Consumer Financial Services Law Monitor

Consumer Financial Services Law Monitor

monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts

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Supreme Court Hears Case on Evidentiary Requirements in a Notice of Removal

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Seventh Circuit Reverses Class Action “Coupon” Settlement Under the Fair Credit Reporting Act

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Flagstar Reaches $37.5M Mortgage Servicing Settlement with CFPB

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Comment Period on CFPB’s Proposal to Include Narratives in Consumer Complaint Database Closes With Strong Protest from the American Bankers Association and Other Industry Groups

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CBO Releases Cost Estimates for Financial Regulatory Clarity Act

By Brendan Connors on October 31, 2014

On October 17, the Congressional Budget Office responded to a request from the House Financial Services Committee and issued certain cost estimates associated with the implementation of the proposed “Financial Regulatory Clarity Act of 2014.” Specifically, the CBO estimated that the bill would cost the Consumer Financial Protection Bureau $7 million between 2015 and 2024,...
FDIC Reaches Settlement with Merrick Bank for Credit Card Add-On Charges
Minnesota AG Files Suit Against Texas Credit Card Firm
CFPB Scrutinizes Checking Account Screening
CFPB Announces Project Catalyst Research Initiative on Credit Counseling

The ACA International’s 2014 Fall Forum & Expo

By Ethan G. Ostroff on October 29, 2014

This year’s ACA International Fall Forum & Expo, to be held in San Francisco on November 5-7, is quickly approaching, and their roster and agenda look outstanding.  ACA International describes this year’s event: ACA brings you four cutting-edge tracks with the latest updates from industry experts.  Twenty-eight concurrent sessions from thought-provoking speakers, twenty-five plus innovation...
Fourth Circuit Rules Debt Collector Violated “Call Charged” Section of TCPA for Using an ATDS to Call a Residential Landline
FDCPA Class Certified in a Seemingly Individualized Dispute over Repayment Options Calculation
Game Changers for the Industry Webinar
The Second Circuit’s Ruling in Nigro v. Mercantile Adjustment Bureau Narrows Express Consent Under the TCPA

FCC Steps into Data Privacy Fray with Action Against Telecommunications Company

By Reade Jacob on October 31, 2014

The Federal Communications Commission took its first step into the field of data security regulation on October 24 when it hit two telecommunications companies with a $10 million fine for allegedly failing to adequately safeguard customers’ sensitive information. The two companies – TerraCom, Inc. and YourTel America, Inc. – were fined for allegedly placing the...
CFPB Finalizes Privacy Policy Disclosure Rule
CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts
Seventh Circuit Reverses Class Action “Coupon” Settlement Under the Fair Credit Reporting Act
U.S. Supreme Court Invites Solicitor General to File Comment on Pending Spokeo Appeal

House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation

By Reade Jacob on October 09, 2014

House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) recently sent a letter to CFPB Director Richard Cordray expressing concern about the Bureau’s proposed regulation of nonbank auto lenders. According to Hensarling, it would be “inappropriate” for the agency to regulate nonbank auto lenders until it clarifies the “rules of the road.”  The letter echoes a...
Supreme Court Agrees to Hear Challenge to Disparate Impact
The TCPA Balance Shifts: The Eleventh Circuit Decision in Mais is Extremely Favorable for Collectors
Auto Finance Summit 2014 - October 6-8 - Las Vegas
CFPB Conducts Field Hearing on Indirect Auto Lending

FCC Steps into Data Privacy Fray with Action Against Telecommunications Company

By Reade Jacob on October 31, 2014

The Federal Communications Commission took its first step into the field of data security regulation on October 24 when it hit two telecommunications companies with a $10 million fine for allegedly failing to adequately safeguard customers’ sensitive information. The two companies – TerraCom, Inc. and YourTel America, Inc. – were fined for allegedly placing the...
FDIC Reaches Settlement with Merrick Bank for Credit Card Add-On Charges
Minnesota AG Files Suit Against Texas Credit Card Firm
Federal Judge Freezes Law Firm Assets in Multi-State Mortgage Rescue Scam Case
Trade Association Responds to Louisiana Attorney General’s Lawsuit Aimed at Limiting Use of Recycled Parts in Auto Repairs

Fourth Circuit Rules Debt Collector Violated “Call Charged” Section of TCPA for Using an ATDS to Call a Residential Landline

By Ethan G. Ostroff on October 27, 2014

Earlier this month, the Fourth Circuit issued an unpublished opinion holding a debt collector’s autodialed calls to a residential landline with VoIP service violated the Telephone Consumer Protection Act due to the fact that the consumer was charged for each call. In Lynn v. Monarch Recovery Management, Inc., No. 13-2358, 2014 U.S. App. LEXIS 18858,...
FDCPA Class Certified in a Seemingly Individualized Dispute over Repayment Options Calculation
Federal Court Rejects District of Columbia’s Defense of Tax Sale Statute
Supreme Court Hears Case on Evidentiary Requirements in a Notice of Removal
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation

CBO Releases Cost Estimates for Financial Regulatory Clarity Act

By Brendan Connors on October 31, 2014

On October 17, the Congressional Budget Office responded to a request from the House Financial Services Committee and issued certain cost estimates associated with the implementation of the proposed “Financial Regulatory Clarity Act of 2014.” Specifically, the CBO estimated that the bill would cost the Consumer Financial Protection Bureau $7 million between 2015 and 2024,...
CFPB Finalizes Privacy Policy Disclosure Rule
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation
Comment Period on CFPB’s Proposal to Include Narratives in Consumer Complaint Database Closes With Strong Protest from the American Bankers Association and Other Industry Groups
CFPB Scrutinizes Checking Account Screening