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

Connecticut Attorney General Discusses His Leadership Role in Privacy Policy

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Court Rejects Putative FCRA Class Action Against Hospital Resulting from Data Breach

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CFPB Issues Bulletin to Credit Card Issuers on Deceptive Interest-Rate Promotions

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Virginia Creditors Bar Association 5th Annual Collections Seminar

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State Attorneys General File Lawsuits against 5-Hour ENERGY® for Deceptive Marketing

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Twelve Participants Chosen for CFPB Mortgage Closing Pilot Project

By Maryia Y. Jones on August 27, 2014

On August 21, the Consumer Financial Protection Bureau (CFPB) has selected seven mortgage companies and five vendors to participate in a three-month pilot program that will aim to determine whether electronic filings could improve mortgage closings.  The pilot program is a part of the CFPB’s “Know Before You Owe” mortgage initiative. Earlier this year in...
Potential Expansion of HMDA Reporting Requirements
Amerisave to Pay $19.3 Million for Bait-and-Switch Mortgage Scheme
Federal Reserve’s Quarterly Report Reveals Banks Are Making Fewer Mortgages
Seventh Circuit Favors Simplified and Neutral Class Action Notices

CFPB Issues Bulletin to Credit Card Issuers on Deceptive Interest-Rate Promotions

By Scott Kelly on September 05, 2014

On September 3, the Consumer Financial Protection Bureau issued a new bulletin warning credit card issuers against certain interest-rate promotions that, it claimed, posed a risk of deceptive or abusive conduct.  The transactions at issue involve solicitations that “offer a promotional annual percentage rate on a particular transaction over a defined period of time” and...
SEC Finalizes Tougher Credit Rating Agency Rules
Seventh Circuit Favors Simplified and Neutral Class Action Notices
Cordray's Renewed Questioning Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.

CFPB and FTC File Amicus Brief Urging Application of FDCPA Beyond Initial Debt Collection Notice

By Massie P. Cooper on August 25, 2014

On August 20, the Consumer Financial Protection Bureau and the Federal Trade Commission jointly filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C.  The case concerns the interpretation and enforcement of the Fair Debt Collection Practices Act, and is currently on appeal to the U.S. Court of Appeals for the Ninth Circuit....
11th Circuit Rejects Percentage Collection Fees Under FDCPA Without Specific Contract Provision
USA Discounters Investigated and Penalized by CFPB
Seventh Circuit Favors Simplified and Neutral Class Action Notices
USA Discounters Scrutinized by State and Federal Regulators for Debt Collection Practices

Congresswoman Proposes Fundamental Changes to FCRA in Fair Credit Reporting Improvement Act of 2014

By David M. Gettings on September 15, 2014

On September 10, Congresswoman Maxine Waters released a draft proposal entitled “Fair Credit Reporting Improvement Act of 2014” that, if passed, could lead to fundamental changes in the credit reporting industry. According to the published summary of the key provisions of the proposed legislation, the legislation would alter various aspects of credit reporting in favor...
Court Rejects Putative FCRA Class Action Against Hospital Resulting from Data Breach
Court Decision Issued on Background Check Adjudication
Seventh Circuit Favors Simplified and Neutral Class Action Notices
Cordray's Renewed Questioning Concerning Recess Authority

Auto Finance Summit 2014 - October 6-8 - Las Vegas

By Virginia Bell Flynn on August 22, 2014

The annual Auto Finance Summit is quickly approaching and their roster and agenda look superb. AutoFinanceSummit.com describes this year's event: "Sharing insights and innovations make it more than the industry’s premier event, it’s your annual opportunity to meet, network and learn from the best. This conference has grown into the “can’t miss” event of the...
Seventh Circuit Favors Simplified and Neutral Class Action Notices
Cordray's Renewed Questioning Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.
OCC Identifies Signs of Risk in Auto Lending Industry

Connecticut Attorney General Discusses His Leadership Role in Privacy Policy

By Ashley L. Taylor, Jr. on September 11, 2014

The International Association of Privacy Professionals recently conducted  an interview with Connecticut Attorney General George Jepsen. General Jespen has been considered a leader among the State Attorneys General in the area of privacy, and Connecticut is considered one of the most active states in privacy policy and legal enforcement actions related to privacy issues.  In...
CFPB Issues Bulletin to Credit Card Issuers on Deceptive Interest-Rate Promotions
State Attorneys General File Lawsuits against 5-Hour ENERGY® for Deceptive Marketing
Auto Finance Summit 2014 - October 6-8 - Las Vegas
2014 ABA Annual Meeting - Showcase CLE Presentations

Contracting and Text Sending is Sufficient for Exercise of Personal Jurisdiction in TCPA Class Action

By David N. Anthony on August 29, 2014

In Payton v. Kale Realty, LLC, plaintiff Payton filed an amended complaint, asserting that defendant Kale used newly added defendant Voiceshot’s services to send unsolicited advertisements to potential customers’ cell phones.  Voiceshot provides web-based cloud telecommunication services by which users can send mass text messages for a fee.  Voiceshot is a Delaware company with its...
Auto Finance Summit 2014 - October 6-8 - Las Vegas
11th Circuit Rejects Percentage Collection Fees Under FDCPA Without Specific Contract Provision
Court Decision Issued on Background Check Adjudication
Seventh Circuit Favors Simplified and Neutral Class Action Notices

SEC Finalizes Tougher Credit Rating Agency Rules

By Scott Kelly on August 28, 2014

On August 27, the Securities and Exchange Commission adopted new rules for credit rating agencies to enhance governance, protect against conflicts of interest, and increase transparency to improve the quality of credit ratings and increase credit rating agency accountability. Industry observers hope that the new rules will address problems that have contributed to the failure...
Twelve Participants Chosen for CFPB Mortgage Closing Pilot Project
Potential Expansion of HMDA Reporting Requirements
Amerisave to Pay $19.3 Million for Bait-and-Switch Mortgage Scheme
Auto Finance Summit 2014 - October 6-8 - Las Vegas