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- April 5, 2016On Tuesday, April 5, 2016, the Senate Banking Committee held a hearing entitled “Assessing the Effects of Consumer Finance Regulations.” The hearing, which fell two days before CFPB Director Cordray addressed the committee, featured testimony from a panel of three consumer financial regulation experts and a consumer advocate: Leonard Chanin from the law firm of Morrison and Foerster, David...April 4, 2016On Monday, April 4, 2016, the D.C. Circuit Court of Appeals announced oral arguments in the PHH Mortgage case will start on April 12, 2016. The Court ordered the parties to address both the constitutionality and remedies issues by posing the following questions: What independent agencies now or historically have been headed by a single person? For this purpose, consider an independent agency as...April 4, 2016On Monday, April 4, 2016, Director Richard Cordray spoke at a Federal Communications Commission (FCC) event revealing proposed broadband disclosures. In his prepared remarks , he highlighted the CFPB’s disclosure efforts in the mortgage, student lending, and prepaid card markets. In support of the FCC’s proposed disclosures, the Director stated, “[p]eople across the country would benefit by the...April 4, 2016On Monday, April 4, 2016, Federal Reserve Bank of Boston President and CEO Eric Rosengren offered his assessment of economic and cyber risks. On the economic front, Mr. Rosengren stated the financial markets may be underestimating the growth trajectory for the Fed Funds Rate. While global economic instability earlier in the year—arising from China and Europe—had caused the futures market to...April 4, 2016The Federal Reserve Bank of Minneapolis, on Monday, April 4, 2016, hosted an “Ending Too Big to Fail” symposium. The forum was the next step in the Minneapolis Fed’s #EndingTBTF initiative, which aims to have an “actionable plan to end TBTF” by the end of the year. The event featured remarks from Federal Reserve Bank of Minneapolis President Neel Kashkari, a keynote lunch, and two panel sessions...April 1, 2016On Friday, April 1, 2016, the CFPB published the Consumer Response Report for 2015. The report indicated, as of March 2016, the CFPB has “handled” more than 834, 400 complaints and complaint volume increased by 8% year over year. Of the complaints received in 2015, 31% were debt collection, 20% were credit reporting, and 19% were mortgage related. In total, the CFPB sent 63% of complaints to...March 31, 2016On Thursday, March 31, 2016, Comptroller of the Currency Thomas Curry in a speech at Harvard Kennedy School's New Directions in Regulation Seminar released a long anticipated white paper entitled: "Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective." The white paper published the OCC's definition of responsible innovation, which is "[t]he use of new or improved...March 30, 2016On Wednesday, March 30, 2016, the Federal Reserve (Fed) issued the results of its fifth annual survey on Consumers and Mobile Financial Services, which showed consumer adoption of mobile phones has plateaued at 87 percent. However, the percentage of mobile phone that are smartphones climbed 6 points to 71 percent. While mobile banking usage in general jumped 4 points, usage on smartphones only...March 30, 2016On Wednesday, March 30, 2016, the CFPB issued a consent order to stop a student loan debt relief scam which allegedly tricked borrowers into paying fees for federal loan benefits and misrepresented to consumers it was affiliated with the U.S. Department of Education. The CFPB ordered the company, Student Aid Institute, Inc., and its CEO, Steven Lamont, to pay a penalty, halt debt relief services...March 30, 2016This week, the CFPB indicated credit card issuers will receive an email with updated instructions regarding submission requirements for sending credit card agreements to the Bureau per The Truth in Lending Act and Regulation Z. The one-year reprieve from this requirement now has expired. The CFPB has attempted to alleviate the submission burden by allowing issuers to send webpage links in lieu of...