Reed Smith has put together two reference documents to help you more easily search for a particular piece of guidance from the CFPB. The first is a collection of all nine issues of the CFPB’s Supervisory Highlights, from 2012 to 2015. The second includes all of the CFPB’s Bulletins, as of 1 December 2015. CFPB … Continue Reading
On October 7, the Consumer Financial Protection Bureau (“CFPB”) proposed a ban on class action waivers in consumer financial products and services contracts. Pending review by a Small Business Review Panel, the ban would potentially take effect in 2018, resulting in increased class action litigation against financial institutions. The proposal does, however, preserve mandatory pre-dispute … Continue Reading
On June 4, 2015, Consumer Financial Protection Bureau Director Richard Cordray issued a decision in the first appeal of a CFPB administrative proceeding. The appeal to Director Cordray followed the CFPB’s first administrative trial before an administrative law judge. The defendant, a mortgage lender, has vowed to appeal it further to the circuit court. But … Continue Reading
On May 19, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) filed a complaint and proposed consent order against PayPal, Inc. and its subsidiary Bill Me Later, Inc. (collectively, “PayPal”) in the U.S. District Court for the District of Maryland. If the court approves, the settlement will require PayPal to pay $15 million in … Continue Reading
On Monday, the Consumer Financial Protection Bureau (CFPB) announced the latest in a series of five enforcement actions involving military allotments: a $3.1 million consent order against a payment processor, Military Assistance Company (MAC) and its parent, Fort Knox National Company. The CFPB alleged that MAC had failed to disclose to servicemembers the amount of … Continue Reading
This post was also written by Travis A. Sabalewski. Direct from Richmond, Virginia: yesterday, I (Travis) visited the Greater Richmond Convention Center, where the Consumer Financial Protection Bureau (CFPB) announced at a field hearing a sweeping proposal for new rules regarding payday/deposit advance loans, auto title loans, and certain high-interest, longer-term loans. (A Fact Sheet … Continue Reading
On March 10, Director Richard Cordray of the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) presided over a Field Hearing on Pre-Dispute Arbitration Clauses, discussing what he described as the “key findings” of the Bureau’s long-awaited 700-page Arbitration Report to Congress published earlier that morning. Reed Smith attorney Deepa Zavatsky attended the hearing, where Cordray … Continue Reading
