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Goodwin Releases Review of Major Developments Impacting the Consumer Financial Services Industry

Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer finance industry in 2016. The second annual report, produced by the firm’s Financial Industry and Consumer…

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Senate Democrats Press Treasury Secretary Nominee Mnunchin for Views on Bank Regulation and Fair Lending Laws

On December 21, 2016, the ranking member of the U.S. Senate Banking, Housing and Urban Affairs Committee, Senator Sherrod Brown (D-OH), sent a pointed letter to President-elect Trump’s nominee for Treasury Secretary, Steven Mnuchin.  The letter is an attempt to gain an understanding of Mr. Mnuchin’s views on topics over which…

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CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

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FCC Issues Enforcement Advisory Clarifying Permissible Use of Robotexts Under the TCPA

On November 18, 2016, the FCC issued an enforcement advisory clarifying its position that autodialed text messages, known as “robotexts,” are subject to the TCPA.  As we reported last year, the FCC issued a package of declaratory rulings expanding the TCPA’s scope in July 2015, and this enforcement advisory is…

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CFPB Considering Debt Collection Reform Proposals

*Editor’s Note:  This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…

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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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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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Policy Analysts Propose Merger of Freddie Mac and Fannie Mae

In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…

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CFPB Confirms Credit Unions Will Remain Subject to Regulations

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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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Final Countdown: Mortgage Industry Apprehensive as TRID Effective Date Looms

Arguably the most pressing topic at this year’s Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference (held on September 20-22, 2015 in Washington, D.C.) was the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, which will take effect on October 3, 2015.   While industry leaders at the conference generally seemed to accept…

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