According to remarks made by Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray on October 7, 2015 (and a subsequent press release), the CFPB is planning to issue regulations that would prohibit many financial services companies from requiring consumers to waive their right to bring a class action lawsuit via a pre-dispute arbitration agreement
The CFPB Cracks Down on Another Auto Lender for UDAAP
On October 1, 2015, the Consumer Financial Protection Bureau entered into a consent order with an indirect finance company, Westlake Services, LLC, and its auto title lending subsidiary, Wilshire Consumer Credit, LLC (collectively, “Respondents”). Westlake specializes in purchasing and servicing subprime and near-subprime auto loans. Wilshire extends auto title loans directly to consumers. Respondents agreed
Join us at the American Conference Institute’s Inaugural Consumer Lending Regulatory Compliance Forum
Lessons Learned and Best Practices in an Era of Heightened Government Scrutiny for the Industry October 29-30, 2015 – The Carlton Hotel – New York City We are pleased to announce that David N. Anthony, Partner at Troutman Sanders, will present “Protection of Consumer Financial Information Including Consumer Financial Privacy (FCRA and GLBA) Plus
Debt-Relief Scheme Cost Consumers $67 Million in Illegal Fees
On September 2, the United States District Court of the Southern District of Florida granted multiple motions for temporary restraining orders (TROs) by the Consumer Financial Protection Bureau in the matter of Consumer Financial Protection Bureau v. Orion Processing, LLC, Bradley James Haskins, World Law Debt Services, LLC, and World Law Processing, LLC. The CFPB
CFPB Rolls Out Online Tools to Explain New Mortgage Disclosure Forms
Effective October 3, instead of providing consumers with Truth in Lending disclosures, Good Faith Estimates, and HUD-1 Settlement Statements, mortgage lenders must provide potential homebuyers with two new forms: a Loan Estimate and Closing Disclosure.
To help consumers understand the new “Know Before You Owe” mortgage forms, the Consumer Financial Protection Bureau has released
House Financial Services Committee to Vote This Week on Bills to Reform the CFPB
The House Financial Services Committee is expected to vote Wednesday on bills to replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission (H.R. 1266) and require Senate confirmation for the CFPB’s inspector general (H.R. 957).
As we discussed here, The Financial Product Safety Commission Act (H.R. 1266), introduced on March
CFPB Director Cordray to Present Latest Semi-Annual Report to Congress on September 29
At 10:00 a.m. EDT on September 29, Richard Cordray, Director of the Consumer Financial Protection Bureau, will testify at a House Financial Services Committee hearing to present the CFPB’s latest semi-annual report.
Cordray last appeared before this House committee in March 2015. During that hearing, U.S. Rep. Randy Neugebauer announced the introduction of a bill
Debt Collection Complaints to CFPB Decrease in August
Complaints to the Consumer Financial Protection Bureau filed against debt collectors declined ten percent from July to August 2015, according to the latest debt collection litigation and complaint statistics report from WebRecon. There were 3,432 complaints in August – down from 3,812 in July. 834 different debt collectors were implicated by the complaints. According
CFPB and DOJ Order Hudson City Savings Bank to Pay $27 Million to Increase Mortgage Credit Access in Communities Illegally Redlined
On September 24, the Consumer Financial Protection Bureau and the U.S. Department of Justice announced a proposed Consent Order with Hudson City Savings Bank, whereby the mortgage lender agreed to pay $27.5 million in direct loan subsidies and community outreach programs, as well as an additional $5.5 million civil penalty. The proposed Consent Order also
CFPB to Hold Field Hearing on Arbitration in Denver on October 7, 2015
The Consumer Financial Protection Bureau has announced that it will be holding a field hearing on arbitration in Denver, Colorado on Wednesday, October 7 at 11:00 a.m. MDT.
The CFPB’s March 10, 2015 Consumer Arbitration Study has come under scrutiny from the financial services industry. Many believe the CFPB has already concluded that there are