• 07.10.17

    Financial Services Law—CFPB Bans Most Consumer Arbitrations

    Today, and to no one’s surprise, the Consumer Financial Protection Bureau (CFPB) announced a final rule that prevents banks and other covered providers of specified consumer financial products from incorporating or enforcing predispute mandatory arbitration to the extent that the clause bars ...

  • 06.22.17

    Supreme Court: FDCPA Doesn’t Cover Owned Debt

    A bank or other person may collect debts that it purchased for its own account without triggering the statutory requirements of the Fair Debt Collection Practices Act, a unanimous Supreme Court recently ruled.

  • 06.08.17

    California Court Upholds CFPB’s Constitutionality, Request for CID

    Taking the opposite approach from recent decisions of the U.S. Court of Appeals for the D.C. Circuit, a California federal court upheld the constitutionality of the Consumer Financial Protection Bureau while also ordering the defendant to comply with a civil investigative demand issued by the ...

  • 05.25.17

    Curry Defends OCC's Fintech Charter, New York's DFS Sues

    Stepping down as the leader of the Office of the Comptroller of the Currency (OCC), Thomas J. Curry highlighted the efforts of the agency to encourage financial innovation, particularly the agency's decision to grant fintech charters, as another lawsuit was filed challenging those charters.

  • 05.12.17

    CSBS Sues OCC Over Fintech Charters

    An organization of state banking regulators hit the Office of the Comptroller of the Currency with a lawsuit, claiming the federal agency’s plan to issue fintech charters exceeds its authority.

  • 04.13.17

    $3M Penalty for Credit Reporting Agency in CFPB Action

    A major credit bureau and its subsidiaries will pay a civil penalty of $3 million, revise how it represents how the credit scores it markets to consumers are used, and put in place changes in its compliance management system in a settlement with the Consumer Financial Protection Bureau (CFPB or ...

  • 03.30.17

    Industry Groups Respond on Consumer Access to Financial Records

    Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial records.

  • 03.16.17

    Borrower Wins Key Victory in Madden v. Midland

    A federal judge has ruled that New York law—not Delaware law as the parties agreed in the initial loan agreement—applies to the defaulted borrower's claims and has certified a class action against the debt collector.

  • 03.03.17

    Borrower Wins Key Victory in Madden v. Midland

    A federal judge has ruled that New York law—not Delaware law as the parties agreed in the initial loan agreement—applies to the defaulted borrower's claims and has certified a class action against the debt collector.

  • 02.02.17

    Comments Reveal Mixed Reaction to OCC Fintech Charter

    As the comment period ended on the Office of the Comptroller of the Currency's (OCC) proposal to establish a fintech charter, stakeholders weighed in on both sides of the idea.