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Bank Law Monitor

A legal blog for the financial services industry

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The War on Bank Fees Rages On—New CFPB Rule Aims to Hobble Courtesy Overdraft Services
As you may have heard, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would drastically change the landscape of courtesy overdraft services offered by many large financial institutions. Under this new rule, large financ...
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The Shifting Sands of Washington’s Consumer Loan Act
Since the Great Recession, the regulation of residential mortgages and those who service them have been in sharp focus. Legislators and regulators continue to demonstrate an abiding mistrust in the servicing industry a full decade after the financial...
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No Credit History, No Problem: CFPB Ponders Novel Credit Scoring Ideas
Last month, the CFPB issued a Request for Information (“Request”) to identify potential ways to increase credit access for underserved segments of the population. In particular, the CFPB noted that certain groups of individuals lack enough credi...
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Update: The CFPB’s Proposed Arbitration Rule—Dead or Alive?
Update (August 28, 2017): A lot has happened since our original post on the CFPB's arbitration rule, and more is on the way. The CFPB's arbitration rule is definitely alive and breathing, for the time being: The CFPB published its long-awaite...
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The Future of the CFPB Under the Trump Administration
Update (2/16/17):  The U.S. Court of Appeals for the District of Columbia granted the CFPB's request to reconsider its earlier ruling with respect to the President's ability to remove the Director of the CFPB. This ruling provides a glimmer of hope f...
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CFPB Finds “Deceptive” Data Security Practices Without Consumer Harm and Requires Dwolla to Implement a Written Data Security Plan
Apr 05, 2016
On February 16, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order relating to certain “deceptive” acts and practices of Dwolla, Inc., an Iowa based payment processor (Dwolla). Dwolla operates a software platform that enable...
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