CFPB

CFPB Issues Special Mortgage Servicing Report, States Intention to Use Fair Lending Laws to Target Discriminatory Loan Modification Practices

On June 22, 2016, the CFPB issued a Mortgage Servicing Supervisory Highlights Special Edition Report, and concluded that mortgage servicers may be violating the servicing rules that the CFPB enacted in January 2014, as a result of servicers’ continued reliance on ineffective technology.  In addition, the press release accompanying the…

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CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending.  Below are highlights of…

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CFPB Releases Report on Single-Payment Vehicle Title Loans

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing consumer usage and default patterns for certain single-payment vehicle title loans (the “Report”).  Vehicle title loans are loans issued to borrowers by non-depository lenders in exchange for a security interest in their vehicles.  A unique aspect of vehicle…

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CFPB Claims Jurisdiction Over Foreign Payday Lender and its Subsidiaries is Appropriate

The CFPB’s assault on payday lenders is nothing new (see our coverage of the Bureau’s proposed Payday lending rules here and Enforcement Watch’s coverage of a payday-lending-based consent order here), but the Bureau has now gone international.  CFPB v. NDG Financial Capital (Case No. 15-cv-05211), currently pending in the Southern District of…

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Consumer Financial Protection Bureau Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau issued long-expected proposed rules that will drastically limit the use of pre-dispute arbitration clauses in contracts for consumer financial products and services. First, the proposed rules would prohibit pre-dispute arbitration agreements that bar consumers from filing or participating in a class…

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CFPB Steps Up Scrutiny of FinTech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the evolving and growing Financial Technology (FinTech) industry.  The CFPB announcement emphasized that marketplace lending is “a relatively new kind of online…

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CFPB Confirms Credit Unions Will Remain Subject to Regulations

On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks (click link for full text) regarding CFPB regulation of credit unions to the Credit Union National Association.  The crux of Director Cordray’s remarks was that the CFPB has affirmatively decided not to exclude credit unions from CFPB…

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Federal Trade Commission Issues Report to the Consumer Financial Protection Bureau of its Enforcement of the Fair Debt Collection Practices Act

On February 12, 2016, the Federal Trade Commission (FTC) issued a report to the Consumer Financial Protection Bureau regarding its efforts to implement the Fair Debt Collection Practices Act.  The full report can be reviewed here. According to the report, in 2015, the Commission: coordinated the first federal-state-local enforcement initiative targeting deceptive…

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CFPB Issues Monthly Consumer Complaint Report Highlighting Consistent Concerns with Mortgages, Credit Reporting, and Debt Collection Practices

On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) published its monthly consumer complaint snapshot, identifying the most recent trends in consumer complaints about various financial products and services.  CFPB Monthly Complaint Rep., Jan. 2016, at 1.  The report analyzes trends by complaint volume by product, state, and company.  Id. at 3-10….

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House Republicans Level Another Blow at CFPB’s Auto-Lending Policies

Scrutiny of the CFPB’s auto-lending supervision and enforcement practices was renewed last week when Republicans on the U.S. House of Representatives Committee on Financial Services issued another scathing report criticizing the agency, this time focusing on its handling of the distribution of the Ally Financial auto-lending settlement funds.  Concurrently with…

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Hefferon Serves As Co-Chair and Panelist for ACI's 24th National Conference on Consumer Finance Class Actions & Litigation Conference – January 26-27, 2016

Thomas Hefferon, chair of Goodwin Procter’s Consumer Financial Services Litigation Practice, will serve as a conference co-chair and speak on a panel regarding the CFPB’s increasing regulation of the consumer finance industry titled “Evaluating the Lessons Learned from Recent CFPB Enforcement Actions, Regulation of Arbitration Agreements in Consumer Credit Contracts,…

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