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:
Do text messages sent by a chatbot fall within the provisions of the Telephone Consumer Protection Act (TCPA) prohibiting unsolicited calls made using an “artificial or prerecorded voice?” According to the United States District Court for the Northern District of California, the answer to that question is no.
In Risher v. Adecco, Inc., the litigation
On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately
Please join Consumer Financial Services Partner Chris Willis and his guest and colleague Tony Kaye as they discuss the recently enacted California Senate Bill 1311 or Military and Veteran Consumer Protection Act of 2022. Effective January 1, 2023, the new bill — drawn up by the California attorney general’s office — intends to enhance consumer protections for military service members, directly affecting the Military Lending Act’s exception for loans to purchase motor vehicles and other personal property.
On November 15, the Consumer Financial Protection Bureau (CFPB) issued two reports, highlighting what the CFPB perceives to be forms of errors that frequently occur in tenant background checks and the impacts the CFPB believes that those errors can have on potential renters.
The “Tenant Background Check Markets Report” (Market Report) provides a
On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees and inaccurate credit reporting.
Among other findings from the report, the CFPB says that:
As discussed here, on October 19, a three-judge panel of the Fifth Circuit Court of Appeals held that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism violates the appropriations clause because the CFPB does not receive its funding from annual congressional appropriations like most executive agencies, but instead receives funding directly from the Federal
On November 7, Massachusetts Attorney General Maura Healey announced a $600,000 settlement with Oklahoma-based payment processor Global Holdings. Attorney General Healey claimed that Global Holdings violated the Massachusetts Unfair and Deceptive Practices Act by sending debt settlement company DMB Financial LLC (DMB) its fees before the federal Telemarketing Sales Rule permits debt settlement companies like
The deadline for complying with certain provisions of the Standards for Safeguarding Customer Information (Safeguards Rule) has been extended to June 9, 2023. As we previously posted, on January 10, the Federal Trade Commission’s (FTC) final rule amending the Safeguards Rule under the Gramm-Leach-Bliley Act became effective. The Safeguards Rule requires nonbanking financial institutions
On November 14, Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Bank Supervision Policy Grovetta Gardineer delivered keynote remarks at the 2022 CRA & Fair Lending Colloquium where she discussed the OCC’s commitment to “elevating fairness” and ongoing efforts to ensure its regulated institutions comply with the federal fair lending laws.