Last week, the Consumer Financial Protection Bureau issued a Policy Statement announcing a new designation for CFPB guidance, which will be known as “Compliance Aids.” In its announcement, the CFPB explained the legal status and effect of this designation. The full Policy Statement can be located here and became effective on February 1.
The Policy
On January 17, the Financial Industry Regulatory Authority Inc. promoted and named Jessica Hopper as Executive Vice President and Head of Enforcement. Hopper had been serving as the Acting Head of Enforcement since Susan Schroeder announced her departure in September 2019. Hopper now reports directly to CEO Robert Cook.
Hopper began working at FINRA in
The Financial Industry Regulatory Authority has proposed new legislation aimed at curtailing the growing problem of unpaid arbitration awards, particularly those against brokerage firms that either become inactive or declare bankruptcy. According to FINRA, most unpaid customer arbitration awards are rendered against inactive brokerage firms or individual brokers, meaning those whose registration has been terminated
In the world of pick-up basketball, no one likes to play with the guy who cries foul every time he is lightly bumped going for a layup. It appears that the courts are starting to follow the same logic when it comes to Fair Debt Collection Practices Act claims.
Bad internet reviews are the bane of business owners everywhere. Consumers flock to social media to air their grievances with companies, typically without fear of meaningful reprisal. This practice often leaves many corporate entities wondering what to do to deter this type of consumer sharing. When faced with this question – after reading less than
On October 11, 2019, California Governor Gavin Newsom signed into law a bill requiring “data brokers” to register with, and provide certain information to, the California Attorney General on or before January 31st following each year in which a business meets the definition of a data broker. A “data broker” means a “business that knowingly
The United States District Court for the District of Nevada has sided with the Federal Trade Commission in a case against a set of “mortgage relief assistance” companies. The Court issued a sweeping permanent injunction that prohibits the scammers from marketing or providing any debt relief services whatsoever.
The suit stemmed from the actions of
Any company that uses telephony systems for outreach to consumers got important and potentially good news on January 27, 2020, when the Eleventh Circuit released its much-anticipated opinion in Glasser v. Hilton Grand Vacations Company, LLC, No. 18-14499. The court held that a phone system must use randomly or sequentially generated numbers to qualify
On January 24, the Consumer Financial Protection Bureau issued a policy statement that limits the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. While the policy statement does not define what constitutes an “abusive” act or practice, and in fact leaves many important questions unanswered, it plainly limits the scope of the
In Flecha v. Medicredit, Inc., the Fifth Circuit decertified a Fair Debt Collection Practices Act letter class and noted that the putative class “present[ed] substantial questions of Article III standing.” In doing so, the Fifth Circuit became part of a growing trend of circuit courts that are raising significant questions as to whether a