Last week, the CFPB simultaneously filed a lawsuit against American Advisors Group (AAG) in a California federal district court and a proposed stipulated final judgment and order to settle the lawsuit. The lawsuit alleged that AAG inflated estimated home values
Continue Reading CFPB enters into second settlement with reverse mortgage provider
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CFPB publishes Director Chopra’s statement to staff and other regulators
The CFPB has published the statement that Director Chopra sent to CFPB staff and other financial regulators following his swearing-in on October 12. The statement can be found here.
Continue Reading CFPB publishes Director Chopra’s statement to staff and other regulators
CFPB announces senior leadership changes
As expected, with Rohit Chopra having been sworn in on October 12 as CFPB Director, the Bureau announced senior leadership changes today. The changes consist of the following:
- Zixta Q. Martinez will serve as Deputy Director, and in that
This week’s podcast: Hot issues in auto finance
We discuss recent developments concerning fair lending and ancillary products, including the potential industry-wide implications of recent New York and Massachusetts consent orders and our expectations for future CFPB scrutiny in these areas. We also discuss the CFPB’s recent report…
Continue Reading This week’s podcast: Hot issues in auto finance
Illinois federal court rejects plaintiffs’ attempt to avoid federal court jurisdiction in cases alleging FDCPA violations based on Hunstein
In two cases in which the plaintiffs alleged that the debt collector defendants violated the FDCPA by sharing information about their debts with third party vendors used to prepare collection letters, an Illinois federal district court rejected the plaintiffs’ attempts…
Continue Reading Illinois federal court rejects plaintiffs’ attempt to avoid federal court jurisdiction in cases alleging FDCPA violations based on Hunstein
Rohit Chopra sworn in as CFPB Director
Yesterday, October 12, Rohit Chopra was sworn in as CFPB Director. Tomorrow, October 14, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Rohit Chopra Confirmed as New CFPB Director: What to Expect Next?” Click here…
Continue Reading Rohit Chopra sworn in as CFPB Director
Pennsylvania federal court holds Reg J defenses alone do not create federal question jurisdiction
A Pennsylvania federal district court recently held that Regulation J did not completely preempt state law claims related to a wire transfer, and thus did not fall under the “complete preemption” exception to the “well-pleaded complaint rule.” Reg J deals…
Continue Reading Pennsylvania federal court holds Reg J defenses alone do not create federal question jurisdiction
Hawaii enacts significant changes to small-dollar lending law
Hawaii recently enacted significant changes to its small-dollar lending law that repeals existing Hawaii law on deferred deposits and creates a new regime for installment loans. Although H.B. 1192 took effect on July 1, the repeal of the existing law…
Continue Reading Hawaii enacts significant changes to small-dollar lending law
CBA urges CFPB to adopt larger participant rule for fintech consumer lenders
The Consumer Bankers Association has sent a letter to Rohit Chopra, the incoming CFPB Director, in which it urges the CFPB to adopt a larger participant rule for fintech consumer lenders.
Under the Dodd-Frank Act, in addition to authority to…
Continue Reading CBA urges CFPB to adopt larger participant rule for fintech consumer lenders
CFPB Section 1071 proposed rule on small business lending data collection published in Federal Register
More than a month after it was issued, the CFPB’s notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act was published in the Federal Register on Friday, October 8. Section 1071 amended the ECOA to require…
Continue Reading CFPB Section 1071 proposed rule on small business lending data collection published in Federal Register