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A Litigator’s KISS Takeaways from CFPB’s Summer 2018 Supervisory Highlights

September 12, 2018

Authors

Douglas Thompson

A Litigator’s KISS Takeaways from CFPB’s Summer 2018 Supervisory Highlights

September 12, 2018

by: Douglas Thompson

KISS. An acronym first utilized in military equipment design in the 1960’s, “Keep it Simple Stupid.” Litigators rely on KISS in formulating trial themes and presentations to juries. Simple messages resonate. In that vein, I offer three KISS takeaways from the Bureau of Consumer Financial Protection’s Supervisory Highlights, Issue 17, Summer 2018.

KISS #1: Details Matter. 

On two key levels: (a) your business compliance operations and consumer interactions, and (b) in the Bureau’s supervision and examination conclusions. Taking

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CFPB’s Delay in Announcing Further Delay of the Prepaid Card Rule

December 28, 2017

Authors

Stan Koppel

CFPB’s Delay in Announcing Further Delay of the Prepaid Card Rule

December 28, 2017

by: Stan Koppel

The Consumer Financial Protection Bureau has issued a brief press announcement that the Prepaid Card Rule would be further revised and that the effective date for compliance will be further postponed from the current deadline in April 2018.

The announcement creates more worry than relief – it’s just a tease. The announcement did not say what changes would be made or

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New CFPB Rule Prohibits Class Action Waivers

July 17, 2017

Authors

Jed White, Alfred Shaumyan and Douglas Thompson

New CFPB Rule Prohibits Class Action Waivers

July 17, 2017

by: Jed White, Alfred Shaumyan and Douglas Thompson

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released a rule prohibiting class action waivers in certain pre-dispute arbitration agreements. The rule drastically impacts arbitration clauses currently used by many financial products and services providers in their consumer agreements.

The rule has three main components. First, the rule prohibits providers from using

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CFPB Customer Complaint Data: Seeing What the Plaintiffs’ Bar Sees

February 1, 2017

Authors

Douglas Thompson

CFPB Customer Complaint Data: Seeing What the Plaintiffs’ Bar Sees

February 1, 2017

by: Douglas Thompson

CFPB watchers know that since 2013 customer complaints have been solicited and complaint data has been made available on the CFPB website. January is ubiquitous with New Year’s resolutions (perhaps you’ve already broken all of yours, but hopefully not). It is a great time to review the 2016 customer complaint data and see what the Plaintiffs’ Bar sees about

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Complying with the Rules When Posting Privacy Notices Online

March 16, 2015

Authors

Bryan Cave Leighton Paisner

Complying with the Rules When Posting Privacy Notices Online

March 16, 2015

by: Bryan Cave Leighton Paisner

On October 28, 2014, the CFPB amended the consumer privacy rules of Regulation P to allow financial institutions to post privacy notices online rather than mailing the required annual notice each year.  Some institutions are already taking advantage of this alternate delivery method.  There are conditions to this option, however, and some institutions might not be satisfying those conditions.  It is important to confirm that your institution is meeting the following conditions if you have decided to take advantage of the new rule:

  • No Opt Outs.  The alternate delivery method can be used only if you do not share
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  • New CFPB Disclosure Requirements Come Up Short

    February 26, 2015

    Authors

    Bryan Cave Leighton Paisner

    New CFPB Disclosure Requirements Come Up Short

    February 26, 2015

    by: Bryan Cave Leighton Paisner

    On October 28, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending Regulation P (the “Amendment”), which implements the consumer privacy provisions of the Gramm-Leach-Bliley Act (“GLBA”).  In most cases prior to the amendment, Regulation P required financial institutions to mail paper copies of the annual privacy disclosure, which many in the financial industry felt was overly costly and needlessly burdensome.  The new rule permits covered institutions to publish privacy notices electronically on their websites, but only after satisfying the following conditions:

  • The financial institution does not disclose nonpublic personal information to nonaffiliated third parties other than
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  • Welcome to 2015: Another Big Year for Consumer Financial Services Regulation

    January 9, 2015

    Authors

    Seyi Iwarere

    Welcome to 2015: Another Big Year for Consumer Financial Services Regulation

    January 9, 2015

    by: Seyi Iwarere

    As we begin 2015, it is worth noting the various federal regulations that will or might take effect. This article summarizes the key regulations that took effect late in 2014, that will take effect in 2015, and that have at least some potential of taking effect in 2015. We focus here on those regulations directly impacting consumer financial services.

    Rules Taking Effect in 2015 (and Late 2014)

    Integrated Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z)

    Perhaps the most significant new consumer regulations to take effect in 2015 are the integrated

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    CFPB Releases Revisions to International Remittance Transfer Regulations

    April 30, 2013

    Authors

    Bryan Cave Leighton Paisner

    CFPB Releases Revisions to International Remittance Transfer Regulations

    April 30, 2013

    by: Bryan Cave Leighton Paisner

    The Consumer Financial Protection Bureau has just released its much anticipated revisions to the Regulation E provisions governing international remittance transfers.

    According to the bureau’s press release, the revised rule makes optional the requirement to disclose foreign taxes and recipient institution fees (unless the recipient institution is the remittance transfer provider’s agent). It also makes clear that a remittance transfer provider does not bear the cost of funds deposited into the wrong account because the sender provided the wrong account number or routing number and certain other conditions are satisfied, although the provider is required to attempt to recover such

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    CFPB Proposes Amendments to Remittance Transfer Rules

    January 8, 2013

    Authors

    Bryan Cave Leighton Paisner

    CFPB Proposes Amendments to Remittance Transfer Rules

    January 8, 2013

    by: Bryan Cave Leighton Paisner

    The CFPB released its proposal to make several amendments to its remittance transfer rules and to briefly extend the effective date of the rule. The bureau’s proposal is “narrow in focus and intended to preserve the new consumer protections while facilitating compliance with the rule.” The proposed changes address:

    —-Effective date.  The rules are currently slated to become effective on February 7, 2013. The bureau is proposing to temporarily delay the effective date of the rules until it finalizes changes made as a result of the proposal. The new effective date would be 90 days after the bureau

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    CFPB International Remittance Transfer Rules Create Substantial Compliance Hurdles

    September 7, 2012

    Authors

    Bryan Cave Leighton Paisner

    CFPB International Remittance Transfer Rules Create Substantial Compliance Hurdles

    September 7, 2012

    by: Bryan Cave Leighton Paisner

    One provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) that generated comparatively little concern when it was passed was section 1073 entitled “Remittance Transfers.” Closer examination and subsequent issuance of regulations has now drawn scrutiny to this provision, which was already so detailed and lengthy when it was inserted into the Dodd-Frank Act that there was little room for modification by the CFPB when the bureau issued its implementing regulations. To assist Bryan Cave’s client and friends in efforts to comply with the new law and regulations in time for its February

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