Last week the Consumer Financial Protection Bureau (CFPB) issued its latest Compliance Bulletin, called “The FCRA’s Requirement that Furnishers Establish and Implement Reasonable Written Policies and Procedures Regarding the Accuracy and Integrity of Information Furnished to all Consumer Reporting Agencies.” A copy of the Bulletin can be found here. The Bulletin was released in conjunction […]
Mandatory arbitration provisions may be on the endangered species list, but they are not gone yet. Two opinions from two different courts were published this past week addressing mandatory arbitration clauses. The cases presented different issues and the results were not consistent.
Yesterday, the Consumer Financial Protection Agency and the Department of Justice announced a $21.9 million dollar settlement with the Toyota Motor Credit Corporation. The settlement – and the consent order that comes along with it – may seem of peripheral interest to the ARM industry, but the action offers sharp lessons for the ARM industry on how regulators are using data to track UDAAP violations and how regulators expect financial services agencies to balance employee discretion with agency-wide non-discrimination policies.
Many industry groups have sounded the cry that increased financial services regulation would have the unintended consequence of shrinking the credit available to the same consumers it was intended to protect. But most of these cries have been mere hypothesis. According to new research from the American Action Forum (AAF), Dodd-Frank financial reform has led to a 14.5 percent […]
The case of mortgage lender PHH Corporation v. CFPB has moved to the D.C. federal appeals court, with a hearing scheduled for April 12, the Wall Street Journal reported over the weekend. Although this is not an ARM-related case, it does involve a significant challenge to the CFPB’s rule enforcement powers, which makes it very relevant to the industry.
Late last week the Consumer Financial Protection Bureau announced they are accepting applications for membership on all of their advisory groups. Here’s what they’re looking for: Experts in consumer protection, community development, consumer finance, fair lending, and civil rights Experts in consumer financial products or services Representatives of banks that primarily serve underserved communities Representatives […]
The two year legal battle between the Consumer Financial Protection Bureau (“CFPB”) and the Law Firm of Frederick J. Hanna (“Hanna”) came to a possible resolution when both sides filed a joint motion for a Stipulated Judgment and Order (“Order”). The case was before the United States District Court in the Northern District of Georgia. The […]
Today the CFPB filed a proposed consent order in federal court that would end its lawsuit that began in July 2014 against Frederick J. Hanna & Associates. Both the Hanna firm and NARCA have issued statements. This is an incredibly significant case for the ARM industry, as it has the potential to be the only CFPB direction on the subject unless and until formal rulemaking begins.
As 2015 winds to a close, it might be illustrative to take a look at some of the bigger actions the CFPB has taken in its oversight of the ARM industry. 1) Special Attention to Service Providers/Vendors In early April of 2015, we learned that the CFPB had filed suit against a network of companies […]
Earlier this month, the Federal Trade Commission, together with the Consumer Financial Protection Bureau (CFPB) filed an Amicus Brief with the U.S. Court of Appeals for the Seventh Circuit in the case of Carmen Franklin and Jenifer Chism, Plaintiffs, v. Parking Revenue Recovery Services, Inc. and Bryon Bellerud II, PC. The purpose of the Brief […]