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- January 21, 2016On Thursday, January 21, 2016, the CFPB took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for allegedly using abusive financing schemes, hiding auto finance charges and misleading consumers. Under the consent order, Herbies is required to pay $700,000 in redress to consumers, with a suspended civil penalty of $100,000. The company also must stop deceiving consumers...January 20, 2016On Wednesday, January 20, 2016, the House Financial Services Committee (HFSC) released a report entitled: “Unsafe at any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed Anti-Fraud Safeguards to Achieve Political Goals.” The second in a series, the report investigates the CFPB’s actions in the indirect auto market. In conjunction with the release, the HFSC also...January 15, 2016On Friday, January 15, 2016, the Federal Communications Commission (FCC) filed a response to the lawsuit filed by CBA, and co-petitioners, challenging the FCC’s order for the Telephone Consumer Protection Act (TCPA). The FCC argued its definition of an autodialer corresponds with statutory text, is good policy, has sufficient limiting principles, and appropriately encompasses predictive dialers...January 13, 2016On Thursday, January 13, 2016, the CFPB announced it will hold a filed hearing in Louisville, KY concerning access to checking accounts. The hearing will take place on Wednesday, January 27, 2016 at 11 a.m. EST, and is a follow-up to the agency’s October 2014 forum on checking account access and screening.January 13, 2016This week, the House Financial Services Subcommittee on Housing and Insurance held two flood insurance hearings entitled: Opportunities and Challenges Facing the National Flood Insurance Program How to Create a More Robust and Private Flood Insurance Marketplace Subcommittee Chairman Blaine Luetkemeyer (R-MO) stated, “With flooding happening from coast to coast, and most recently devastating my...January 12, 2016On Tuesday, January 12, 2016, the CFPB issued a construction loan factsheet providing an overview on how the TILA-RESPA Integrated Disclosure Rule (TRID) applies to these types of loans. At the outset, the Bureau expressly states TRID applies to most construction loans which are secured, closed-end consumer credit transactions. In contrast, open-end loans or those for a commercial purpose lie...January 12, 2016On Tuesday, January 12, 2016, the CFPB issued a guide, accompanied by a blog post, on retirement payout options for a private-sector plan. Through a series of six questions, the guide aims to help those nearing retirement to determine whether to choose a lump-sum payout or monthly payments of their pension. The questions address the circumstantial benefits and shortfalls of each option. The guide...January 12, 2016On Tuesday, January 12, 2016, President Obama delivered his final State of the Union Address in which he laid out a larger vision for the next five to 10 years. In his address, the President presented four big questions for the country to answer regardless of who is in control of the next Congress or White House: (1) How do we give everyone a fair shot at opportunity and security in this new...January 12, 2016On Tuesday, January 12, 2016, CBA joined a coalition of financial services trades in sending a letter to the Federal Housing Finance Agency (FHFA) expressing concern over the agency’s data collection practices as part of its National Mortgage Database Project. The voluntary borrower survey contains 85 questions regarding a customer’s mortgage experience. CBA raised concerns over the intrusiveness...January 8, 2016On Wednesday, January 6, 2016, the Federal Trade Commission released guidance on “Big Data: A Tool for Inclusion or Exclusion?” The report outlines how companies should treat Big Data in the context of the Fair Credit Reporting Act, Equal Opportunity Laws and the Federal Trade Commission Act. The FTC plans to hold a “PrivacyCon” on January 14, 2016, to analyze these and other privacy issues.