Consumer Financial Protection Bureau (CFPB)

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On March 16, Massachusetts Attorney General Maura Healey announced a $7.4 million settlement with two national auto lenders, American Credit Acceptance LLC (“ACA”) and Westlake Services LLC (“Westlake”).  The settlement resolves claims against the lenders that they charged excessive interest rates on subprime automotive loans.  ACA settled for $1.7 million, and Westlake for $5.7 million.  …

Join Troutman Sanders partners David Anthony and Ashley Taylor at the upcoming National Association of Professional Background Screeners (NAPBS) Mid-Year Legislative & Regulatory Conference at the Washington Marriott Wardman Park in Washington, DC on April 3-5.

The NAPBS Mid-Year Conference focuses on regulation, legislation, education, and compliance related to the background screening industry and, …

We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker during a live webinar entitled “UDAAP and Third Party Payment Processors” on Monday, March 7 from 12:00 noon to 1:00 p.m. EST.  

In its enforcement actions, the Consumer Financial Protection Bureau has expanded the scope of what …

On February 2, following a joint investigation of the Consumer Financial Protection Bureau and the Civil Rights Division of the Department of Justice, Toyota Motor Credit Corporation, the financing arm and subsidiary of the Japanese auto giant, agreed to pay up to $21.9 million in restitution to thousands of minority borrowers who allegedly were charged …

I.   Background

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB) issued a bulletin warning companies that furnish information on consumers to consumer reporting agencies (CRAs) yet again of the need to have adequate policies and procedures. This bulletin makes clear that any company that supplies information to CRAs is in an area of…

On February 3, the Consumer Financial Protection Bureau announced that it is taking steps to help consumers get better access to checking accounts.  The CFPB has “concerns that consumers are being sidelined by the lack of account options and by inaccurate information used to screen potential customers.”  Towards that end, the CFPB sent …

The CFPB released a resource intended to help lenders understand and implement the TILA-RESPA integrated disclosures (“TRID”) when extending construction loans.    

The CFPB’s factsheet provides that construction loans are subject to TRID requirements as long as they are closed-end consumer credit transactions secured by real property.  The only exception is those construction loans that are …

On January 28, the Consumer Financial Protection Bureau released its monthly consumer complaint report, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair.  The CFPB began accepting complaints as soon as it opened its doors in July 2011.   As of January 1, 2016, the CFPB …

The Consumer Financial Protection Bureau recently issued a “Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines.”  The Home Mortgage Disclosure Act was enacted in 1975 and requires covered depository and nondepository institutions to collect and publicly disclose information about applications for, originations of, and purchases of home purchase loans, home improvement …

When the Consumer Financial Protection Bureau refused to allow an attorney to attend an investigational hearing held in connection with several Civil Investigative Demands (CIDs) issued by the CFPB, the subjects of the investigation filed suit against the CFPB, along with a motion to seal the case.  Although the subjects voluntarily dismissed their complaint, the …