursue Entities Engaged in Credit Card Laundering

“Credit card laundering” or “factoring” refers to the practice of processing credit card transactions for one company through the merchant processing account of another company. In recent years, the FTC has sued several companies for engaging in this practice or assisting allegedly fraudulent merchants to launder card payments through multiple processing accounts. On July 28, … Continue Reading

Change Starts Within: FTC Process Reforms Address CID Practices

Back in February we blogged about Acting Chair Ohlhausen’s first keynote address in which she outlined her three consumer protection priorities. Consistent with those priorities, in April, the Federal Trade Commission (FTC) announced its agenda to eliminate wasteful, unnecessary regulations and processes. Within the FTC’s Bureau of Consumer Protection, the FTC’s goals included an effort … Continue Reading

CFPB Issues Final “Arbitration Agreements Rule:” New CFPB Rule Bans Class Action Bars in Arbitration Clauses

On Monday, July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule – the “Arbitration Agreements Rule” – regulating arbitration agreements in contracts for certain core consumer financial products and services. Venable has been monitoring the development of this rule, and our past coverage can be seen in a webinar and a blog post. In prepared … Continue Reading

Consumer Financial Services Practice Digest

In this issue we discuss that under the cloud of speculation hanging over the CFPB they continue to launch supervisory examinations and enforcement investigations, and also held a public event on June 22 discussing the Public Student Loan Forgiveness Program. Also in this issue is commentary around a top state regulator issued a reminder to … Continue Reading

Student Loan Market in FTC’s Cross Hairs

Lots of folks were wondering whether at the Federal Trade Commission (FTC) it was “School’s Out” with a shortage of Commissioners and a new administration in the White House. A recent case involving the telemarketing of student loan debt relief services makes clear that, at least in certain areas, school is still in session. The … Continue Reading

Consumer Financial Services Practice Digest

A circuit split regarding the SEC’s administrative law judges, an internal CFPB playbook and memo on their examination process, and a recent field hearing on small business lending are at the forefront of the May 18 edition of Venable’s Consumer Financial Services Digest. In this issue, we highlight the circuit split between the Tenth Circuit and the … Continue Reading

Consumer Finance Enforcement Activity in a New Administration

Members of Venable’s Consumer Financial Services Practice, along with Paula-Rose Stark, a former attorney at the CFPB, now with Chain Bridge Partners, LLC, ‎recently discussed the current and evolving state of federal and state consumer financial protection law and policy. They outlined what you and your company need to know about what’s ahead and shared their … Continue Reading

What’s Inside the CFPB Enforcement Policies and Procedures Manual 2.0

Despite facing significant legal challenges and a shifting political landscape, the Consumer Financial Protection Bureau (CFPB) is virtually unrestrained in its ability to launch investigations and threaten enforcement actions. We’ve obtained through a Freedom of Information Act (FOIA) request the most recent official CFPB Enforcement Policies and Procedures Manual Version 2.0. The Enforcement Policies and … Continue Reading

Consumer Financial Services Update

Business lending, negative option programs, and enterprise risk management are at the forefront of the April 13 edition of Venable’s Consumer Financial Services Digest. In this issue, we discuss CFPB Director Cordray’s recent appearance before Congress where he noted that the CFPB has started engaging in supervisory activity regarding small business lending.… Continue Reading

Consumer Financial Services Update

Consumer data, UDAAP, debt collection, and fintech licensing are at the forefront of the March 30 edition of Venable’s Consumer Financial Services Digest. In this issue, we discuss the importance of the Federal Trade Commission’s activities in the consumer finance world and the big changes on the horizon for credit reporting of public records data.… Continue Reading

Chairman Ohlhausen Announces a Whale of an Agenda for Consumer Protection

From the ABA Antitrust Section bi-annual Consumer Protection Conference in Atlanta, Acting FTC Chairman Maureen Ohlhausen made her first keynote address in her newly elevated roll. To the backdrop of playful beluga whales in the ballroom of the Atlanta Aquarium, she outlined three consumer protection priorities she will put in force during her time in … Continue Reading

What’s Next for Advertisers of Consumer Financial Services? Webinar: “Consumer Financial Services 2017 Outlook: Post-Inauguration Day Insights”

Advertisers and marketers of consumer financial services have been asking, “What’s next?” As the CFPB works its way through court challenges, and an evolving legal and political landscape unfolds, companies have been waiting for signs from the CFPB, Congress, and the President of what to expect in 2017. Members of Venable’s Consumer Financial Services Practice … Continue Reading

What Advertisers of Consumer Financial Services Need to Know About State Attorneys General – a Venable hosted Webinar

State attorneys general have become increasingly involved in consumer financial services investigations and enforcement, a trend that is expected to continue into the next presidential administration. Whether involving a single state attorney general or multiple attorneys general, investigations and litigation can lead to high costs, administrative burdens, distractions, and reputation damage. Often there may be … Continue Reading

Post-Election Consumer Financial Services Regulatory Landscape FAQs

Since the election, several questions have emerged about the near future of the consumer financial services federal regulatory landscape. We’ve gathered some of the most common questions below. The FAQs, based on input received from members of our consumer financial services team, are intended to help provide basic information to help place the results into … Continue Reading

CFPB Supervision and Enforcement: Thinking About Overlap

Thursday, October 27, 2016 2:00 p.m. – 3:00 p.m. ET A Venable LLP Webinar Since opening its doors, the Consumer Financial Protection Bureau has conducted dozens of examinations of banks and, for the first time for a federal regulator, non-bank financial services providers. As a result of this supervisory activity, the CFPB has ordered more … Continue Reading

Sweeping New Federal Regulations for the Prepaid Industry

Note: We have revised the description of the terms of the settlement in our recent blog post on the Carribean Cruise Line TCPA matter. Click here to read the corrected post. Having trouble sleeping and need something to read? Lucky for you the Consumer Financial Protection Bureau (the Bureau) recently released its 1700+ page final rule … Continue Reading

D.C. Circuit Addresses CFPB’s Constitutionality, RESPA Interpretation, and Statute of Limitations Issues in PHH Decision

The United States Court of Appeals for the D.C. Circuit today issued a highly anticipated decision in PHH Corp. v. CFPB (Case No. 15-1177). In a 110-page decision, the D.C. Circuit held that the CFPB’s structure as a single-director independent agency is unconstitutional. The decision on the constitutional issue, however, may have “important but limited … Continue Reading

A Look Inside the Official CFPB Enforcement Policies and Procedures Manual

Since its launch in 2011, the Consumer Financial Protection Bureau (CFPB or Bureau) has developed a reputation for its aggressive investigation and litigation tactics. The Bureau’s Enforcement Policies and Procedures Manual for its enforcement staff provides a peek behind the curtain at how CFPB enforcement actions unfold. Despite the CFPB’s push for transparency, a copy … Continue Reading

FTC Releases Staff Perspectives on Lead Generation

The staff of the Federal Trade Commission’s (FTC) Bureau of Consumer Protection released a much-anticipated paper on lead generation on September 15, 2016. The 13-page report provides staff perspectives on the information covered at the FTC’s October 2015 workshop on lead generation, “Follow the Lead.” Below are a few of the paper’s themes: The paper … Continue Reading
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