Barbara S. Mishkin

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The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.”  Director Kraninger revealed the Bureau’s plans to hold the symposia series in her remarks yesterday to the Bipartisan Policy Council. The announcement indicates that the series is intended to assist the Bureau in its policy development process, including possible future rulemakings.  During each symposium, the Bureau will host a public discussion among members of a…
Mortgage servicing continues to be a CFPB supervisory focus.  In this week’s podcast, we take a close look at the CFPB’s findings involving late fees, PMI cancellation requests, handling of loss mitigation applications, and notices to successors of deceased reverse mortgage borrowers regarding  foreclosure avoidance, share observations on what the findings indicate about the CPPB’s approach to these issues, and discuss the findings’ compliance implications. Click here to listen to the podcast.…
In remarks today at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB.  While consistent with her recent testimony to House and Senate committees, her BPC remarks provide a more detailed view of the approach she plans to take in wielding the CFPB’s authority. Director Kraninger began her remarks by indicating once again that the CFPB’s focus under her leadership will be…
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.  The new process will take effect on May 11, 2019. The CRA provides a mechanism for Congress to overturn federal regulations by enacting a joint resolution of…
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices.  The order is a stark reminder of the risks to payment processors of failing to implement adequate policies and procedures designed to avoid establishing or…
CFPB Director Kraninger is scheduled to give public remarks at a Bipartisan Policy Center program scheduled for April 17, 2019 at 10 a.m. in Washington, D.C. According to BCP’s website, the remarks will be Director Kraninger’s “first public remarks laying out her vision for the Bureau” and “will cover topics including protecting consumers from bad actors, providing clear rules of the road to financial institutions and non-bank lenders, and empowering consumers to make sound financial…
In this podcast, we take a close look at the CFPB’s findings on ancillary product refunds by auto loan servicers in the event of total loss or repossession, consider such findings’ implications for early payoffs and a servicer’s duty to request refunds, and share observations on how the CPPB’s use of its UDAAP authority has changed under post-Cordray leadership and what that means for a company’s approach to compliance. Click here to listen to the…
Ballard Spahr is proud to be partnering with Venminder, Inc. in sponsoring a webinar, “Banking and regulatory expectations in today’s third-party risk management world,” to be held at 2 p.m. ET on April 16, 2019.  Hosted by American Banker, the webinar will feature Glen Trudel, a partner in Ballard Spahr’s Consumer Financial Services Group, and Branan Cooper, Venminder’s Chief Risk Officer. Glen and Branan will be joined by Elizabeth Khalil, Director and Associate General Counsel…
At the end of last month, the U.S. Supreme Court heard oral argument in Kisor v. Wilkie, a case in which the question before the Court is whether it should overrule a line of cases instructing courts to defer to an agency’s interpretation of its own regulation, a doctrine sometimes referred to as “Auer deference.”  The name derives from Auer v. Robbins, a 1997 U.S. Supreme Court opinion written by Justice Scalia for a…
The Federal Financial Institutions Examination Council (FFIEC) announced that CFPB Director Kathy Kraninger became the Chairman of the FFIEC on April 1, 2019.  Ms. Kraninger is the first CFPB Director to serve as FFIEC Chairman.  Her two-year term runs until March 31, 2021. The FFIEC chairmanship rotates among the FFIEC’s federal members for two-year terms in the following order: OCC, Federal Reserve, FDIC, CFPB, and NCUA.  As Chairman, Ms. Kraninger succeeds FDIC Director Jelena McWilliams.…