Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
Virginia Governor Terry McAuliffe added Virginia to the growing list of states “banning the box” regarding criminal history on state employment applications. Given the growing list of state and even local legislation regarding applicants’ criminal histories, employers must be vigilant to ensure their employment processes comply with these multiple layers of restrictions.
On April 3,…
On April 6, the Consumer Financial Protection Bureau announced its next Community Bank Advisory Council meeting, which will be held at 3:00 p.m. EDT on April 22 in the CFPB’s offices at 1275 First Street, N.E., in Washington, D.C. The meeting will focus on credit scores and consumer reporting as well as implications for small…
On Tuesday, March 31, 2015, Governor Tomblin signed into law Senate Bill No. 542 amending several sections of the West Virginia Consumer Credit Protection Act (WVCCPA). The bill will be effective on June 12, 2015, however, certain provisions of the bill become applicable only to actions filed after September 1, 2015. The amendments will have…
As part of its “Know Before You Owe” mortgage initiative, the Consumer Financial Protection Bureau released a guide to assist consumers through the process of shopping for a mortgage and buying a house. The Toolkit is designed to help consumers take advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required…
On March 26, the Federal Trade Commission conducted a media call regarding the completion of “Operation Ruse Control,” a joint effort targeting deceptive auto dealer practices involving approximately 252 enforcement actions executed by the FTC and approximately 30 other government agencies. During the media call, two individuals – Jessica Rich, Director of the…
After alleging in two separate cases that two debt portfolio brokers – Cornerstone and Co. LLC and Bayview Solutions LLC – were exposing too much personal information about consumer-debtors, the Federal Trade Commission announced that the parties have reached final settlements.
Specifically, in the cases of Federal Trade Commission v. Cornerstone and Company, LLC, et…
The city of Yonkers, New York, enacted General Ordinance No. 16-2014 to amend its Consumer Protection Code (“Code”) by adding new requirements for debt buyers and collection agencies. The revised Code includes the following sections: definitions, license requirements, required collection practices, prohibited collection practices, and penalties for non-compliance. The new Code requirements became effective on…
On March 2, a class of job applicants requested that the U.S. District Court for the Middle District of North Carolina approve a nearly $3 million settlement they had reached with Delhaize America LLC, Food Lion LLC’s parent company. The applicants had sued Delhaize – which owns Food Lion, Hannaford, and Bottom Dollar – for…
In Lary v. Trinity Physician Fin. & Ins. Servs., et al., Case No. 14-11036, the Eleventh Circuit narrowly interpreted the “willfully or knowingly” provision of the Telephone Consumer Protection Act (“TCPA”), which gives rise to treble damages. In Lary, the plaintiff filed a pro se complaint alleging that the defendants sent a fax…
On March 9, a regulatory milestone occurred. Consumer Financial Protection Bureau Director Richard Cordray presided over oral arguments in the first ever appeal of a CFPB administrative enforcement action. As this blog reported on December 31, 2014, this appeal concerns the first “recommended decision” issued by an Administrative Law Judge in a contested CFPB enforcement…
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