Articles by: Michael Benoit

Is an Effort Afoot to Improve Repo Communications?

Is an Effort Afoot to Improve Repo Communications?

In the September issue of the Consumer Financial Protection Bureau’s Supervisory Highlights — in which CFPB supervision staff reports on issues they are seeing in the context of examinations — the staff addresses one of the more axiomatic and frustrating realities facing creditors — trying to retract a repossession order.Read More

Compliance Insider: The Cynic Returns

Compliance Insider: The Cynic Returns

You may recall that last month I wrote about how a cynic might view the Consumer Financial Protection Bureau’s arbitration rule and its corresponding ban on class-action waivers in predispute arbitration agreements. My cynic held the view that the rule, while purporting to be only a ban on waivers, wasRead More

The Cynic’s View on the CFPB Arbitration Rule

The Cynic’s View on the CFPB Arbitration Rule

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in MarchRead More

How the Supreme Court Turned Debt Collection Into a Grammar Lesson

How the Supreme Court Turned Debt Collection Into a Grammar Lesson

On June 12, the Supreme Court settled a question about the status of debt buyers under the Fair Debt Collection Practices Act (FDCPA) that has been the subject of uncertainty for years: “Is a person who purchases debt for his own account a debt collector if he tries to collectRead More

Choice … or No Choice?

Choice … or No Choice?

How’s that Dodd-Frank reform — the Financial Choice Act — coming along? Unless you’ve been under a rock for the last month, you’ll have noticed that things are not going so well for the Trump administration, and by extension, Republicans in the House and Senate. Between the Russia investigation, the FBI director’sRead More

Compliance Insider: Choice 2.0 … Again

Compliance Insider: Choice 2.0 … Again

The House Financial Services Committee’s (HFSC) worked on the Financial Choice Act (“Choice Act 2.0”) in April, based on an earlier version from the last Congress (Choice Act 1.0). As often is the case in Washington, what is true today may not be tomorrow, and the landscape for financial reformRead More

The Plot Thickens: U.S. Court of Appeals to Hear CFPB Case

The Plot Thickens: U.S. Court of Appeals to Hear CFPB Case

On Feb. 16, the U.S. Court of Appeals for the  D.C. Circuit agreed to rehear en banc PHH Corp. v. The Consumer Financial Protection Bureau. Oral argument is set for May 24. As you may recall, the Consumer Financial Protection Bureau alleged that PHH Corp. had accepted illegal kickbacks fromRead More