Search Results: Regulation

FCC Issues Enforcement Advisory Clarifying Permissible Use of Robotexts Under the TCPA

On November 18, 2016, the FCC issued an enforcement advisory clarifying its position that autodialed text messages, known as “robotexts,” are subject to the TCPA.  As we reported last year, the FCC issued a package of declaratory rulings expanding the TCPA’s scope in July 2015, and this enforcement advisory is…

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CFPB Considering Debt Collection Reform Proposals

*Editor’s Note:  This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…

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CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending.  Below are highlights of…

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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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New Challenge to the CFPB’s Constitutionality Teed Up For Argument

On November 6, 2015, State National Bank (SNB) filed a summary judgment motion in the United States District Court for the District of D.C., seeking a declaratory judgment holding that the CFPB is unconstitutional and invalidating the actions taken by Director Cordray during his 18-month recess appointment.  See State National…

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Policy Analysts Propose Merger of Freddie Mac and Fannie Mae

In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…

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CFPB Confirms Credit Unions Will Remain Subject to Regulations

On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks (click link for full text) regarding CFPB regulation of credit unions to the Credit Union National Association.  The crux of Director Cordray’s remarks was that the CFPB has affirmatively decided not to exclude credit unions from CFPB…

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CFPB Issues Guidance, and a Warning, to Institutions Reporting to Specialty CRAs

On February 3, 2016, in conjunction with a Field Hearing held the same day concerning deposit accounts, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the duties of furnishers of information to maintain adequate policies and procedures that comply with the Fair Credit Reporting Act (FCRA) (15…

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Class-Action Waivers on the CFPB Chopping Block

Earlier this month, the CFPB announced that it may propose rules designed to curtail or eliminate class-action waivers from arbitration clauses. Arbitration clauses appear in most financial-services contracts to provide both parties with a cheaper alternative to litigation. Dubbing such clauses “a free pass [to] sidestep the legal system, avoid…

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CFPB Eyes Student Loan Servicing As Next Target In New Report

The CFPB issued a new report on September 29, 2015, making clear that it is targeting student loan servicing for a set of industry-wide reforms.  Servicers should be on notice that the CFPB is reviewing new standards for them to follow.  The CFPB report is the result of a public inquiry…

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Final Countdown: Mortgage Industry Apprehensive as TRID Effective Date Looms

Arguably the most pressing topic at this year’s Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference (held on September 20-22, 2015 in Washington, D.C.) was the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, which will take effect on October 3, 2015.   While industry leaders at the conference generally seemed to accept…

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OCC, FRB, and FDIC Push Ahead on Reducing Regulation of Community Banks

On May 4, 2015, Comptroller of the Currency Thomas Curry, Federal Reserve Board (FRB) Governor Daniel Tarullo, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg held the third in a series of outreach meetings to discuss with the public their efforts to reduce the regulatory burden on community banks…

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Financial Services Firms' Projected Cybersecurity Spending Increase Is Money Well Spent

One of the most persistent and insidious threats to companies is cyber attacks.  Whether these attacks involve theft of intellectual property, installation of malware, or denial of service, they pose a significant risk to businesses and their customers.  For many companies, especially financial services companies, the risk is heightened by…

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An In-Depth Analysis of the CFPB’s Proposed New Rules on Pre-Paid Cards

On Monday, November 17, we briefly discussed the CFPB’s newly proposed prepaid card rules.  Today we elaborate on these newly proposed rules, and their effect on issuers if these new rules are implemented by the CFPB. Scope: The CFPB explained what it considers to be a prepaid card for purposes of…

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CFPB Finalizes Mortgage Rules Amendments

On October 22, the CFPB issued amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014.  The amendments include: ATR/QM Cure Provision: Under the Ability-to-Repay/Qualified Mortgage Rule, a mortgage loan must meet certain requirements to be considered a “qualified mortgage”.  One such requirement is that the points and fees…

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