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Agree to Disagree? CFPB Rule Would Prohibit Mandatory Arbitration Clauses, Require Submission of Arbitral Records
The Consumer Financial Protection Bureau released a proposed rule last week that would prohibit providers of consumer financial products and services from using pre-dispute arbitration agreements to prevent consumers…
CFPB, “Please”: Judge Rebuffs CFPB’s Attempt to Compel Documents Regarding For-Profit College Accreditation
Last Thursday, a federal district court judge in D.C. denied the Consumer Financial Protection Bureau’s (CFPB) attempt to compel documents from the Accrediting Council for Independent Colleges and Schools (ACICS).…
CFPB's First Data Security Action; Fines Online Platform Dwolla for Alleged Weak Security Practices
On March 2, the CFPB settled its first data security enforcement action against Iowa-based Dwolla Inc. Launched as a startup in 2009, Dwolla is an online payment platform that enables customers to transfer money…
The Regulatory Landscape for Indirect Auto Lenders After Ally
In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged…
Wyndham Agrees to Settle FTC Data Security Case
After four years of litigation, this past Wednesday, Wyndham Worldwide Corporation and three of its subsidiaries (collectively, “Wyndham”) settled the Federal Trade Commission’s (“FTC”) allegations that the global…