In 1980, Congress enacted the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations and state credit unions to charge the interest allowed by the state where they are located, regardless of where the borrower is located and regardless of conflicting state law
On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post, highlighting its current efforts in the credit card market. According to the post, interest rates on credit cards have risen substantially, with average rates over 20%. Implying that high interest rates are solely a result of lack of
At a U.S. Justice Department (DOJ) interagency event in Newark, New Jersey, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the next phase in the Bureau’s attempt to eliminate what he referred to as modern-day redlining: discriminatory targeting also known as reverse redlining. Since October 2021, the CFPB and DOJ have jointly
On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will be assessed for costs of their supervision examination.
During the public comment period for the proposed regulation, the NYDFS received four comments, but
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.
On April 13, the Ninth Circuit issued an opinion affirming a district court’s summary judgment order on the grounds that under Borden v. eFinancial, LLC, discussed here, to qualify as an automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act (TCPA) the telephone system must store or produce randomly or sequentially
Please join Troutman Pepper Partner Chris Willis and his fellow Partner Julie Hoffmeister as they discuss the Consumer Financial Protection Bureau’s (CFPB) recent request for information about data brokers and the potential interplay with the Fair Credit Reporting Act (FCRA). During this episode, they expand on the CFPB’s potential FCRA rulemaking regarding data brokers, the CFPB’s intent to monitor data brokers and its desire to have greater oversight on the data broker industry, and the steps that the CFPB may take in response to the request for information.
As discussed here, administrators’ health plan benefit denial letters have recently been under scrutiny by the courts. For example, in D.K. et al. v. United Behavioral Health et al., the Tenth Circuit is reviewing a district court’s decision that health plan benefit denial letters must contain more fulsome discussions of the administrator’s determination