- On April 21, the Federal Reserve issued initial findings from its 2022 triennial payments study,
CFPB Focusing on Increasing Competition in Credit Card Market
On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post, highlighting its current efforts in the credit card market. According to the post, interest rates on credit cards have risen substantially, with average rates over 20%. Implying that high interest rates are solely a result of lack of
At Interagency Event, CFPB Director Chopra Reinforces Commitment to Combatting Redlining in All its Forms
At a U.S. Justice Department (DOJ) interagency event in Newark, New Jersey, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the next phase in the Bureau’s attempt to eliminate what he referred to as modern-day redlining: discriminatory targeting also known as reverse redlining. Since October 2021, the CFPB and DOJ have jointly
New York Department of Financial Services Adopts Virtual Currency Assessments Regulation
On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will be assessed for costs of their supervision examination.
During the public comment period for the proposed regulation, the NYDFS received four comments, but
Michigan Federal Court Summarily Dismisses FCRA Action Alleging Inaccurate Reporting of Charged-Off Auto Loan
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.
The Ninth Circuit Reinforces Narrow Interpretation of ATDS under Borden Holding System Must Generate Random or Sequential Telephone Numbers to Constitute an ATDS
On April 13, the Ninth Circuit issued an opinion affirming a district court’s summary judgment order on the grounds that under Borden v. eFinancial, LLC, discussed here, to qualify as an automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act (TCPA) the telephone system must store or produce randomly or sequentially
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On April 15, House of Representatives document repository published a new draft bill that would
Courts Continue to Scrutinize ERISA Health Plan Benefit Denial Letters
As discussed here, administrators’ health plan benefit denial letters have recently been under scrutiny by the courts. For example, in D.K. et al. v. United Behavioral Health et al., the Tenth Circuit is reviewing a district court’s decision that health plan benefit denial letters must contain more fulsome discussions of the administrator’s determination
Supreme Court Unanimously Holds That Companies Can Bring Constitutional Challenges Against Federal Agencies in Court Without Exhausting Administrative Remedies
On April 14, the U.S. Supreme Court issued a unanimous decision in related cases, Axon Enterprise, Inc. v. Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC) v. Cochran, holding that constitutional challenges to the agencies’ structures can proceed directly in federal district court before raising them in administrative hearings before the agencies. The
CFPB Continues to Press for Expanded Definition of Credit Transaction Under ECOA by Interjecting its Position in Pending Private Litigation
On April 14, the Consumer Financial Protection Bureau (CFPB) submitted a statement of interest to the U.S. District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like