Tag Archives: Bureau of Consumer Financial Protection

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA).  The Bureau also seeks to challenge a ruling in … Continue reading this entry

A Response to the CFPB’S Recent Compliance Bulletin on MSAs

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On October 8, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Bulletin on RESPA Compliance and Marketing Services Agreements (“MSAs”)(“Compliance Bulletin”).  The Compliance Bulletin’s message that MSA participants face “substantial risks” under RESPA has reverberated and caused buzz since it was issued. This response discusses some of the more puzzling and … Continue reading this entry

UDAAP Council Weekly UDAAP Standards Report - 3/18/2015

UDAAPCouncil
Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning of unfair, deceptive, and abusive. Unfair The Consumer Financial Protection Bureau’s (CFPB) suit against a for-profit college for … Continue reading this entry

UDAAP Council Weekly UDAAP Standards Report - 12/10/2014

UDAAPCouncil
Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning of unfair, deceptive, and abusive. Unfair A mortgagee was not liable under Consumer Financial Protection Bureau (“CFPB”) regulations … Continue reading this entry

31 State Attorneys General Elected to Office

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Of the 50-state Attorneys General (AGs), 43 are elected. In 2014, 31 AGs were on the ballot of which 11 were open seats. Unofficial results are in, so meet the new Attorneys General. Arizona: AG-elect Mark Brvovich (R), former Department of Gaming Director Arkansas: AG-elect Leslie Rutledge (R), former Republican National Committee counsel Colorado: AG-elect … Continue reading this entry

Credit Card Issuers Beware: CFPB Fires Warning Shot on Promotional APRs

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Who could possibly object to zero or low promotional interest rates offered for convenience checks, balance transfers or new purchases? The Consumer Financial Protection Board (CFPB), that’s who. In a new Bulletin based on its findings from examinations of large banks and card issuers, the CFPB warns that some credit card issuers may be engaging in deceptive … Continue reading this entry

Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)

acts and regulations
The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit practices. In the Federal Trade Commission Act (the FTC Act), Congress directed the Federal Trade Commission (FTC) and the Federal Reserve … Continue reading this entry

CFPA Q&A: Describe the Bureau's Rulemaking Authority.

Expansive. The Consumer Financial Protection Act’s (“CFPA”) Bureau of Consumer Financial Protection (“Bureau”) will not only be big, but it will have broad and sweeping rulemaking authority. Specifically, the Bureau’s Director, once selected and confirmed, will have the power to “prescribe rules . . . as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and … Continue reading this entry