- On February 10, while delivering remarks on CNBC‘s Squawk Box and discussing the Securities
CFPB Improves Services for Consumers with Limited English Proficiency
On February 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog discussing improvements made to its services with the goal of providing the same experience to consumers with limited English proficiency (LEP) that its English-speaking consumers receive. These improvements include redesigned website landing pages in seven languages and the ability to accept
CFPB Report Finds Decline in Debt in Collections Appearing on Consumer Reports
On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022. Based on the CFPB’s Consumer Credit Panel, a nationally representative sample of approximately five
CFPB Issues Guidance on Mortgage “Comparison Shopping” Platforms
Can websites or mobile apps that offer ranked lists of mortgage providers purportedly best suited for individual consumers violate section 8 of the Real Estate Settlement Practices Act (RESPA)? According to the Consumer Financial Protection Bureau (CFPB or Bureau) in its recent advisory opinion, these digital platforms may violate the RESPA if the platform:
California Federal Court Rules Employer’s Background Check Disclosures Meet FCRA Requirements
A recent opinion issued by the U.S. District Court for the Northern District of California granted an employer’s motion for summary judgment, rejecting a series of technical arguments advanced by the plaintiff that the employer’s background check authorization forms violated the Fair Credit Reporting Act (FCRA).
In Keefer v. Ryder Integrated Logistics, Inc. (Ryder Integrated),
Seventh Circuit Overturns Bankruptcy Precedent, Finds Transfer Occurs When Money is Paid
On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date of “transfer” is the time at which the money passes to the creditor’s control.
At a high
California Court of Appeals Suggests Electronic Signatures Require Additional Proof for Authentication
On January 19, a California Court of Appeals issued a decision calling into question the evidentiary value of electronic signatures. Dicta in the opinion directly contradicts a previous ruling in Gamboa v. Northeast Community Clinic, where the court stated the difference between physical and electronic signatures is a “distinction without a legal difference” because
Troutman Pepper Weekly Consumer Financial Services Newsletter
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:
- On February 3, while delivering remarks at the American Bar Association Business Law Section Derivatives
Michigan Federal Court Finds Conflicting Records Concerning Request to Remove Disputed Debt Status Creates Issue of Fact in FDCPA Case
In a recent decision, a Michigan district court found that because there was a genuine issue of fact as to whether the defendant debt collector notified the consumer reporting agency (CRA) to remove a disputed debt notification from the plaintiff’s tradeline, the case could proceed to trial.
Illinois Federal Court Dismisses CFPB’s Case Against Townstone Financial, Finding ECOA Does Not Extend to Prospective Applicants
On February 3, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of the Equal Credit Opportunity Act (ECOA) for purportedly discouraging prospective African American applicants in the Chicago metropolitan area from applying for mortgages. Townstone moved to