Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone.
Convenience fees — common in many types of financial transactions — have recently been categorized as “junk fees” by the
Wednesday, July 6 • 2:00 p.m. ET
Over the last couple of weeks there has been a dramatic increase in momentum for federal privacy legislation. On June 3, H.R. 8152, the American Data Privacy and Protection Act (ADPPA) was introduced, and this legislation would be the first comprehensive privacy proposal to gain bipartisan, bicameral support.
The Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs released its annual report, detailing over 17,000 complaints filed by servicemembers, veterans, and their families in 2021. The largest number of complaints concerned incorrect information on credit reports; closely related to the first complaint was the failure of credit reporting agencies to swiftly and
A consumer made charges on a credit card account, which she failed to pay as agreed. The creditor referred the account to a law firm, which served the consumer with a collection suit and obtained a default judgment for the balance. The law firm sent four post-judgment collection letters, demanding the $4,225.74 balance. In a
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
The Federal Trade Commission (FTC) has proposed a new and historic federal regulation specific to car dealers to address concerns of consumer deception in the sales process. On June 24, the FTC released a proposed Motor Vehicle Trade Regulation Rule (Rule), which would:
On June 21, the Department of Justice (DOJ) filed a lawsuit and a settlement framework with Meta Platforms, Inc. (previously known as Facebook) to resolve allegations that Meta’s advertising placement algorithms discriminate against Facebook users based on their race, color, religion, sex, disability, familial status, and national origin (Protected Characteristics) in violation of the Fair
CDIA’s Annual Law and Industry Conference
Webinar: Driving Change: Litigation & Enforcement Developments in the Consumer Reporting Industry
Troutman Pepper attorney David N. Anthony joined forces with Eric Ellman, Senior Vice President of Public Policy & Legal Affairs for the Consumer Data Industry Association and Rebecca Kuehn of Hudson Cook, on June 8 to deliver
In a keynote address at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez squarely took aim at “rent-a-bank schemes” in some of the first (if not the first) such comments by a senior CFPB official. Historically, the CFPB has confined itself to “true lender” litigation against participants in high-rate