On August 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, detailing when digital marketing providers for financial firms must comply with federal consumer financial protection laws. The interpretive rule addresses digital marketing providers that commingle the targeting and delivery of advertisements to consumers with the provision of advertising “time or
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:
Bankers are gearing up to oppose an effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to prevent an increase in allowable late charges for credit cards. In letters dated August 1, the American Bankers Association, Consumer Bankers Association, Credit Union National Association, and National Association of Federally‐Insured Credit Unions (Associations), as well
Eight national banking trade groups — the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Housing Policy Council, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, National Bankers Association, and The Clearing House Association — petitioned the Consumer Financial Protection Bureau (CFPB) to extend its supervision to “data aggregators.” This
An amendment to the National Defense Authorization Act passed by the House in July would create a “systemically important entity” designation, applying new regulations and offering priority aid to certain critical infrastructure companies. But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under
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:
Class-action plaintiffs do not get a free pass on constitutional standing requirements, as the Eleventh Circuit Court of Appeals reminded litigants sua sponte in Drazen and Godaddy.com, LLC v. Pinto last week when it vacated a district court’s approval of a $35 million class-action settlement. Although the parties had not briefed the issue before the
On March 1, the Consumer Financial Protection Bureau (CFPB) released a report highlighting the effect of medical collections on consumer credit reports. The CFPB found that medical collections tradelines appeared on 43 million credit reports, and past-due medical debt is more prevalent among Black and Hispanic individuals. That same month, the three nationwide consumer reporting
On February 28, the U.S. District Court for the Southern District of New York dismissed a case brought against the Consumer Data Industry Association (CDIA) under federal antitrust law. The case alleged that the CDIA — a trade association of which the three competitor national credit bureaus are members — asserted “monopolistic” control over the
When mortgage servicers use periodic statements sent under the Truth in Lending Act (TILA) to collect a debt, they can be held liable under the Fair Debt Collection Practices Act (FDCPA) for any misleading or unconscionable representations made in those statements. Applying this reasoning, the Eleventh Circuit recently overturned a dismissal of a FDCPA case