Court Declines to Enjoin Dept. of Education Termination of Recognition Status of College Accrediting Organization Challenging CFPB CID

By | CFPB Monitor | February 23, 2017
John L. Culhane, Jr. In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting Council for Independent Colleges and Schools (ACICS) as a nationally recognized accrediting agency.  View Full Post
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The Eastern District of Michigan Affirms the CFPB’s Broad Authority to Issue Civil Investigative Demands

By | CFPB Monitor | February 21, 2017
Daniel L. Delnero A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a Civil Investigative Demand (“CID”) is very broad, particularly when compared to discovery in federal litigation. View Full Post
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MLA Website Malfunction

By | CFPB Monitor | February 21, 2017
Juliana D. Gerrick According to an announcement posted on the Military Lending Act (“MLA”) Website, “[b]etween February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from processing.” The Defense Manpower Data Center advises any creditor who, during the time period in question, submitted a Multiple Record Request file that failed to process submit the file again for processing. View Full Post
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CFPB Seeking Information On Use of Alternative Data in Credit Process, Including by Small Business Lenders

Stefanie Jackman and Scott M. Pearson The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process.  On March 21, 2017 from 12:00 to 1:00 p.m. ET, Ballard Spahr attorneys will hold a webinar: The New Frontier of Alternative Credit Models: Opportunities, Risks and the CFPB’s Request for Information.  View Full Post
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Fate of House Bill to Change Class Action Procedures Could Be Barometer for CFPB Arbitration Rule

By | CFPB Monitor | February 16, 2017
Alan S. Kaplinsky On February 9, 2017, the House Judiciary Committee by a vote of 19-12 passed the Fairness in Class Action Litigation Act of 2017, a bill that would make significant changes to the procedures for class actions in federal court.  The bill’s passage by the House and Senate with strong Republican support would seem to augur well for the enactment of a joint resolution under the Congressional Review Act to nullify a final arbitration rule should one be issued by the CFPB. View Full Post
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D.C. Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

By | CFPB Monitor | February 16, 2017
Alan S. Kaplinsky The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case.  Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition but only indicates that Chief Judge Garland did not participate. View Full Post
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New CFPB Webinar Available On 2015 HMDA Final Rule

By | CFPB Monitor | February 15, 2017
Richard J. Andreano, Jr. On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017 by “covered institutions.” The CFPB has previously made various resources available for HMDA filers, including a recording of a webinar conducted by the CFPB staff that provides an overview of the 2015 HMDA final rule.  View Full Post
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FTC Sends Letter to CFPB On 2016 Debt Collection Activities

By | CFPB Monitor | February 15, 2017
Barbara S. Mishkin The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2016.  The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA activities. The letter includes a discussion of the FTC’s collaboration with the CFPB on two amicus briefs in cases involving FDCPA issues.  View Full Post
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Plaintiffs in Another Case Challenging CFPB’s Constitutionality Move to Intervene in PHH Case

By | CFPB Monitor | February 15, 2017
Barbara S. Mishkin The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case.  The motion follows the D.C. federal district court’s denial of the plaintiffs’ attempt to consolidate their case with PHH on appeal to the D.C. View Full Post
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CFPB Consumer Advisory Board to Meet March 2

By | CFPB Monitor | February 15, 2017
Barbara S. Mishkin The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017.  The notice indicates that the Board will discuss the consumer credit information marketplace, CFPB enforcement actions, trends and themes in consumer financial markets, and enhancements to the CFPB Consumer Complaint Database. View Full Post
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