Representatives from the Credit Union National Association (CUNA) addressed the Senate Banking Committee on July 14 in advance of the Committee’s July 15 Hearing with Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB).
CUNA representatives recommended that Congress clarify and expand the CFPB’s exemption authority. This would permit the CFPB to further exempt
On July 15, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray provided insightful testimony on a number of subjects in an appearance before the Senate Banking Committee. During the question-and-answer session, Cordray indicated that the CFPB will be revisiting the income-verification standards of the Ability-to-Repay Rule at some point in the near term. He commented
On July 13, the American Bankers Association, the Consumer Bankers Association, and The Financial Services Roundtable submitted a comment letter to the Consumer Financial Protection Bureau in response to the CFPB’s March 10, 2015 Consumer Arbitration Study.
This Arbitration Study has been widely viewed as potentially laying the groundwork for the abolition of mandatory
On July 9, just weeks after initiating its first enforcement actions against payment processors, the Consumer Financial Protection Bureau issued an outline of nine “guiding principles” for faster payment networks which will provide greater consumer protections. The CFPB indicated that new technology supporting payment systems must be secure, transparent, accessible, affordable to consumers, and have
Expert strategies for in-house and outside counsel on navigating class actions, litigation, and government enforcement actions and examinations in the consumer finance industry
Monday, July 27 to Tuesday, July 28, 2015
The Omni Hotel on the Magnificent Mile, Chicago, IL
On behalf of Troutman Sanders you will receive a discount off the standard registration cost
On July 1, the Consumer Financial Protection Bureau announced that it had agreed to consent orders in pending lawsuits against two sets of defendants – Affinion Group Holdings Inc. and its subsidiaries (“Affinion”), as well as Intersections, Inc. (“Intersections”) – over allegations that the vendors had unfairly charged consumers for credit card add-on benefits that
We recently reported on the TILA-RESPA Integrated Disclosure Rule (TRID), scheduled to go into effect later this year. On June 9, several trade groups, including the American Bankers Association and the Mortgage Bankers Association jointly authored a letter to the House Financial Services Committee, urging the passage of H.R. 2213, introduced in the House
This month, Consumer Financial Protection Bureau Director Richard Cordray issued a groundbreaking decision in the first ever appeal of an administrative enforcement proceeding. In his decision, Cordray largely affirmed the November 2014 judgment of Administrative Law Judge Cameron Elliot. Judge Elliot had found that PHH Corp., a mortgage lender, violated the Real Estate Settlement Procedures
On June 23, the Consumer Financial Protection Bureau issued the eighth edition of its “Supervisory Highlights,” which covered supervisory activities the Bureau completed between January and April 2015.
The CFPB oversees depository institutions and credit unions with total assets of more than $10 billion, as well as their affiliates. Under the Dodd-Frank Wall Street Reform
On June 17, ACA International – a trade group representing collection agencies and attorneys, creditors, debt buyers, and industry service providers – presented substantive comments to the Consumer Financial Protection Bureau in response to the agency’s recent request for information related to the consumer credit card market. The CFPB’s request contained four debt collection questions,