On October 9, 2024, at 4 p.m. CT, the Fifth Circuit will hear oral arguments in the ongoing litigation challenging the FTC’s Combating Auto Retail Scams (CARS) Rule. The National Automobile Dealers Association (NADA) and the Texas Automobile Dealers Association (TADA) have raised significant procedural and data-based objections to the rule, which purportedly aims to curb deceptive sales practices and eliminate “junk fees” in the car-buying process.
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
A recent ruling by the U.S. Court of Appeals for the Seventh Circuit affirming a decision compelling arbitration provides a “how to” guideline for using online terms and conditions to form a binding agreement.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting the financial services industry. The discussion covers the evolving landscape of state privacy laws, the implications of the new Colorado AI law, and the challenges posed by online tracking technologies. The episode also highlights recent updates to the FTC’s Gramm-Leach-Bliley Act Safeguards Rule and explores the ramifications of a recent SEC enforcement case related to cybersecurity. Tune in for an insightful conversation on how these developments are shaping the regulatory environment for financial institutions.
In this episode of Payments Pros, host Keith Barnett reviews state legislative actions in 2024 related to payments, focusing on the Money Transmission Modernization Act (MTMA), earned wage access (EWA), and peer-to-peer payments.
Yesterday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined website, this strategic partnership will provide a larger, more diverse membership base and will have a stronger voice in industry discussions and advocacy efforts. Additionally, by implementing a modernized dues formula, the leagues’ members will benefit from increased efficiencies and cost savings.
A U.S. District Court in the Western District of Oklahoma recently dismissed a lawsuit under the Fair Debt Collections Practices Act (FDCPA) for lack of Article III standing, finding the plaintiff did not actually dispute the debt at issue.
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled veterans and military families about the costs associated with cash-out refinance loans. According to the Bureau, NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to the borrowers’ existing mortgages.
This article was republished on Westlaw Today on September 25, 2024.
Any business involved in motor vehicle installment financing in New Hampshire needs to assess the multiple and significant changes to a key law that have been enacted with immediate effect.
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: