Tag Archives: Consumer Financial Protection Bureau (CFPB)

Join Us for ABA Webinar on Social Media in Consumer Finance

As part of the American Bar Association's Consumer Financial Services Committee monthly webinar series, Reed Smith attorneys Stacy K. Marcus and Travis P. Nelson will be leading a discussion tomorrow, Wednesday, February 12, 2014, examining the effect of social media on the consumer finance industry, including how social media can and should be used by the industry and how to apply existing laws to this dynamic and evolving medium.… Continue Reading

FFIEC Releases Guidance on Social Media Use by Financial Institutions

This week, the Federal Financial Institutions Examination Council ("FFIEC") released its proposed guidance to help financial institutions understand and address the risks associated with social media activities. All banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators should review their current and expected … Continue Reading

FTC and CFPB Send Wake-Up Call to Ensure Compliance with Mortgage Acts and Practices Advertising Rule

The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced today that they have sent warning letters to more than 30 companies, including lenders, mortgage brokers, real estate agents, home builders and lead generators, notifying them that their advertisements may have violated the Mortgage Acts and Practices Rules ("MAP Rule"). The MAP Rule prohibits material misrepresentations in any commercial communication (including advertising) regarding any mortgage credit product, and contains record-keeping requirements for persons subject to the rule. Mortgage advertisers that violate the MAP Rule could be subject to civil penalties. The FTC and CFPB reviewed more than 800 mortgage ads across a variety of media and found numerous types of potentially false or misleading claims, including...… Continue Reading

FTC and CFPB to Announce Joint Efforts to Address Consumer Protection

Today, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) announced they will hold a press conference on Monday, November 19 to reveal a coordinated effort to protect consumers. The agencies have concurrent jurisdiction over financial services companies so this announcement, the first sine the re-election of President Obama, will be very revealing of what's to come as these two regulators begin their oversight in earnest.. We'll report more on Monday. The full press release can be read here.… Continue Reading
LexBlog