This week the Consumer Financial Protection Bureau announced a policy change for the agency’s Civil Investigative Demands, or “CIDs.”
The CFPB is authorized by statute to issue CIDs. These updated policy changes address what may be included in those CIDs, specifically in the “notification of purpose” section. The CFPB has stated that going forward CIDs
On April 10, Priority Payout Corporation, a payment processing company and the successor of InterBill Ltd., agreed to settle charges with the Federal Trade Commission regarding violations of a 2009 Final Judgment and Order for Permanent Injunction and Other Equitable Relief (the “2009 Order”). The 2019 settlement with the FTC bans
On April 24, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host the inaugural “Fintech and the Future of Banking” conference in Arlington, Virginia.
The conference, headlined by speakers Jelena McWilliams, Chairman of the FDIC, and Steven Mnuchin, Secretary of the United States
The Federal Trade Commission’s recent settlement with online consumer lender Avant, LLC provides a reminder to fintech companies of the importance of ensuring regulatory compliance, while delivering innovative solutions to the financial services industry. On April 15, Avant agreed to settle a lawsuit by the FTC accusing the e-lender of “engag[ing] in a pattern of
On April 19, the Federal Communications Commission (FCC) released its agenda for its May Open Commission Meeting scheduled for May 9, 2019. Once again, however, there is no agenda item regarding the FCC’s highly anticipated rulemaking under the Telephone Consumer Protection Act (TCPA). The FCC’s silence on this topic means yet another month will pass
On April 11, U.S. Magistrate Judge Sallie Kim of the Northern District of California issued a two-page order vacating judgment and final approval of a class action settlement based upon the parties’ failure to send correct notices to more than 300 class members. See Tyler Smith et al. v. Pacific Personnel Services Inc., No.
On April 16, the U.S. Court of Appeals for the Seventh Circuit ruled that the definition of “conviction” under the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681, et seq, should be interpreted under federal law, not the law of the state where the criminal record is generated. See Aldaco v. RentGrow, Inc.,
Distinguishing some recent cases, the U.S. District Court for the Eastern District of New York clarified that a debt collector who discloses the current amount due in an initial communication has fewer obligations under the Fair Debt Collection Practices Act than a debt collector that provides the amount due as of a future date.
Generally,
The West Virginia Supreme Court ruled against a debt collector in LTD Financial Services, L.P. v. Collins, affirming the lower court’s order granting the plaintiff’s motion for a directed verdict. Specifically, the Court ruled that the plaintiff was not required to prove intent as part of his affirmative claim and LTD Financial Services did
On April 5, the Minnesota Department of Commerce issued guidance to the motor vehicle sales finance industry intended to clarify the types of entities that meet the definition of “sales finance company” under Minnesota law. The guidance solidified the Commerce Department’s stance that companies that purchase motor vehicle retail installment contracts must obtain a motor