Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Jodie Herrmann Lawson

Photo of Jodie Herrmann Lawson Jodie is a high-stakes litigator who represents clients in federal and state court and arbitrations. She defends Fortune 100 companies and other businesses in cases involving torts, contract disputes, property disputes, class actions, and fiduciary, energy, and financial services litigation.

Subscribe to all posts by Jodie Herrmann Lawson

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

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

By Jodie Herrmann Lawson and McGuireWoods LLP on Financial Institution Regulation
The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection with a mortgage payment program. Paymap partnered with more than thirty mortgage servicers, including LoanCare, to offer customers an accelerated payment program, allowing customers to make… Continue Reading

Rising Conflict Among Federal Courts – Whether an Account Number Visible on a Debt Collection Envelope Violates the FDCPA

By Jodie Herrmann Lawson on Compliance, Financial Institution Regulation
Section 1692f(8) of the Fair Debt Collection Practices Act (“FDCPA”) prohibits the use of any language or symbol, other than the debt collector’s address, on any envelope when communicating with a consumer by mail. The purpose of that prohibition is to protect the debtor’s privacy and avoid disclosing to anyone who might see the envelope… Continue Reading

What’s Next? Recent Actions Highlight CFPB’s Focus on Student Loans

By Jodie Herrmann Lawson on Financial Institution Regulation
Beginning with a May 2015 field hearing and request for information – and culminating consent order dated July 22, 2015 – recent actions by the Consumer Financial Protection Bureau (CFPB) highlight its increasing focus on student loans. Although the CFPB began overseeing the student loan servicing industry in late December 2013, it was not until… Continue Reading

Senate Interest in Small Business Loan Data Rulemaking May Significantly Impact Financial Institutions

By Jodie Herrmann Lawson on Financial Institution Regulation
On July 10, 2015, 19 United States senators, including Sen. Elizabeth Warren, implored the Consumer Financial Protection Bureau (CFPB) to exercise its rulemaking authority related to publicly available small business loan data. The Dodd-Frank Act directs the CFPB to prescribe rules under Regulation B requiring financial institutions to gather and maintain data on women-owned, minority-owned,… 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

CFPB Expands Access to Consumer Complaints

By Emily Rottmann and Jodie Herrmann Lawson on Financial Institution Regulation
On June 25, 2015, the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database went live to provide the general public with enhanced access to consumer complaints. Since March 2015, complainants have been able to elect to openly air their grievances by publicizing searchable, narrative descriptions of their complaints in the CFPB database. According to the… Continue Reading

Reverse Mortgages May Be on CFPB’s List Following Recent Study

By Jodie Herrmann Lawson on Financial Institution Regulation
In a new study, the Consumer Financial Protection Bureau (CFPB) criticizes reverse mortgages as misleading and as having resulted in senior citizens being confused about exactly what such a transaction involves. The CFPB concluded that, although this type of loan may help some seniors, these loans can pose serious financial risks to seniors who do… Continue Reading

CFPB Jolts Loan Originator Over Mortgage Origination

By Jodie Herrmann Lawson on Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
On June 4, 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Northern District of California against RPM Mortgage, Inc. (RPM), and its CEO, Erwin Robert Hirt. RPM is a residential mortgage lender headquartered in California that operates about sixty branches across six states in the… Continue Reading

CFPB Pursues Recovery Against For-Profit College Corinthian and Relief for Its Students

By Alec Covington and Jodie Herrmann Lawson on Financial Institution Regulation
Corinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate subsequent to the sale of more than 50 of its campuses to ECMC Group last fall. The campuses sold to ECMC Group are… Continue Reading

CFPB Targets Real Estate Developer in Recent Enforcement Action

By Justin Opitz and Jodie Herrmann Lawson on Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order against International Land Consultants, Inc. (ILC), a real estate development company, and four of its employees involved in the marketing, development and sale of real property in Tennessee.  The enforcement action was based upon violations of the Interstate Land Sales Full Disclosure Act,… Continue Reading

White House Opposes Bill Giving Small Businesses Greater Voice in CFPB Rulemaking

By Jodie Herrmann Lawson on Financial Institution Regulation
Last month, the White House informed Congress that it opposes a bill passed by the House of Representatives designed to give small businesses a larger role in developing Consumer Financial Protection Bureau (CFPB) rules and regulations. Currently, the CFPB does not consult with small businesses and lenders before adopting rules and regulations that affect them.… Continue Reading

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

By Jodie Herrmann Lawson on Financial Institution Regulation
On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action.   The appeal involves two companies that allegedly gave and received millions in payments through a “captive” mortgage reinsurance arrangement. Administrative Law Judge Cameron Elliot’s recommended decision concluded that these… Continue Reading

CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule

By Jodie Herrmann Lawson and McGuireWoods LLP on Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. Once effective, the TRID will drastically alter, among other things, the pre-closing disclosures that creditors, mortgage brokers and settlement agents must provide to borrowers under… Continue Reading

CFPB Fines Military Allotment Processor $3.1 Million

By Darren Stanhouse and Jodie Herrmann Lawson on Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members into paying millions of dollars in hidden fees. Fort Knox National Co., through MAC, is one of the largest processors of military… Continue Reading

Agency Cooperation in Fair Lending Enforcement

By Brandon M. Santos and Jodie Herrmann Lawson on Financial Institution Regulation
Joint investigations, cross-agency partnership, cooperation … terms all too familiar to regulatory and defense practitioners accustomed to collaboration among the alphabet soup of federal regulators. These terms may now be regularly used to describe the emergent relationship between the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB). Indeed, the Attorney General’s 2014… Continue Reading

Mortgage Shopping Toolkit Available for Compliance Guidance

By Jodie Herrmann Lawson on Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative designed to improve compliance and help consumers understand mortgage loans. This toolkit will guide potential homeowners in securing mortgages, understanding closing costs and offering helpful hints for consumers to… Continue Reading

CFPB Launches Inquiry into the Credit Card Industry

By Jodie Herrmann Lawson on Financial Institution Regulation
Last week, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment from consumers on how the credit card market is functioning following several initiatives imposed by the Credit Card Accountability Responsibility and Disclosure Act of 2009, H.R. 627 (CARD Act), which amended various provisions of the Truth in Lending Act, 15 U.S.C… Continue Reading

CFPB Continues to Spotlight Consumer Reporting Agencies

By Jodie Herrmann Lawson on Financial Institution Regulation
Earlier this week, the Consumer Financial Protection Bureau (CFPB) released its latest supervisory report covering July 2014 through December 2014. These reports highlight the examinations, corrective measures and consumer remediation resulting from the CFPB’s supervision of consumer financial service providers. This latest report covers student loan debt collection, overdraft, mortgage origination and fair lending practices.… Continue Reading

Hearing, Report May Forecast CFPB Rulemaking on Arbitration Provisions

By Jodie Herrmann Lawson on Financial Institution Regulation
Section 1028 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Consumer Financial Protection Bureau (CFPB) to limit or even prohibit the use of arbitration provisions that govern future disputes between a consumer and a financial services/products provider. This issue is the focus of a CFPB field hearing scheduled for 11 a.m.,… 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 Proposes New Rule Expanding Oversight to NonBank Auto Finance Companies

By Darren Stanhouse and Jodie Herrmann Lawson on Financial Institution Regulation
In a move that should come as no surprise to anyone who has been following the Consumer Financial Protection Bureau (CFPB), the agency issued a proposed rule last week that would expand its oversight, supervision and enforcement jurisdiction to include nonbank automobile finance companies. Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act… Continue Reading

We use cookies to enhance your experience of our website. By continuing to use this website, you agree to the use of these cookies. For more information and to learn how you can change your cookie settings, please see our policy.

Agree