To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week:
Supreme Court to Decide Commencement of APA Statute of Limitations Period in Debit Card Fee Challenge
The U.S. Supreme Court has granted the petition for certiorari in Corner Post, Inc. v. Board of Governors of the Federal Reserve System (Board), a case where Corner Post challenges a 2011 Board rule that governs certain fees for debit-card transactions. Specifically, the question presented is whether a plaintiff’s Administrative Procedures Act (APA) claim, for statute of limitations purposes, first accrues when an agency issues a rule or when the rule first causes a plaintiff to be “adversely affected or aggrieved.” The Supreme Court’s decision will resolve an ongoing circuit split on the issue.
CFPB and FTC File Amicus Brief Urging Second Circuit to Find FCRA Requires Unverified Information to be Deleted from Consumer Report
Yesterday, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).
August Consumer Litigation Filings: Everything Up Again
According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and Telephone Consumer Protection Act (TCPA) were back up for the month of July. Complaints filed with the Consumer Financial Protection Bureau (CFPB) were also up for the month.
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On September 21, the Consumer Financial Protection Bureau (CFPB) outlined a plan for rulemaking under the Fair Credit Reporting
CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data Ecosystem
The Consumer Financial Protection Bureau (CFPB) today outlined a plan for rulemaking under the Fair Credit Reporting Act (FCRA) that could significantly impact the entire consumer data ecosystem. The proposed rulemaking could redefine “data brokers” and “data aggregators” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” The CFPB’s plan could also impose stricter rules for obtaining consumer consent and increase compliance requirements and risks for both new and existing members of the FCRA-regulated consumer data ecosystem.
CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence
When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the Consumer Financial Protection Bureau (CFPB or Bureau), the answer to that question is, in many circumstances, no.
CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages
The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), where appropriate, based on the annual percentage change reflected in the consumer price index (CPI). The rule takes effect on January 1, 2024.
CFPB Will Seek Public Input on Proposed Rule on Mandatory Pre-Dispute Arbitration Provisions
In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail mandatory pre-dispute arbitration provisions.
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week: