As forecasted in its 2022 Fall Rulemaking Agenda discussed here, today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comments that would require certain nonbank covered entities, with limited exceptions, to submit information on terms and conditions in their form contracts that “seek to waive or limit
As discussed here, on June 21, 2022, the United States Department of Justice (DOJ) filed a lawsuit and on June 27, 2022, obtained a settlement agreement with Meta Platforms Inc. (Meta previously known as Facebook) to resolve allegations that Meta’s housing advertising system discriminated against Facebook users in violation of the Fair Housing Act
On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The legislation remained unchanged from its passing back in May 2022 despite many industry experts expecting Governor Hochul to amend certain portions, including its retroactive effect. The FAPA, however, which takes effect immediately, applies retroactively and effectively
The district court for the Northern District of California recently granted a motion to deny class certification in an action brought under the Telephone Consumer Protection Act (TCPA) based on the plaintiff’s inability to vigorously represent the class.
In Trim v. Mayvenn, Inc., the named plaintiff alleged that, although she registered her cell phone
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
In this episode of The Crypto Exchange, Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that financial institutions and fintechs face as to fraud and the Bank Secrecy Act (BSA). In her position, Terri serves as a leader in the payments, BSA/AML, and OFAC/Sanctions and fraud and risk management areas.
Recently, in Velez v. Absolute Resolutions Investments., LLC, the district court for the Northern District of Illinois confirmed the long-standing principle that not all communications sent from a debt collector to a debtor are governed by the Fair Debt Collection Practices Act (FDCPA). Instead, the communications must be in connection with the collection of
On January 3, DentalPlans.com (DentalPlans) filed a petition with the Federal Communications Commission (FCC) seeking a declaratory ruling that: (1) renewal notifications do not constitute telemarketing or advertising under the Telephone Consumer Protection Act (TCPA), and (2) the language in its online enrollment forms and used by its customer service representatives during telephone conversations with
On December 23, New York Governor Hochul signed into law Assembly Bill A6328A amending New York Executive Law § 292, known as the New York State Human Rights Law, to add citizenship and immigration status to the list of covered protected characteristics. Among other things, the new law expressly prohibits discrimination against any applicants for
On Dec. 15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F.
The revised interagency procedures will apply to examinations conducted by FFIEC’s member regulators of their respective regulated institutions. FFIEC is composed