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Volcker Rule FAQs Updated for TruPS CDOs

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The staff of the SEC’s Divisions of Trading and Markets, Investment Management, and Corporation Finance have updated guidance on the SEC’s final rule implementing section 13 of the Bank Holding Company Act of 1956 (“BHC Act”), commonly referred to as the Volcker Rule. In the new FAQs the staff advises... Read More

Topics: Banking

CFPB Announces First Ever Data Security Enforcement Action

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On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security related enforcement action against online payment systems company Dwolla, Inc. Dwolla, Inc., operates an online payment system that involves the collection and storage of consumers’ sensitive personal information, including names, addresses, dates of birth, telephone... Read More

Topics: Banking, CFPB, Consumer Protection

CFPB Releases Monthly Complaint Report for February 2016

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On March 1, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for February 2016, which provides an overview of three-month trends in consumer complaints.  This Monthly Report also highlights consumer complaints related to prepaid products and complaints from the Houston, Texas metro area. Prepaid Product... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Takes Action Against Citibank, N.A., and Affiliates for Alleged Debt Collection Violations

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On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate enforcement actions against Citibank, N.A., its affiliates, and two debt collection law firms, for alleged illegal debt sales and debt collection practices. Debt Sales Enforcement Action In the first enforcement action, the CFPB alleges that Citibank, N.A.,... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Director Cordray Blasts Arbitration Clauses During Recent American Constitution Society Speech

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On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer agreements and set the stage for CFPB rulemaking that will likely greatly restrict the use of arbitration provisions... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB and DOJ Continue Aggressive and Controversial Enforcement Efforts Against Indirect Auto Lenders with Enforcement Action Against Toyota Motor Credit Corporation

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On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit) for alleged discriminatory lending practices in violation of the Equal Credit Opportunity Act (ECOA). The CFPB and DOJ... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

House of Representatives Issues Part II of Report Criticizing CFPB’s Auto Lending Enforcement Efforts

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On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed Anti-Fraud Safeguards to Achieve Political Goals, which criticizes the Consumer Financial Protection Bureau (CFPB) for its actions following... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Releases Monthly Complaint Report for December 2015 and Highlights New York Metro Area Complaints

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On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints.  This Monthly Report highlights consumer complaints related to “other financial service,” such as debt settlement, check cashing, money orders, and credit... Read More

Topics: Banking, CFPB, Litigation