Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Anita Foss

Photo of Anita Foss Anita’s practice is focused on e-discovery and has been since 2018. Her experience includes in particular coordinating preservation, collection, review, and production for large-scale cases and regulatory investigations involving numerous custodians and millions of documents.

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D.C. Circuit Rebukes CFPB in PHH Case

By Anita Foss and Government Investigations Group on Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
In a major setback for the Consumer Financial Protection Bureau (“CFPB”), the D.C. Circuit issued a significant ruling today that found the CFPB’s single director structure unconstitutional, ruled against the CFPB on important statutory interpretations – including the Bureau’s position that it was not subject to any statute of limitations in enforcement proceedings – and… Continue Reading

CFPB Announces New Set of Advisory Board Members

By Anita Foss and Jodie Herrmann Lawson on Financial Institution Regulation
On September 18, 2015, the CFPB announced that it was appointing new members to the Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council. These three bodies advise CFPB leadership on consumer financial issues and emerging market trends. However, these advisory groups can only provide nonbinding recommendations and cannot make determinations… Continue Reading

CFPB Signals Future Regulation in the Payment Processing Industry

By Anita Foss and Jodie Herrmann Lawson on Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
On July 9, 2015, the Consumer Financial Protection Bureau (CFPB) issued a set of “consumer protection principles” for the financial industry as it develops new, faster payment processing systems. Last November, CFPB Director Richard Cordray gave a speech that expressed concerns over lack of consumer protection for loss or theft, a general lack of transparency,… Continue Reading

Proposed New Legislation Would Extend CFPB Oversight Over SCRA

By Anita Foss on Financial Institution Regulation
On June 11, 2015, Sen. Jack Reed [D-RI] introduced a bill amending the Consumer Financial Protection Act to extend CFPB oversight and protection to include key provisions of the Servicemembers Civil Relief Act (SCRA).  The SCRA provides an array of protections to members of the military, including postponing civil obligations so that servicemembers can better fulfill… Continue Reading

National Mortgage Servicer Pays CFPB and FTC $63 Million to Settle Claims Over Alleged Servicing Violations

By Anita Foss and Government Investigations Group on Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
 On April 21, 2015, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced a joint enforcement action and joint order with a national mortgage servicer. The CFPB and FTC alleged that the servicer failed to honor loan modifications transferred from other servicers and insisted that borrowers pay their original, higher monthly… Continue Reading

CFPB’s Position on Confidential Supervisory Information

By Jodie Herrmann Lawson and Anita Foss on Financial Institution Regulation
Is your financial institution or company subject to the Consumer Financial Protection Bureau’s (CFPB) supervision? If so, take note of a recent bulletin warning supervised entities – both banks and non-banks – about the treatment of confidential supervisory information. There are two main takeaways from the bulletin: Disclosure of confidential supervisory information (CSI) is prohibited,… Continue Reading

CFPB Issues Sweeping Proposal to Regulate Prepaid Financial Products

By Anita Foss and Government Investigations Group on Financial Institution Regulation
On November 13, 2014, the CFPB proposed expansive federal regulations establishing requirements for prepaid financial products. The proposed regulations cover “traditional” prepaid cards that can be loaded with money and used to store funds, make payments, withdraw cash, receive direct deposits, and send funds to others. According to the CFPB , consumers are expected to… Continue Reading

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