Consumer Finance Enforcement Activity In A New Administration

Consumer Finance Enforcement Activity In A New Administration Youtube Key consumer protection themes in the current political climate –part 1 • perceived uncertainty about the scope of federal activity in consumer protection – leadership, organizational structure, budget, and authority of the consumer financial protection bureau (cfpb) – pending rulemakings: arbitration, small dollar lending, and debt. The impact of the current political climate on enforcement actions; interacting, negotiating, and litigating with the cfpb; tips for managing risk due to enforcement investigations and actions; crisis management strategies; new administration: prospects for reform and leadership changes; examination: lessons learned and preparing for the future.

Financial Services Enforcement In 2021 Webinar Consumer Finance As expected, 2021 brought an uptick in fair lending enforcement in the u.s., particularly by the consumer financial protection bureau (cfpb). as president joe biden’s nominees for key agency positions settle into their roles and move to implement their policy agendas, more enforcement actions are likely in 2022. Commonwealth financial systems, inc. on december 15, 2023, the bureau issued an order against commonwealth financial systems, inc. (commonwealth), a pennsylvania based third party debt collection company that collects past due medical debts and furnishes information about consumers to consumer reporting agencies (cras). date filed: dec 07, 2023. Financial services: the ftc has initiated or resolved approximately 24 financial services enforcement actions since the start of the biden administration, addressing debt collection, debt relief and credit repair, hidden loan application fees, payday loan overcharges and deceptive marketing of investment related services. settlements have ranged from $500,000 to more than $114 million. The biden administration is expected to replace the leadership of key agencies and ramp up administrative enforcement and litigation against the consumer financial services industry, particularly in the area of fair lending enforcement. a return to an obama era aggressive enforcement posture is likely in agencies such as hud, the cfpb and the doj.

Consumer Finance Enforcement Activity Webinar Youtube Financial services: the ftc has initiated or resolved approximately 24 financial services enforcement actions since the start of the biden administration, addressing debt collection, debt relief and credit repair, hidden loan application fees, payday loan overcharges and deceptive marketing of investment related services. settlements have ranged from $500,000 to more than $114 million. The biden administration is expected to replace the leadership of key agencies and ramp up administrative enforcement and litigation against the consumer financial services industry, particularly in the area of fair lending enforcement. a return to an obama era aggressive enforcement posture is likely in agencies such as hud, the cfpb and the doj. In june 2020, the supreme court in seila law struck down the for cause removal protection that applied to the director of the consumer financial protection bureau (“cfpb”) and thereby effectively converted the cfpb from an independent agency into an executive agency. as a result, on president biden’s inauguration day, the trump appointed director of the cfpb, kathy kraninger, resigned. Most strikingly, however, the percentage of arc matters referred to enforcement (in whole or in part) increased sharply in fy2021 to a near record high of 41%, as compared to an overall referral rate of 28% from fy2013 2020. we expect these recent trends in increasing numbers of new enforcement investigations, driven in part by increased.

Acis Consumer Finance Class Actions Litigation Government Enforcement In june 2020, the supreme court in seila law struck down the for cause removal protection that applied to the director of the consumer financial protection bureau (“cfpb”) and thereby effectively converted the cfpb from an independent agency into an executive agency. as a result, on president biden’s inauguration day, the trump appointed director of the cfpb, kathy kraninger, resigned. Most strikingly, however, the percentage of arc matters referred to enforcement (in whole or in part) increased sharply in fy2021 to a near record high of 41%, as compared to an overall referral rate of 28% from fy2013 2020. we expect these recent trends in increasing numbers of new enforcement investigations, driven in part by increased.