On Tuesday, June 25, the Consumer Financial Protection Bureau (the “CFPB”) convened the first in a new series of symposia on consumer protection topics. The symposium series was announced in Director Kathleen Kraninger’s first major speech as the Bureau’s Director on April 17, 2019. The intent of the series is to initiate dialogue with stakeholders that will inform the Bureau’s future rulemakings. The topic of the first symposium, in which our colleague Eric Mogilnicki participated, was the meaning of “abusive acts or practices” under section 1031 of the Dodd–Frank Act. The “abusive” standard has been on the Bureau’s rulemaking agenda since the fall of 2018. 
Continue Reading First CFPB Symposium Focuses on “Abusive” Acts or Practices Standard

On June 7, 2019, 26 Democratic senators sent a letter to Consumer Financial Protection Bureau (the “Bureau”) Director Kathleen Kraninger criticizing the Bureau’s proposed rule to modify Regulation F under the Fair Debt Collection Practices Act.  As we have previously discussed, the Bureau released its long-anticipated proposed rule on May 7, 2019.  Director Kraninger described

On May 7, 2019, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its long-anticipated proposed rule on debt collection. The proposed rule would amend Regulation F, which implements the Fair Debt Collection Practices Act (“FDCPA”), and would govern the activities of debt collectors, as defined in the FDCPA. Certain provisions also rely on the Bureau’s authority under sections 1031 and 1036 of the Dodd-Frank Act to regulate unfair, deceptive, or abusive acts or practices. CFPB Director Kathleen Kraninger described the Bureau’s action as an effort to “modernize the legal regime for debt collection” and “ensure we have clear rules of the road where consumers know their rights and debt collectors know their limitations.”

Continue Reading CFPB Proposes Debt Collection Rule under FDCPA

On May 2, 2019, the Consumer Financial Protection Bureau (“CFPB”) released a notice of proposed rulemaking (the “NPRM”) proposing to raise coverage thresholds for collecting and reporting data under the Home Mortgage Disclosure Act (“HMDA”).  In addition, the Bureau released an advanced notice of proposed rulemaking (the “ANPR”) requesting comment on the costs and benefits

On April 25, 2019, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published a Request for Information (the “RFI”) related to the Remittance Rule, the Bureau’s existing regulation that implements the Electronic Funds Transfer Act (“EFTA”) as amended by the Dodd-Frank Act.  The Remittance Rule requires certain disclosures in the case of remittance payments (electronic

The Consumer Financial Protection Bureau (“CFPB”) announced Tuesday that going forward the agency will provide more information in its Civil Investigative Demands (“CIDs”).  The American Bankers Association and others had voiced concerns about the often vague and expansive scope of such demands in response to the Bureau’s 2018 Request for Information (“RFI”) seeking feedback on the CID process.  The CFPB indicated that it will include more detail regarding the potentially wrongful conduct under investigation and the potentially applicable provisions of law that may have been violated in its CIDs.  The Bureau says that it “typically” will specify the business activities subject to its authority.  In cases where determining its authority over the relevant activity is one of the purposes of the investigation, it may disclose that fact in the interests of transparency.

Continue Reading CFPB to Provide More Information in Civil Investigative Demands

On April 17, 2019, CFPB Director Kathleen Kraninger outlined her approach in executing the Bureau’s statutory mission in a speech to the Bipartisan Policy Center. This was Director Kraninger’s first major speech since taking the helm at the Bureau. Kraninger’s remarks were organized around the tools that the Bureau will utilize to advance its core

On March 21, 2019, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced that it was enhancing its advisory committee charters. The announcement follows former Acting Director Mick Mulvaney’s decision in June 2018 to reduce the number of members on the committees and decrease membership terms.

Director Kathy Kraninger described these changes as a product

On March 12, 2019, the CFPB released the 18th edition of its Supervisory Highlights report. The report covers supervision activities completed between June 2018 and November 2018 and discusses supervisory observations related to automobile loan servicing, mortgage servicing, remittances, and deposits. The report also summarizes the CFPB’s previously announced public enforcement actions and guidance during the covered period.

The 18th edition of Supervisory Highlights is the first report issued under Director Kathy Kraninger’s leadership and the second report to cover supervision activities completed under the direction of former Acting Director Mick Mulvaney. Like the prior Supervisory Highlights report issued under former Acting Director Mick Mulvaney, the report includes introductory language that “institutions are subject only to the requirements of relevant laws and regulations” and “[a] conclusion that a legal violation exists on the facts and circumstances described here may not lead to such a finding under different circumstances.” Also like the prior report, it does not specify the dollar amounts of civil money penalties and consumer remediation obtained during the covered period.

The Bureau’s supervisory observations related to automobile loan servicing, mortgage servicing, remittances, and deposits—all frequent areas of focus in Supervisory Highlights reports—are discussed below.


Continue Reading CFPB Issues 18th Edition of Supervisory Highlights