Top News

Members of Congress want safe harbor provision in CFPB’s final arbitration rule

Jessica Karmasek Sep. 20, 2016, 12:56pm

The federal lawmakers, in a letter sent to the head of the Consumer Financial Protection Bureau earlier this month, urged the bureau to consider including a provision in the final rule that allows financial companies to retain class action waivers in their arbitration clauses. Under the CFPB’s current proposal, companies would be prohibited from putting mandatory arbitration clauses in new contracts.

CFPB orders Bridgepoint Education to refund students after allegations of deception

Mark Iandolo Sep. 15, 2016, 3:50pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has taken action against Bridgepoint Education Inc., a for-profit college chain, for allegations of deceiving students into loans that cost more than advertised.

CFPB fines Wells Fargo $100 million after alleged illegal practices

Mark Iandolo Sep. 13, 2016, 8:45am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced a $100 million fine against Wells Fargo.

D.C. Circuit affirms SEC's use of administrative law judges

April Bamburg Sep. 1, 2016, 12:15pm

WASHINGTON (Legal Newsline) - On Aug. 9, the U.S. Court of Appeals for the District of Columbia rejected a petition for review of a decision by U.S. Securities and Exchange Commission (SEC) administrative law judges.

CFPB releases 'fix it form' to help student loan servicers improve level of service

Mark Iandolo Aug. 26, 2016, 11:52am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) Student Loan Omsbudman has released a report about consumer complaints of servicing problems that make it difficult to lower their payments in relation to their income.

CFPB proposes changes to Know Before You Owe rule to help provide clarity

Mark Iandolo Aug. 25, 2016, 7:10pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced proposed updates to its Know Before You Owe mortgage disclosure rule.

CFPB announces leadership changes within the Bureau

Legal News Line Aug. 25, 2016, 7:00pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced leadership changes within the agency, including new employees at the following positions – associate director for supervision, enforcement, and fair lending; principal deputy general counsel; and deputy chief operating officer.

Federal court: Debt relief law firms not exempt from CFPB’s authority

Jessica Karmasek Aug. 25, 2016, 12:53pm

A Wisconsin federal judge recently ruled that the owners of two law firms offering debt relief services may be held liable by the Consumer Financial Protection Bureau for allegedly violating federal consumer protection laws.

CFPB receives thousands of comments on proposed arbitration rules

Jessica Karmasek Aug. 23, 2016, 11:14am

The Consumer Financial Protection Bureau, an independent agency of the federal government responsible for consumer protection in the financial sector, published its proposal in the Federal Register on May 24, with a 90-day comment period. All comments were due no later than Monday.

18 state attorneys general support rule to limit mandatory pre-dispute arbitration clauses

Mark Iandolo Aug. 17, 2016, 12:08pm

BOSTON (Legal Newsline) — Massachusetts Attorney General Maura Healey has announced she is leading a coalition of 17 states and the District of Columbia in supporting the Consumer Financial Protection Bureau’s (CFPB) proposed rule to limit the use of mandatory pre-dispute arbitration clauses in contracts for financial products and services.

CFPB outlines possible proposals to overhaul debt collection market

Mark Iandolo Jul. 29, 2016, 5:29pm

The Consumer Financial Protection Bureau (CFPB) recently outlined a set of proposals it is considering as part of a plan to overhaul the debt collection market — capping collector contact attempts and helping ensure companies collect the correct debt.

CFPB takes action against Santander Bank for alleged illegal overdraft services

Mark Iandolo Jul. 25, 2016, 3:48pm

The Consumer Financial Protection Bureau (CFPB) announced that Santander Bank N.A. will pay $10 million for its alleged illegal overdraft service practices.

CFPB announces intent to implement congressional changes to GLBA

Mark Iandolo Jul. 22, 2016, 11:44am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced it has proposed to implement recent congressional legislation allowing certain financial institutions to be exempt from sending annual privacy notices to consumers.

CFPB recovers more than $24.5 million in restitution for illegal auto finance schemes

Mark Iandolo Jul. 6, 2016, 12:43pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced its supervisory actions in the first four months of 2016 revealed illegal auto finance and payment activity that led to close to $24.5 million in restitution to more than 257,000 consumers.

CFPB announces new thresholds for certain parts of Truth in Lending Act regulations

Mark Iandolo Jun. 22, 2016, 12:25pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced annual adjustments to the dollar amounts of select thresholds existing within the Truth in Lending Act regulations. These regulations will take effect on certain consumer credit transactions in 2017.

CFPB proposes new rules targeting payday loan fees

Carrie Salls Jun. 20, 2016, 3:00pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) recently released proposed new rules designed to regulate payday, automobile title and some high-cost installment loans in an effort to protect consumers from the financial woes associated with frequent loan and overdraft fees.

Arkansas attorney general reacts to recent actions undertaken by the CFPB

Mark Iandolo Jun. 9, 2016, 8:41pm

LITTLE ROCK, Ark. (Legal Newsline) – Arkansas Attorney General Leslie Rutledge has released comments about the Consumer Financial Protection Bureau’s (CFPB) decision to move forward with federal standards and limitations on credit lines, installment loans, deposit advances, automobile-title secured loans and payday loans.

CFPB targets Intercept Corporation for alleged Dodd-Frank Act violations

Mark Iandolo Jun. 9, 2016, 12:23pm

FARGO, N.D. (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has announced Intercept Corporation and company executives Bryan Smith and Craig Dresser have been charged with allegedly enabling unauthorized withdrawals from consumer accounts.

CFPB charges former Wells Fargo employee with allegations of mortgage-fee shifting

Mark Iandolo Jun. 7, 2016, 6:24pm

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced that it took action against former Wells Fargo employee David Eghbali for an alleged illegal mortgage fee-shifting scheme.

Attorney: Arbitration proposal fight likely not over after comments period

Darren Yuvan Jun. 1, 2016, 9:34am

The Consumer Financial Protection Bureau has proposed a set of rules prohibiting arbitration clauses that prevent class action lawsuits on behalf of consumers -- a contentious proposal that has parties on both sides speaking out.