Wells Fargo

Washington Update V

Issue five of our weekly update from Washington, designed to keep NACBA members informed about any significant and relevant activity on the part of Congress, regulatory agencies and interest groups/think tanks.

ON THE HILL As noted in previous updates, Congress is on an extended leave and most members are focused on the upcoming election.  However, there is an update on Wells Fargo.  CEO John Stumpf, who faced outraged questioning from both sides of the aisle in committee hearings held in both the House and the Senate, has stepped down as chairman and chief executive officer.  Lawmakers from both sides of the aisle responded to the news with pledges that they will continue pursuing the investigation into Wells Fargo following revelations last month that it opened more that 2 million accounts without customers’ authorization.  Mr. Stumpf will be replaced by Tim Sloan, who was chief operating officer at Wells Fargo.

IN THE AGENCIES An appellate court overturned the Consumer Financial Protection Bureau’s (CFPB) $109 million fine against mortgage company PHH Corp. and called the agency “unconstitutionally structured.”  The CFPB had fined PHH for referring customers to insurers who purchased reinsurance from a PHH subsidiary, a practice the agency likened to illegal kickbacks. PHH sued, saying the agency had overstepped its authority.  “The director enjoys more unilateral authority than any other officer in any of the three branches of the U.S. government, other than the president,” wrote the three-judge panel of the U.S. Court of Appeals for the District of Columbia.  “This is a case about executive power and individual liberty,” the court wrote. “Because of their massive power and the absence of presidential supervision and direction, independent agencies pose a significant threat to individual liberty and to the constitutional system of separation of powers and checks and balances.”

The court underscored what it called “the important but limited real-world implications” of the decision. The agency will continue to operate, but the president will now have the authority to remove its director at will. The court decision can be read here.  The CFPB has not yet decided if it will appeal the decision.  In the meantime, congressional opponents of the CFPB believe the ruling will boost their efforts to rein in the agency and undercut its independence.

FROM THE INTEREST GROUPS In a letter to Sen. Chuck Schumer (D-NY), the presumed Democratic Leader in the next Congress, several progressive groups have asked him to avoid letting the Banking Committee become too cozy with the financial industry in the next Congress.  At issue are concerns that the committee’s contingent of moderate Democrats might grow.

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Bankruptcy News Briefs 9/16

Headlines Leading Into the Weekend…

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Court Rejects McCoy and Sticks with Beard

New York Proposes Extensive Data Security Regs for Financial Services Companies, Begins 45-Day Comment Period

Top Takeaways from CFPB, FTC on How Debt Collectors Can Respond to Investigations

Study: Growing Healthcare Coverage Causes Decline in ‘Substantial’ Costs for Consumers

Massachusetts Appeals Court Addresses Statute of Limitations for Enforcement of Guaranty

Details of 2017 Pennsylvania Tax Amnesty Announced

Wells Fargo Case Unlikely to Prompt Republican Embrace of CFPB

Debt collection companies sued for $10 million over robocalls

Uh-Oh, We’re Racking Up Credit Card Debt Like It’s 2007 Again

The Complicated Truth About Millennials And Credit Cards

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Avoiding Judicial Estoppel, Standing and Claim Preclusion Problems
with Non-Bankruptcy Causes of Action
DATE: Thursday, September 22, 2016 – 3:00 PM EST / 12:00 PM PST
COST: $25 NACBA Member, $75 Non-Member
PRESENTERS:
Judge Paul W. Bonapfel, Northern District of Georgia
J. Erik Heath, Esq., Consumer Bankruptcy Attorney, San Francisco, CA
John Rao, Esq., National Consumer Law Center, Inc.
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NACBA’s  Fall Workshop

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2017 NACBA’s 25th Annual Convention – Silver Anniversary
Thursday, May 4 – Sunday, May 7, 2017
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Bankruptcy News Briefs 9/13

Check Out Today’s Headlines…

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FTC Announces Latest Operation Collection Protection Actions

Keeping up with State Licensing and Enforcement Activity is Becoming a Full-Time Job For Collection Agencies

Advocates Applaud CFPB Action Against Bridgepoint Education for Predatory Student Lending Practices

CFPB Makes Bridgepoint Education Refund All Private Student Loans

Senate to hold hearing on Wells Fargo’s aggressive sales tactics

What You Don’t Say Can Hurt You: Fair Debt Collections Act

Credit card debt in second quarter sets record

Consumers’ Spending Expectations Fall, Income Expectations Continue to Rise

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7 Keys to Building a Referral-based Law Firm

DATE: Wednesday, September 14, 2016, 3:00 PM EST / 12:00 PM PST
COST: FREE for NACBA Members
PRESENTER: Stephen Fairley, CEO, The Rainmaker Institute

Every attorney wants a referral-based practice, but most attorneys struggle to consistently get enough referrals. We have uncovered the secrets of referrals and will teach you:

  • The 3 biggest reasons why you’re not getting more referrals…and what to do about it
  • Creating a plan to double your referrals in the next 6 months
  • The 4 most commonly overlooked places to increase your referrals

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Avoiding Judicial Estoppel, Standing and Claim Preclusion Problems
with Non-Bankruptcy Causes of Action
DATE: Thursday, September 22, 2016 – 3:00 PM EST / 12:00 PM PST
COST: $25 NACBA Member, $75 Non-Member
PRESENTERS:
Judge Paul W. Bonapfel, Northern District of Georgia
J. Erik Heath, Esq., Consumer Bankruptcy Attorney, San Francisco, CA
John Rao, Esq., National Consumer Law Center, Inc.
REGISTER: HERE

Events

NACBA’s  Fall Workshop

EARLY BIRD RATE IS EXTENDED! REGISTER TODAY FOR SAVINGS!

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Pack your bags and set sail for the 2016 NACBA Fall Workshop on October 6th-9th for stellar sessions, excellent presenters, CLE, networking and a little relaxation!  Get all the details and register today!

SAVE THE DATE FOR THE NEXT ANNUAL CONVENTION

2017 NACBA’s 25th Annual Convention – Silver Anniversary
Thursday, May 4 – Sunday, May 7, 2017
Orlando, Florida

JOIN NACBA TODAY

Become a member of NACBA! Join today and take advantage of the benefits, networking opportunities and resources NACBA has to offer!

Bankruptcy News Briefs 8/22

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New Week of Headlines…

CFPB fines Wells Fargo $3.6 million for deceptive student loan practices

Monthly, Year-to-Date Debt Collection Complaints to CFPB Continue to Decline

The “Least Sophisticated Debtor” Is Getting More Sophisticated, And Has An Improved Memory Too

Stop Bank, Payday Lender, and Scammer Get-Out-of-Jail-Free Cards and Restore Consumers’ Access to Court

CFPB Should Exempt Credit Unions From Arbitration Rules

Pair claim debt collection attempts are morass of confusion

$1.3 trillion in student loan debt is crippling retail sales growth

The price of education: Study finds Ohioans saddled with massive student loan debt

UPCOMING WEBINARS

NACBA Webinars Web Banner (1)

7 Keys to Building a Referral-based Law Firm

DATE: Thursday, September 14, 2016, 3:00 PM EST / 12:00 PM PST
COST: FREE for NACBA Members
PRESENTER: Stephen Fairley, CEO, The Rainmaker Institute
REGISTER: HERE

Avoiding Judicial Estoppel, Standing and Claim Preclusion Problems
with Non-Bankruptcy Causes of Action
DATE: Thursday, September 22, 2016 – 3:00 PM EST / 12:00 PM PST
COST: $25 NACBA Member, $75 Non-Member
PRESENTERS:
Judge Paul W. Bonapfel, Northern District of Georgia
J. Erik Heath, Esq., Consumer Bankruptcy Attorney, San Francisco, CA
John Rao, Esq., National Consumer Law Center, Inc.
REGISTER: HERE

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October 6-10, 2016

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Visit the NACBA Facebook page and enter to Win a Free Registration to the Fall Workshop Members Only CruiseJust LIKE the Post & SHARE on your page for a chance of winning one (1) FREE Registration (total value $594) to NACBA’s 2016 Fall Workshop Members Only Cruise (Miami, FL – Nassau, Bahamas), October 6-10, 2016. This prize package includes registration to the Pre-Cruise Tax Session.

Contest Expires August 26th, 2016 Winner Announced August 29th, 2016 . Non-Transferable. One (1) winner selected. Current Membership in NACBA Required. Good luck!

SAVE THE DATE FOR THE NEXT ANNUAL CONVENTION

2017 NACBA’s 25th Annual Convention – Silver Anniversary
Thursday, May 4 – Sunday, May 7, 2017
Orlando, Florida

JOIN NACBA TODAY

Not a member of NACBA? Join today and take advantage of the benefits, networking opportunities and resources NACBA has to offer!