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:
A bankruptcy attorney received a dunning letter from a debt collector, identifying him as the attorney for the consumer named in the letter. Unable to recognize the consumer’s name, the attorney searched his records and determined that he had never represented the consumer.
The attorney filed a Fair Debt Collection Practices Act (FDCPA) suit against
On October 25, Rep. Alma Adams (D-NC) introduced a bill in the U.S. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment.
As part of its ongoing initiative to scrutinize so-called “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance on two practices that it opines potentially violate the Consumer Financial Protection Act’s prohibition on unfair practices. Specifically, the CFPB published a compliance bulletin, cautioning against charging across-the-board depositor fees to consumers who deposit a
Unsurprisingly, defendants in two separate enforcements actions filed by the Consumer Financial Protection Agency (CFPB) have cited the Fifth Circuit’s recent decision in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau as a basis for having their actions dismissed. As we discussed here, earlier this month, the Fifth Circuit held
Pursuant to its authority under Section 1022(b)(1) of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to consumer reporting agencies (CRAs), highlighting their obligation to screen for and eliminate obviously false data from consumers’ credit reports. Specifically, CRAs were instructed to implement policies, procedures, and systems to screen for and
At the Money 20/20 fintech conference, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced his intent to move forward with the CFPB’s rulemaking under Section 1033 of the Consumer Financial Protection Act as part of the financial services industry’s movement toward “open banking,” a concept that involves the use of APIs that provide direct
Please join Consumer Financial Services Partner Chris Willis and his colleague and fellow Partner Jordi de Llano as they discuss recent developments in anti-money laundering. In this episode, the attorneys examine FinCen’s September 2022 final rule, which implements guidance on new beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA), as well as take a deeper dive into recent developments and what it means for different entities.
In response to the Fifth Circuit’s ruling in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau (CFSA) that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional, West Virginia Attorney General Patrick Morrisey sent a letter on October 24th to the CFPB, calling its continued operations into question and foreshadowing potential state challenges to its actions. While some state AGs and financial regulators are likely to help offset any reduction in CFPB activity through their own investigations and coordination with the CFPB, the dark cloud of the CFSA opinion hangs over the agency.
After a years-long effort, the Federal Housing Finance Agency (FHFA) has announced the approval of both the FICO 10T and the VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac (Enterprises). The FHFA expects the transition to the two-score model to take multiple years to implement, which will require both scores