Posts Tagged ‘CFPB’

  • The CFPB Pendulum Swings

    February 26, 2019 dehs
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    Recent enforcement actions and notices of proposed rulemaking from the Consumer Financial Protection Bureau may indicate that Bureau’s official actions are swinging away from “regulation by enforcement” through extensive fines and regulatory burdens on lending activities. Davenport Evans lawyer Rita M. Edwards explains.
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  • CFPB Mines Gold from Sterling!

    January 24, 2019 dehs
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    On January 16, the CFPB and the New York Attorney General announced a settlement of claims against Sterling Jewelers, Inc., including brands Kay Jewelers, Goodman, and Jared the Galleria of Jewelry. According to the Complaint, Sterling engaged in unfair and deceptive business practices and violated TILA and Regulation Z in connection with the marketing and sale of credit products at their retail jewelry locations. Davenport Evans lawyer Keith Gauer examines the settlement and provides practical suggestions for banks to consider when originating credit products through third parties at points of sale.

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  • Banking Seminar Covers Cybersecurity, Complexities of Today’s Bank

    April 30, 2018 dehs
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    Thank you to all who joined us for the 12th Annual Davenport Evans Banking Seminar, Friday, April 27, at The Country Club of Sioux Falls, formerly Westward Ho. Guest speakers included Chad Knutson, President of SBS CyberSecurity, Chris Prendergast of Click Rain and a regulator panel. Davenport Evans lawyers presented on digital compliance, third party vendor contracts, Chapter 12 Bankruptcy, workplace harassment, the CFPB under Mulvaney and breach readiness.

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  • Senate Votes to Repeal Arbitration Rule

    October 25, 2017 dehs
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    The Arbitration Agreements Rule promulgated by the Consumer Financial Protection Bureau is one step closer to being extinguished. On October 24, 2017, the Senate joined the House in voting to overturn the Arbitration Rule. The joint resolution now proceeds to President Trump for signature.

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  • CFPB Says Payday Loans Out, Alternative Data Underwriting In?

    October 12, 2017 dehs
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    The CFPB recently announced regulations that will strictly limit, if not eliminate, traditional payday lending in the United States.  However, the CFPB also published a “No-Action” letter to a fintech company validating the use alternative data in underwriting models to expand the scope of credit available to typically underserved consumers. Davenport Evans lawyer Keith Gauer explains.

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  • The CFPB Arbitration Rule Has Been Challenged . . . Now What?

    July 20, 2017 dehs

    On Monday, July 10, the Consumer Financial Protection Bureau (the “CFPB”) released its Arbitration Agreements Rule (the “Arbitration Rule”). The Arbitration Rule prohibits providers of covered products and services from using pre-dispute arbitration agreements that bar consumers from filing class action lawsuits.  By July 20, however, measures to repeal the Arbitration Rule were introduced by lawmakers in both the House and Senate.

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  • What Will the CFPB Do With Alternative Data?

    June 21, 2017 dehs

    On February 21, 2017, the Consumer Financial Protection Bureau (“CFPB”) published a “Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process” (the “RFI”). The CFPB received an earful, including multiple responses from various marketplace lending participants, trade groups, consumer advocacy groups, and the major banking trade associations. While the comment period only closed on May 19, 2017, the industry is watching the CFPB closely to determine what, if any, actions the CFPB takes in response to the RFI. Keith Gauer explains.

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  • What Are UDAAP?

    February 21, 2017 dehs
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    Not all publicity is good publicity. Financial institutions can avoid being in the news for the wrong reasons by avoiding unfair, deceptive or abusive acts or practices (illegal under the Dodd-Frank Act of 2010) in their advertising. Read more from Davenport Evans lawyer Rita M. Edwards.

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