David Stein

David Stein

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.

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Post-Election Outlook for Financial Regulatory Agencies: Board of Governors of the Federal Reserve System

The transition to a new administration with the election of Republican Donald J. Trump as President, along with continued Republican control of the Senate and House of Representatives, promises to bring change to each of the federal financial regulatory agencies.  Changes in leadership at the federal financial regulatory agencies will likely result in changes in … Continue Reading

CFPB Releases Fall 2016 Supervisory Highlights Together With New Guidance on Student Loan Servicing, Fair Lending, Reverse Mortgage Servicing

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

CFPB’s Monthly Complaint Report Focuses on Prepaid Account Complaints

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

CFPB Takes Action Against Navy Federal Credit Union for Debt Collection Practices

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

D.C. Circuit Clips CFPB’s Wings

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