A federal judge in Alabama has approved a putative class-action settlement in the amount of $1.15 million against Compass Bank to resolve a case brought under the Telephone Consumer Protection Act (TCPA) on behalf of non-customers who received unsolicited auto-dialer survey calls from the bank.
The case, Robert Hossfield, and all others similarly situated, vs.
New York State’s Department of Financial Services (“NYDFS”) has issued new proposed regulations regarding licensing and servicing standards for student loan servicers operating in the state.
The proposed regulations stem from state legislation passed in April 2019, known as Article 14-A, which requires student loan servicers to obtain a license from the DFS before
As a part of her plan to address the homeownership gap for black families in America, Democratic presidential candidate Kamala Harris has proposed an amendment to the Fair Credit Reporting Act that will require credit reporting agencies to include rent, cellphone, and utility payments when calculating consumer credit scores.
The Consumer Financial Protection Bureau has
New York State’s Department of Financial Services (“DFS”) has unveiled two new divisions focused on consumer protection, enforcement, and cybersecurity. These highly–touted divisions expand the enforcement capabilities of DFS and confirm that the department will continue to serve as a regulatory leader in the consumer protection space.
The Cybersecurity
The Financial Crimes Enforcement Network of the U.S. Department of Treasury (“FinCEN”) issued new interpretive guidance last week relating to the application of anti-money laundering (“AML”) laws under the Banking Secrecy Act (“BSA”) to financial institutions engaged in the business of convertible virtual currencies (“CVCs”), including bitcoin and other cryptocurrency.
The stated purpose of the
In a comprehensive report issued last week, the American Bankruptcy Institute Commission on Consumer Bankruptcy proposed recommendations that would allow student loans to be easier to discharge in bankruptcy, citing the staggering $1.5 trillion in student loan debt held in the United States and the current difficulties with discharging this type of debt in bankruptcy.
The FTC issued a press release last week seeking comment on proposed changes to two rules under the Gramm-Leach-Bliley Act of 1999 (the “GLBA Act”) to increase data security for financial institutions and better protect consumers.
The Commission has sought comment on the Safeguards Rule and the Privacy Rule under the GLBA Act. The
The House of Representatives’ Financial Services Committee convened for a hearing last week entitled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.” At the hearing, the Committee focused on a “discussion draft” of the Secure and Fair Enforcement Banking Act of 2019 (the “SAFE Banking Act”),
The Supreme Court has denied the petition for certiorari filed by State National Bank of Big Spring (“the Bank”) and two non-profit organizations challenging Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau. The Petitioners argued that the CFPB violates the Constitution’s separation of powers
A Florida federal judge entered a judgment for over $23 million last week against Robert Guice, the alleged operator of a telemarketing scam offering debt relief services to consumers.
The lawsuit, brought by the Federal Trade Commission and the Florida Attorney General, alleged that Guice created Loyal Financial & Credit Services, LLC (“Loyal”), Life Management