Header graphic for print
Financial Services Litigation Monitor Financial services litigation & investigations updates and insights

Category Archives: Federal Agencies

Subscribe to Federal Agencies RSS Feed

CFPB, Banking Agencies Clarify Post Dodd-Frank Authority to Enforce UDAP Regulations

Posted in Federal Agencies

On August 22, 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the National Credit Union Administration issued a statement attempting to clarify that the repeal of credit practices rules applicable to the depository institutions they… Continue Reading

SECOND CIRCUIT VACATES DECISION REJECTING SEC-CITIGROUP “NO-ADMIT” SETTLEMENT

Posted in Federal Agencies, Financial Services Litigation, SEC News, Uncategorized

On June 4, 2014, the Second Circuit issued a 28-page ruling holding that U.S. District Court Judge Jed Rakoff had “abused” his discretion by rejecting a $285 million U.S. Securities and Exchange Commission (“SEC”) settlement with Citigroup, Inc. because the bank neither admitted nor denied wrongdoing.  The 2011 decision led to increased criticism of the… Continue Reading

CFPB ISSUES SPRING 2014 SUPERVISORY HIGHTLIGHTS REPORT – FOCUS ON FAIR LENDING AND COMPLIANCE SYSTEMS

Posted in Consumer Protection Litigation, Federal Agencies, Financial Services Litigation, Uncategorized

On May 22, 2014, the Consumer Financial Protection Bureau (CFPB) issued its Spring 2014 Supervisory Highlights Report – its fourth such report since the agency’s founding.  The report includes a review of recent rulemaking, guidance, and enforcement activity.  The CFPB used its fourth report to focus on the importance of compliance management systems.  “In this… Continue Reading

CFPB to pay its employees affected by performance rating disparities

Posted in Federal Agencies

Following an internal review that found it consistently gave higher performance ratings to whites, younger employees and higher-paid workers, the Consumer Financial Protection Bureau (CFPB) said that it will distribute additional pay to the negatively affected employees, according to a Wall Street Journal report.   The CFPB plans to distribute up to $5.5 million in additional pay to… Continue Reading

CFPB Reports 80% Increase In Consumer Complaints

Posted in Federal Agencies

On March 31, 2014, the Consumer Financial Protection Bureau (CFPB) released a report showing that the number of consumer complaints it received nearly doubled in 2013.  According to the CFPB’s 2013 Consumer Response Annual Report, the agency received 163,700 complaints in 2013, compared to approximately 91,000 in 2012. The majority of 2013 complaints concerned mortgages,… Continue Reading

U.S. Chamber asks CFPB to clarify auto-lending rules

Posted in Federal Agencies

A February 12, 2014 letter from the U.S. Chamber of Commerce to the Consumer Financial Protection Bureau (CFPB) asks the agency to write new rules governing the auto-lending industry to eliminate ambiguity regarding fair lending and abusive practices standards.  The Chamber identified three areas of particular concern:  the test for disparate impact in indirect auto lending; the definition of abusive… Continue Reading

CFPB to Expand Debt Collection Rules

Posted in Federal Agencies

On November 6, 2013, the Consumer Financial Protection Bureau (CFPB) published an advanced notice of proposed rulemaking announcing its intent to issue debt collection regulations that restrict how companies may contact consumers using mobile phones and other modern technologies.  The CFPB also announced that it intends to expand the types of firms that will be governed by… Continue Reading

CFPB Referral Results in DOJ Criminal Action

Posted in Federal Agencies

On May 7, the U.S. Attorney for the Southern District of New York  announced the filing of criminal mail and wire fraud charges against a debt settlement firm (Mission Settlement Agency), along with the firm’s owner and three  employees. The government alleges that the defendants engaged in a multi-million dollar scheme involving more than 1,200 customers who… Continue Reading

CFPB Releases Unverified Consumer Complaint Database

Posted in Federal Agencies

On March 28, 2013, the Consumer Financial Protection Bureau (CFPB) published a database containing over 90,000 consumer complaints lodged with the agency.  According to the CFPB press release announcing the publication, the public may search the complaints through the CFPB’s website database portal.  The database includes more than 1 million data points covering 450 companies. The information… Continue Reading

Consumer Financial Protection Bureau Plans to Increases Student Lending Oversight

Posted in Federal Agencies

On March 14, 2013, the Consumer Financial Protection Bureau (CFPB) announced that it had proposed a new regulation that, if it becomes final, will give the CFPB authority to directly supervise non-bank entities that service over one million student loans.  According to a legaltimes.com article, the new rule would cover seven companies that combined service 70% of the… Continue Reading