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

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

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Supreme Court Declines to Revisit Third Circuit’s Decision That Debtors Are Not Required to Dispute a Debt Prior to Filing an FDCPA Lawsuit

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CFPB Issues New Proposed Rules for Prepaid Debit Cards

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Law Firm Files Class Action Lawsuit Against Jimmy John’s for Credit Card Data Breach

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CFPB Supervision Report Targets Illegal Debt Collection Practices

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CFPB Finalizes Qualified Mortgage Cure and Other Amendments to 2013 Mortgage Rules

By Ethan G. Ostroff on November 21, 2014

In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register. These new amendments to the mortgage rules include: Qualified mortgage...
Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB
Supreme Court Skeptical of Lender’s Interpretation of TILA Rescission Statute
CFPB and Federal Reserve Board to Host Webinar on TILA-RESPA Integrated Disclosures Rule
CFPB Publishes Compliance Bulletin and Policy Guidance for Mortgage Servicing Transfers

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

By Scott Kelly on November 20, 2014

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that: 1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting...
CFPB Issues New Proposed Rules for Prepaid Debit Cards
NBPCA Issues Statement Regarding CFPB’s Proposed Rules for Prepaid Cards
Law Firm Files Class Action Lawsuit Against Jimmy John’s for Credit Card Data Breach
Basel Committee Issues NSFR Standard for International Banks

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

By Scott Kelly on November 20, 2014

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that: 1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting...
Supreme Court Declines to Revisit Third Circuit’s Decision That Debtors Are Not Required to Dispute a Debt Prior to Filing an FDCPA Lawsuit
CFPB Supervision Report Targets Illegal Debt Collection Practices
FTC Stops Debt Collection Scheme that Targeted Spanish-Speaking Consumers
CFPB Report: One-Third of Older Consumers’ Complaints Are About Debt Collection

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

By Scott Kelly on November 20, 2014

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that: 1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting...
California Attorney General Releases Data Breach Report
FCC Steps into Data Privacy Fray with Action Against Telecommunications Company
CFPB Finalizes Privacy Policy Disclosure Rule
CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

By Scott Kelly on November 20, 2014

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that: 1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting...
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation
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

California Attorney General Releases Data Breach Report

By Reade Jacob on October 31, 2014

California Attorney General Kamala Harris released a report on October 28 on the growing threat of data breaches on California residents.  According to the report, data breaches in California jumped 28 percent last year, from 131 reported incidents in 2012 to 167 in 2013.  The breaches affected 18.5 million Californians by putting their personal information...
FCC Steps into Data Privacy Fray with Action Against Telecommunications Company
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

Supreme Court Declines to Revisit Third Circuit’s Decision That Debtors Are Not Required to Dispute a Debt Prior to Filing an FDCPA Lawsuit

By Tim J. St. George on November 20, 2014

On November 10, the Supreme Court declined to review an appeal by debt collection law firm Phelan Hallinan & Shmieg LLP over a Third Circuit decision in a class action that held that debtors are not required to dispute a debt under the Fair Debt Collection Practices Act before filing an FDCPA lawsuit. On June...
Supreme Court Skeptical of Lender’s Interpretation of TILA Rescission Statute
Law Firm Files Class Action Lawsuit Against Jimmy John’s for Credit Card Data Breach
FTC Stops Debt Collection Scheme that Targeted Spanish-Speaking Consumers
CA Appeals Court Approves Revised Visa and MasterCard Class Action Settlement

Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB

By Scott Kelly on November 20, 2014

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that: 1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting...
CFPB Issues New Proposed Rules for Prepaid Debit Cards
NBPCA Issues Statement Regarding CFPB’s Proposed Rules for Prepaid Cards
CFPB and Federal Reserve Board to Host Webinar on TILA-RESPA Integrated Disclosures Rule
CFPB Publishes Compliance Bulletin and Policy Guidance for Mortgage Servicing Transfers