Consumer Financial Services Digest - December 2, 2016

4 min


CFPB Files for Rehearing En Banc in PHH Corp. v. CFPB

The CFPB has filed a petition for rehearing to appeal several issues from its case in PHH Corp. v. CFPB before an en banc panel of the D.C. Circuit. A three-judge panel of the court ruled in October on the CFPB's constitutionality as an independent agency, as well as the Bureau's Order regarding application of Section 8(c) of the Real Estate Settlement Procedures Act (RESPA) and statute of limitations provisions.

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Defendant Seeks SCOTUS Review in Gordon v. CFPB

In a petition to the U.S. Supreme Court, an attorney found liable in the Ninth Circuit for deceptive practices in connection with mortgage relief services argues that because the Director was not validly appointed when the case was initially litigated and decided, the CFPB never had authority to bring the case in the first place. Venable attorneys Allyson Baker and Andrew Hernacki provide a synopsis of the petition.

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CFPB Seeks Information on "Consumer-Permissioned Access" to Financial Data

The CFPB recently launched an inquiry into consumers' ability to access, use, and share their financial records, with public comments due February 21, 2017. The CFPB seeks information about how much choice consumers are given about the use of their records, how secure it is for them to share their records, and how much control consumers have over their records – write Venable attorneys Allyson B. Baker, and Peter S. Frechette.

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Enhancing a Compliance Management System in the Real World

Everyone knows that government regulators expect companies to have a compliance management system tailored to the scale and complexity of their organization's operations and to remediate deficiencies, but what does that mean in practice? Venable's Alexandra Megaris and Jonathan L. Pompan, who have developed the elements of multiple CMSs brick-by-brick, recently presented and moderated a panel discussion at the ACA Fall Forum on the roles of legal, internal audit, and compliance in enterprise risk management; and different approaches to ensuring that a CMS incorporates real-world legal and regulatory issues, among them: call center monitoring, credit reporting, payment processing, and litigation; incident response plans; and the delicate balance of managing internal reviews, reporting, and stakeholder interests.


FTC FinTech Forum Part II – Crowdfunding and P2P Payments

The Federal Trade Commission (FTC) continues its FinTech Series forum exploring the benefits, risks, and regulatory issues applicable to the FinTech industry. The Commission's second forum, held October 26, 2016, covered crowd funding platforms and peer-to-peer payments systems, and included discussions from representatives of industry participants, consumer groups, and the FTC – write Venable attorneys Ellen T. Berge,Peter S. Frechette, and Jennifer S. Talbert.

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Consumer Access to Financial Records RFI – February 21, 2017: Comments due in response to a request for information on consumer access to such information, including access by entities acting with consumer permission, in connection with the provision of products or services that make use of that information.

For an index of documents published by the CFPB in the Federal Register, click here.


December 8, 2016: PHH Corp. et al. vs CFPB and 2017 CFPB Agenda (Electronic Payments Association (NACHA) Government Relations Advisory Group Webinar Series) – Allyson B. Baker.

December 9, 2016: The Present and Future Role of State Attorneys General in Consumer Financial Services Regulation and Enforcement (a Venable-hosted webinar, CLE provided) – Honorable Mark L. Pryor, Kevin L. Turner, Allyson B. Baker, Jonathan L. Pompan, Meredith L. Boylan, and Alexandra Megaris.

January 24, 2017: Consumer Financial Services Outlook 2017 (a Venable-hosted webinar, CLE provided. Registration information coming soon.) – Members of Venable's Consumer Financial Services Practice Group.

February 7, 2017: Navigating Debt Buying in a "Regulatory by Enforcement" Environment During a Rulemaking (2017 DBA International Annual Conference) – Jonathan L. Pompan and Alexandra Megaris.

March 21, 2017: Lead Generation Regulation and Enforcement: Government Perspectives (LeadsCon Las Vegas, Paris Hotel, Las Vegas, NV) – Jonathan L. Pompan, and staff from the FTC, CFPB, and state attorneys general offices.