Topic: CFPB

JD Supra Corporate Brief: Global Equities, Contingent Workforce, Responsible Conduct, Expatriate Employees

Getting the JD Supra Corporate Brief delivered to your inbox every workday morning is the new black. Sign up here. What’s new in the global equities markets? This… (Baker & McKenzie Australia) The use of a contingent workforce is fraught with potential traps and liability for the unwary… (Ogletree Deakins) DOL to pay $820K whistleblower… Read more »

JD Supra Corporate Brief: Abusive Practices, Illegal Subsidies, Credit Ratings, Patent Trolls, I-9 Data

Long week? Kick back with the JD Supra Corporate Brief. You’ll feel better… The CFPB just took action against a debt collector for “abusive practices.” And the entire debt-collection industry should sit up and take notice (Foley & Lardner) You can relax now: NASDAQ is withdrawing its proposal to require listed companies maintain an internal… Read more »

JD Supra Corporate Brief: IRS Guidance, Shareholder Requests, Recess Appointments, Bank Secrecy

The bad news: It’s Monday. The good news: The JD Supra Corporate Brief is here. The legal news: below… The Supreme Court likes arbitration. A lot (Pepper Hamilton) This overview of new IRS guidance on “minimum value, affordability, and wellness programs” under Obamacare is a must-read for all employers (Mintz Levin) How to respond to… Read more »

JD Supra Corporate Brief: Bumpy Road Ahead, Corporate Social Media, International Dismissal Toolkit, US Trade Secrets

Keeping up with the Joneses is a whole lot easier when you read the JD Supra Corporate Brief every morning: There is no way to keep your company from being hacked. So you need to be prepared… (LXBN) Fasten your seat belts: the road ahead for global economic growth will be bumpy… (Bennett Jones) Corporate… Read more »

Financial Regulatory Agencies Issue Rule on Appraising “High-Risk” Mortgages

In mid-January, federal regulators published a final rule implementing new appraisal requirements for higher-priced mortgage loans. The new regulation, – authored by the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency –… Read more »

[Video] Corporate Law Report: News to Use… Now

Welcome to our latest Corporate Law Report. You know the drill: Watch the video overview above and, for any topics that interest you, go deeper with the legal analysis and commentary below>> 1. Managing Cyber Risk Top Ten Ways To Manage Cyber Risk – Sherman & Howard L.L.C. 2. BYOD, But Leave the Risks Behind… Read more »

False Claims Act Reaps Nearly $5 Billion for DOJ in 2012

“While everyone appears to be spending time on FCPA enforcement and compliance, companies need to spend more time in protecting themselves from the False Claim Act.” (Michael Volkov) The Department of Justice just announced that it recovered a record $4.9 billion from False Claims Act judgments and settlements in the 2012 fiscal year, and the… Read more »

Repeal Dodd-Frank? But What Is It, Exactly?

“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »

CFPB Update: Credit Reporting Agencies Now Subject to Heightened Scrutiny

Earlier this month, the Consumer Financial Protection Bureau issued the procedures it will use to verify that credit bureaus and other consumer reporting companies are complying with federal financial laws. It’s the latest move in the CFPB’s efforts to supervise “larger participants” in the consumer financial markets as required by the Dodd-Frank Act. According to… Read more »

Government Issues Guidance on Cloud Computing Risks for Financial Institutions

Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »

CFPB Action Against Capital One Bank Sets Tone for Aggressive Enforcement

Earlier this month, the Consumer Financial Protection Bureau (CFPB) – the federal watchdog agency mandated by the Dodd-Frank Act to regulate consumer financial products and services – issued its first ever public enforcement action. Its target? Capital One Bank, which according to the CFPB engaged in deceptive marketing practices, pressuring consumers into purchasing credit card… Read more »

RESPA Update: Quicken’s Loan Fees Do Not Violate Federal Rules

In a unanimous decision published yesterday, the Supreme Court ruled in Freeman, et al. v. Quicken Loans, Inc., that Quicken Loans did not violate the Real Estate Settlement Procedures Act (RESPA) when it charged what plaintiffs considered to be “unearned” settlement service charges. RESPA rules bar unearned fees when they are split between two or… Read more »

Finance & Banking: CFPB Sets Sights on Loan Origination Fees, Mortgage Licensing Procedures, & More

The Consumer Financial Protection Bureau continues to press banks and financial institutions to implement changes mandated by the Dodd-Frank Act. Here’s a roundup of legal commentary on recent CFPB guidance and regulations on loan originator compensation, mortgage licensing procedures, and a range of other activities: CFPB Issues Guidance On Loan Originator Compensation (BuckleySandler LLP) “The… Read more »

CFPB Targets Debt Collectors, Consumer Reporting Agencies, Mortgage Companies, Payday Lenders & Others

Earlier this year, the Consumer Financial Protection Bureau expanded its bank supervisory program to include nonbanks, companies “that offer or provide consumer financial products or services but [do] not have a bank, thrift, or credit union charter.” Since that time, the agency has begun to provide greater detail on the nonbanks it is monitoring and the fraudulent… Read more »

CFPB Launches Nonbank Supervisory Program

On January 5, 2012, just one day after President Obama appointed former Ohio Attorney General Richard Cordray to be its first Director, the Consumer Financial Protection Bureau announced that it was launching its Nonbank Supervisory Program. Mandated by provisions in the Dodd-Frank Act, the program is designed, according to the agency, to “help level the… Read more »