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

TCPA Clarification: FCC and Eleventh Circuit Attempts to Clarify “Called Party” and “Prior Express Consent”

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Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies

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American Conference Institute’s 18th National Forum on Consumer Finance Class Actions & Litigation

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Consero Financial Services and Insurance Litigation Forum – Miami, FL – May 18-20, 2014

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National Association of Dealers Counsel (NADC) Annual Meeting

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Mortgage Lenders & Servicers

CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education

By Ethan Ostroff on April 07, 2014

In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders. Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as evidence...
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
CFPB Releases Small-Entity Compliance Guide on TILA-RESPA Integration Rule
American Conference Institute’s 18th National Forum on Consumer Finance Class Actions & Litigation
New Decision Provides Hope for Common-Sense Application of TCPA, but the High-Stakes Debate Over the Scope of the TCPA Will Continue

Debt Buyers & Collectors

CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education

By Ethan Ostroff on April 07, 2014

In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders. Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as evidence...
TCPA Clarification: FCC and Eleventh Circuit Attempts to Clarify "Called Party" and "Prior Express Consent"
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
American Conference Institute’s 18th National Forum on Consumer Finance Class Actions & Litigation
CFPB Annual Report Shows 80% Increase in Consumer Complaints in 2013

Credit Reporting & Data Brokers

FTC Settles Claims Against Data Brokers Under FCRA

By Ethan Ostroff on April 23, 2014

Two data brokers settled charges brought by the FTC for $1.5 million based  on allegations that they violated the Fair Credit Reporting Act (FCRA) when selling consumer data. The FTC alleged the companies operated as consumer reporting agencies when providing reports about consumers to users such as prospective employers and landlords.  The complaints filed by...
Senate Aims to Increase Transparency in Credit Reporting
CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
New Decision Provides Hope for Common-Sense Application of TCPA, but the High-Stakes Debate Over the Scope of the TCPA Will Continue

Auto Finance

CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education

By Ethan Ostroff on April 07, 2014

In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders. Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as evidence...
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
American Conference Institute’s 18th National Forum on Consumer Finance Class Actions & Litigation
New Decision Provides Hope for Common-Sense Application of TCPA, but the High-Stakes Debate Over the Scope of the TCPA Will Continue
FTC Continues Crackdown in Auto Dealer Lease Financing Advertising

Online Lenders

CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education

By Ethan Ostroff on April 07, 2014

In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders. Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as evidence...
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
Growing Industry Faces Barriers in Current Regulatory Environment
New Decision Provides Hope for Common-Sense Application of TCPA, but the High-Stakes Debate Over the Scope of the TCPA Will Continue
Operation Choke Point under Scrutiny

Service Contractors

CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education

By Ethan Ostroff on April 07, 2014

In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders. Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as evidence...
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
Missouri AG Action Indicates Auto Service Contracts are Under Scrutiny
Consero Financial Services and Insurance Litigation Forum - Miami, FL - May 18-20, 2014
North Carolina Begins Taxing Service Contracts

ALL CFS Blog Entries

CFPB Issues $772 Million Penalty to Large Bank for Sale of Credit Card Add-On Products

By Michael Lacy on April 11, 2014

On April 9, 2014, the Consumer Financial Protection Bureau announced a $772 million deal with a large bank to settle allegations that it deceptively marketed credit card add-on products and illegally billed customers. The bank will refund $727 million to consumers and pay fines of $20 million and $25 million to the CFPB and Office...
Senate Aims to Increase Transparency in Credit Reporting
CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education
TCPA Clarification: FCC and Eleventh Circuit Attempts to Clarify "Called Party" and "Prior Express Consent"
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies