As discussed here, on May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law. The purpose of the proposed regulations is to make explicit what it means to provide a timely response to consumer complaints. Covered
The Federal Communications Commission (FCC) announced Tuesday that it has opened a new portal which private companies can use to report suspected robocalls and illegal call spoofing of their numbers. The portal, titled the Private Entity Robocall and Spoofing Portal, is designed to provide companies with a tool to combat spam callers using a legitimate
Do the text messages that Facebook sends to your phone with birthday reminders violate the Telephone Consumer Protection Act (TCPA)? According to the Ninth Circuit in a recent decision, the answer is no because users provided their phone numbers to Facebook and, in order to qualify as an automatic telephone dialing system (ATDS) under
A recent opinion issued by the Tenth Circuit serves as further confirmation that plaintiffs bringing Fair Debt Collection Practices Act (FDCPA) claims in federal court must allege sufficient concrete injury — tangible or intangible — to confer Article III standing. The holding also underscores that FDCPA claims predicated on disclosure of debtor information to third
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:
As discussed here, on October 19, the Fifth Circuit Court of Appeals in Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s 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 Reserve based on a request by the CFPB’s director. In response, on November 15, as discussed here, the CFPB filed a petition for a writ of certiorari to the U.S. Supreme Court, requesting not only that the Court hear the case, but also that it be decided on an expedited basis during the Court’s current term. On December 15, two groups of state attorneys general, with diametrically opposed positions, filed separate amicus briefs, urging the Court to grant the CFPB’s petition and intervene to stave off the “confusion and regulatory chaos” caused by the appellate court’s decision.
On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced the Digital Asset Anti-Money Laundering Act of 2022 (the Act) that would extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets. The bill follows warnings from the Treasury Department, Department of Justice, and national security and
Is an arbitration provision enforceable if it is added to a bank’s deposit account agreement four years after the account is opened and contains no meaningful opt-out clause? According to the United States District Court for the Southern District of New York, the answer to that question is no. A copy of the court’s decision
On December 6, during the 2022 Interagency Fair Lending Webinar, David Evans, a senior fair lending specialist with the Federal Deposit Insurance Corporation (FDIC), discussed some of the specific discrimination issues identified during FDIC examinations that were ultimately referred to the Department of Justice (DOJ) as potential fair lending violations. One area highlighted in the
As a further reflection of its recent emphasis on “repeat offenders,” on December 12, the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would require certain nonbank covered entities (with exclusions for insured depository institutions and credit unions) that are under certain final public orders issued by a