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Morning Updates

Consumer Financial Protection Bureau Hosts "Abusive" Symposium

On June 25, the CFPB held a symposium to discuss whether the definition of abusive, as that term is used in the Dodd-Frank Act, should be clarified by a rule or other guidance.

What Banks, Ins. Agencies Need to Know About CA’s New Privacy Law

The CCPA will mandate the most stringent consumer privacy protections in the country. And although the Act contains some exemptions for financial firms, it will undoubtedly affect their operations.

BCFP Fines Auto Lender for GAP Marketing Practices

11/30/18—The BCFP alleged that a consumer financial services company engaged in deceptive practices related to the marketing of an add-on GAP product and a loan extension program for auto loan borrowers.

Appellate Courts Split on the Definition of an Autodialer

What exactly is an autodialer? This year, several appellate courts have tried to answer the question, but the most recent decision by the Ninth Circuit has left TCPA litigators and the telemarketing industry more confused than ever before.

CFPB Chief Urges Changes to CFPB Structure

04/06/18—The CFPB, currently headed by Mick Mulvaney as Acting Director, released its Semi-Annual Report to Congress containing suggestions on ways to increase oversight over the CFPB.

NY Announces New Consumer Protections for Life Insurance Sales

02/16/18—The New York Department of Financial Services (NYDFS) has proposed a new consumer protection standard for the sale of life insurance and annuity products.

CFPB Acting Director Calls for Agency Review

01/19/18 - Acting Director Mick Mulvaney announced that the CFPB will undergo a review of the agency to identify “ways to improve outcomes for both consumers and covered entities.”

CFPB Director Richard Cordray Announces Resignation

11/16/17 - The Washington Post reported yesterday that Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), will step down as head of the CFPB by the end of this month.

President Trump Repeals CFPB Arbitration Rule

11/03/17 -The Hill reports that President Donald Trump signed a congressional resolution nullifying the Consumer Financial Protection Bureau’s (CFPB) rule on arbitration.

Dept. of Education Expands Enforcement, Limits CFPB Role

11/03/17 - The Department of Education (Ed. Department) has taken steps to increase its role in the oversight and enforcement of student aid programs and limit the role of the Consumer Financial Protection Bureau (CFPB).

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