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 Proposes Expanded Foreclosure Protections

By Massie P. Cooper on November 24, 2014

On November 20, the Consumer Financial Protection Bureau proposed measures aimed at mortgage servicers.  These proposed measures provide surviving family members and other homeowners with the same protections as the original borrowers.  Additionally, the proposal seeks to add protections to homeowners and borrowers struggling to make payments under their mortgages.  The new mortgage rules can...
HUD Breaks from CFPB, Refuses to Adopt Cure Provisions in Definition of Qualified Mortgage
CFPB Finalizes Qualified Mortgage Cure and Other Amendments to 2013 Mortgage Rules
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

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

Maine’s Attorney General Issues Warning to Residents Regarding Calls from “Scammers”

By Amanda L. Genovese on November 25, 2014

On November 14, Maine’s Attorney General Janet T. Mills issued a warning to the state’s residents regarding calls from “scammers” demanding immediate payment on supposed debts.  Mills’ warning stemmed from many recent reports to her office of aggressive calls from “scammers” attempting to get consumers to make payments by wire transfer or pre-paid debit card....
Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB
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

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...
FTC and State Attorneys General Reach $22 Million Proposed Settlement with Companies Offering Hidden-Fee Access to Credit Reports
California Attorney General Releases Data Breach Report
FCC Steps into Data Privacy Fray with Action Against Telecommunications Company
CFPB Finalizes Privacy Policy Disclosure Rule

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

Maine’s Attorney General Issues Warning to Residents Regarding Calls from “Scammers”

By Amanda L. Genovese on November 25, 2014

On November 14, Maine’s Attorney General Janet T. Mills issued a warning to the state’s residents regarding calls from “scammers” demanding immediate payment on supposed debts.  Mills’ warning stemmed from many recent reports to her office of aggressive calls from “scammers” attempting to get consumers to make payments by wire transfer or pre-paid debit card....
California Attorney General Releases Data Breach Report
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

FTC and State Attorneys General Reach $22 Million Proposed Settlement with Companies Offering Hidden-Fee Access to Credit Reports

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

The Federal Trade Commission has stopped an online program that allegedly lured consumers with “free” access to their credit scores and then billed them a recurring fee of $29.95 per month for a credit monitoring program they never ordered.  The defendants are One Technologies LP (also doing business as ScoreSense, One Technologies Inc., and MyCreditHealth);...
Supreme Court Declines to Revisit Third Circuit’s Decision That Debtors Are Not Required to Dispute a Debt Prior to Filing an FDCPA Lawsuit
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

CFPB Proposes Expanded Foreclosure Protections

By Massie P. Cooper on November 24, 2014

On November 20, the Consumer Financial Protection Bureau proposed measures aimed at mortgage servicers.  These proposed measures provide surviving family members and other homeowners with the same protections as the original borrowers.  Additionally, the proposal seeks to add protections to homeowners and borrowers struggling to make payments under their mortgages.  The new mortgage rules can...
HUD Breaks from CFPB, Refuses to Adopt Cure Provisions in Definition of Qualified Mortgage
Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB
CFPB Issues New Proposed Rules for Prepaid Debit Cards
NBPCA Issues Statement Regarding CFPB’s Proposed Rules for Prepaid Cards