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- April 21, 2016On Thursday, April 21, 2016, the CFPB revealed it is pursing enforcement actions against the online lead aggregator T3Leads and its cofounders, Dmitry Fomichev and Davit Gasparyan. The CFPB alleges the cofounders “did not vet or monitor its lead buyers, exploited consumers’ lack of understanding of the risks, costs, and conditions of the loans applied for, and put consumer information at risk of...April 20, 2016The CFPB announced a field hearing focused on arbitration will take place on May 5, 2016, in Albuquerque, New Mexico. It will take place at 11 a.m. UTC (1 p.m. EST) and will be live-streamed from the agency’s blog . The hearing will include remarks from CFPB Director Richard Cordray as well as testimony from consumer groups, industry representatives, and members of the public.April 20, 2016Today, the CFPB released results of a study which found attempts by online lenders to debit payments from a consumer's checking account add significant costs to online payday loans. The report is based on data collected by the Bureau over an 18-month period between 2011 and 2012 and focusing on online payday and certain online installment loans made by more than 330 lenders. The analysis is a...April 19, 2016On April 19, 2016, Reps. Randy Hultgren (R-IL), Andy Barr (R-KY), and Mia Love (R-UT) introduced H.R. 4993, the Homeowner Information Privacy Protection Act (HIPPA). The bill would require the Comptroller General of the United States to conduct a study regarding the impact on consumer privacy resulting from new information collected under the Home Mortgage Disclosure Act (HMDA). The information...April 18, 2016On Monday, April 18, 2016, a group of Democratic Senators sent a letter to the Government Accountability Office (GAO), requesting it study the recent development and regulation of financial technology firms, often referred to as “fintech.” Sens. Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Jeanne Shaheen (D-NH) acknowledged fintech has filled gaps in communities where access to credit is often...April 15, 2016GAO Recommends Greater Oversight of Nonbank Servicers On Monday, April 11, 2016, the Government Accountability Office (GAO) released a report stressing a need for greater oversight of nonbank mortgage service providers. The GAO noted nonbanks now service roughly a quarter of all mortgages, but do not face the same level of oversight as banks. According to the GAO, nonbanks serviced an estimated...April 15, 2016On Tuesday, April 12, 2016, the CFPB announced the addition of several new members to leadership positions. Four of the six individuals are assuming roles they held on an acting basis, but now will serve in official capacities. The additions are as follows: Elizabeth Ellis as the Deputy Associate Director for External Affairs Division. Ms. Ellis was previously the Deputy Assistant Director for...April 15, 2016On Wednesday, April 13, 2016, the Office of the Comptroller of the Currency (OCC) assessed a $35 million penalty against HSBC Bank USA, N.A. and ordered the bank to identify and make restitution to the allegedly harmed customers. The OCC claims the bank’s billing practices violated Section 5 of the Federal Trade Commission (FTC) Act, which prohibits unfair and deceptive acts or practices...April 15, 2016This week, the Government Accountability Office (GAO) released a report indicating that the secrecy surrounding how regulators determine whether resolution plans, or “living wills,” submitted by banks are credible “could undermine public and market confidence.” By law banks are required to annually submit plans, but the GAO found it took regulators, on average, nine months to review those plans...April 15, 2016On Thursday, April 14, 2016, the CFPB submitted to Congress its third annual report outlining the agency’s diversity and inclusion efforts. The Office of Minority and Women Inclusion’s Annual Report outlines initiatives related to building and maintaining a diverse workforce, increasing contracting opportunities for minority and women owned businesses, and assessing the diversity policies and...