David Stein advises clients on retail financial services, credit reporting, financial privacy, payments, fair lending, and technology and e-commerce issues. He assists banks, non-bank lenders, consumer reporting agencies, payments and technology companies, and their vendors with regulatory, compliance, supervision, enforcement, and transactional matters.
The CFPB released yesterday its Supervisory Highlights for Fall 2016. The Supervisory Highlights state that, taking into account non-public enforcement actions, “recent supervisory activities […] resulted in approximately $11.3 million in restitution to more than 225,000 consumers” during the May-August 2016 review period. The Highlights reflect continued focus by the CFPB on many of the … Continue Reading
On October 25, 2016, the Consumer Financial Protection Bureau (CFPB) released its monthly complaint report. For the month of September 2016, the products and services receiving the most complaints were debt collection, credit reporting, and mortgages. These three topics collectively represented almost two-thirds of the complaints submitted. Notably, debt collection complaints declined by 24 percent and … Continue Reading
On October 11, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against Navy Federal Credit Union for allegedly making false threats about debt collection to its members, which include active-duty military, retired servicemembers, and their families, and for allegedly restricting account access when members had a delinquent loan. Under the … Continue Reading
The D.C. Circuit Court’s decision in PHH Corp., et al. v. Consumer Financial Protection Bureau deals a major blow to the CFPB and represents a victory for financial services industry. Although the Court’s constitutional holding may dominate the headlines, the most significant aspects of the Court’s decision for the industry are the limits on the … Continue Reading