The Federal Financial Forum

From: American Banker

Benjamin P. Saul and W. Kyle Tayman

Over the past 16 months, a growing number of states have taken action against banks and consumer finance companies for violations of Dodd-Frank’s prohibition of unfair, deceptive or abusive acts or practices. The attorneys general for New Mexico, Illinois, Mississippi, Connecticut and Florida, as well as New York’s Department of Financial Services, have used their Dodd-Frank authority to assert civil claims alleging violations of UDAAP and other federal regulations in at least 12 different actions.

From: Mayer Brown

On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever “recommended decision” in a contested Consumer Financial Protection Bureau (CFPB) adjudication.

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Although the PHH case ultimately turned on contested questions of fact, the case may offer a preview of what to expect in future CFPB adjudications. A few things stand out:

From: Automotive News

Jim Henry

American Honda Finance Corp. disclosed that the Consumer Financial Protection Bureau and U.S. Department of Justice have concluded the company was responsible for illegal discrimination in pricing auto loans and could be disciplined unless it reaches a settlement with the federal agencies.

The disclosure, in a Securities and Exchange Commission filing, echoes a nearly identical move by Toyota Motor Credit Corp. on Nov. 28. Both captive finance companies disclosed last year that the federal agencies had requested information regarding auto loans.

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From: ThinkAdvisor

Industry groups cite further concerns with second version of CARDS, which FINRA insists it will address

By Melanie Waddell Washington Bureau Chief, Investment Advisor Magazine

The Financial Industry Regulatory Authority’s reproposed plan to collect broker-dealer account data through its Comprehensive Automated Risk Data System (CARDS) is drawing heavy criticism from industry trade groups. In the face of such negative comments, FINRA insists that it will address such issues prior to further development of the data program.

From: Reverse Mortgage Daily

by Cassandra Dowell

Revisions intended to streamline and improve certain mortgage procedures are among the top priorities of the Consumer Financial Protection Bureau as 2015 fast approaches.

The CFPB’s fall 2014 rulemaking agenda revisits its July proposal to amend Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

The proposal, now in the final rule stage, aims to simplify the process for financial institutions and gain more insight into consumers’ access to mortgage credit.

The proposal also included revisions to its regulations to bring about changes to institutional and transactional coverage, modifications of reporting requirements, and clarifications of other existing regulatory provisions.