On September 18, the Consumer Financial Protection Bureau announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.
“These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace,” said CFPB Director
A recent Federal Trade Commission settlement with an auto lender highlights two basic requirements under the Fair Credit Reporting Act for companies that furnish consumer information to consumer reporting agencies (CRAs): (1) furnishers are required by federal law to have written policies aimed to ensure the accuracy and integrity of the information supplied, and (2)
In response to the CFPB’s request for information (RFI) regarding “best practices” for normalizing the data in the Consumer Complaint Database, issued on June 30, 2015, the American Bankers Association (ABA) submitted a comment letter that argues any efforts made by the CFPB to “normalize” data in its consumer complaints database – that is,
On August 28, the Federal Communications Commission issued a declaratory ruling holding that electronic faxes or “e-faxes” are covered by the Telephone Consumer Protection Act and the Junk Fax Protection Act. E-faxes are communications that originate as a fax, but are converted to electronic files during transmission and received as attachments to emails. This ruling
The Federal Reserve Bank of New York released its Household Debt and Credit Report this month. The report, which uses anonymous credit data to generate a nationally representative sample, found that consumers’ overall indebtedness increased $2 billion to $11.9 trillion in the second quarter of 2015.
This number was aided by the increased number of
On August 3, to the relief of car dealerships and auto finance companies, the California Supreme Court upheld a standard arbitration clause from an automotive purchase agreement by a 6-1 majority decision in Sanchez v. Valencia Holding Co., LLC, which reversed both the trial court and Court of Appeal’s rulings invalidating the entire arbitration
On July 29, the Consumer Federation of America and the North American Consumer Protection Investigators released their annual survey of consumer complaint data from state and local consumer agencies, which is based on 280,000 claims to thirty-seven agencies from twenty-one states and the District of Columbia.
Just as in 2013, the most common complaints arose
On July 22, the Senate Appropriations Subcommittee on Financial Services and General Government approved a spending bill for the 2016 fiscal year that would change the Consumer Financial Protection Bureau’s (CFPB) leadership structure by replacing the CFPB director with a five-member commission.
The bill also would bring funding for the CFPB’s budget under the annual
On July 14, 2015, a federal judge in Atlanta denied a law firm’s Motion to Dismiss a claim against it filed by the Consumer Financial Protection Bureau (“CFPB”) for violations of the Fair Debt Collection Practices Act (“FDCPA”) and the Consumer Financial Protection Act or the Dodd-Frank Act (“Dodd-Frank”).
The CFPB filed suit against a
On July 13, the American Bankers Association, the Consumer Bankers Association, and The Financial Services Roundtable submitted a comment letter to the Consumer Financial Protection Bureau in response to the CFPB’s March 10, 2015 Consumer Arbitration Study.
This Arbitration Study has been widely viewed as potentially laying the groundwork for the abolition of mandatory