The Washington Times published an article titled “Defining a Legitimate Scope for the Federalization of Business Crime” by Washington partner George Terwilliger, assisted by Richmond associate Katherine Mims Crocker, about the proper role of federal policing and prosecutorial authority, and how it exceeds the limited role the U.S. Constitution prescribes for it.
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Broker-Dealer Audits: PCAOB Disciplinary Orders and Extraordinary Cooperation Credit
Despite a d
ecreased budget in 2015, Public Company Accounting Oversight Board (PCAOB) Chairman James R. Doty believed there would be enough resources to continue with the PCAOB’s strategic plan to serve as the oversight body Congress envisioned. As we reported back in February, Doty noted that the 2015 budget would allow for 75
CFPB Drives Action Against Auto-Finance Company
Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance Company LLC (SNAAC) for several violations of the Consumer Financial Protection Act of 2010 (CFPA), specifically pertaining to Sections 1031 &
CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision
In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a Bureau administrative enforcement action. The decision, issued June 4, generally affirmed a 2014 Administrative Law Judge (ALJ) decision
With Rule-Making Expected, CFPB’s March 2015 Arbitration Study Continues to Draw Attention
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n a recent letter, 58 members of Congress asked the Consumer Financial Protection Bureau (CFPB) to exercise its rule-making authority and ban mandatory arbitration provisions in consumer financial agreements. In support of their request, the authors cite the CFPB’s March 2015 internal study on arbitration, which the CFPB conducted pursuant to Section 1028
CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule
The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. Once effective, the TRID will drastically alter, among other things, the pre-closing disclosures that creditors, mortgage brokers and settlement agents must provide to borrowers under
CFPB Fines Military Allotment Processor $3.1 Million
Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members into paying millions of dollars in hidden fees.
Fort Knox National Co., through MAC, is one of the largest processors of military
CFPB Targets PayPal’s Consumer Lending Service
In a recent filing with the Securities and Exchange Commission, eBay’s PayPal division disclosed that it could be hit with an enforcement lawsuit by the Consumer Financial Protection Bureau (CFPB) as early as the second quarter of 2015. The potential suit arises from CFPB inquiries into PayPal Credit, the company’s consumer lending service formerly known
Mortgage Shopping Toolkit Available for Compliance Guidance
The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative designed to improve compliance and help consumers understand mortgage loans. This toolkit will guide potential homeowners in securing mortgages, understanding closing costs and offering helpful hints for consumers to
SEC Charges Group of Unregistered Broker-Dealers Trading in Corporate Bond Market
Last week, the Securities and Exchange Commission (SEC) charged more than 20 individuals and companies with violations of the Securities Exchange Act of 1934 (the Exchange Act) related to the buying and selling of investment-grade corporate bonds. The SEC charged the respondents with trading in corporate bonds without first registering as broker-dealers. Two respondents, Global