In the latest of a series of “whodunit” cases, the United States District Court for the Southern District of Ohio held that a subscriber who did not answer a single call that allegedly violated the Telephone Consumer Protection Act still had standing to sue under the statute. In Maraan v. Dish Network LLC (Civil Action
CFPB Requires Major Credit Reporting Agencies to Inform on Furnishers
On December 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued a report and announced that it will be requiring major credit reporting agencies (CRAs) to provide regular reports to the CFPB identifying, by name, potentially problematic furnishers of information. In other words, the CFPB will be co-opting the major CRAs into helping the CFPB
Troutman Sanders Attorneys Publish Law360 Piece on DriveTime Settlement
As we previously reported here, the Consumer Financial Protection Bureau’s settlement with DriveTime provides several warnings to financial services institutions regarding their fair credit reporting and fair debt collection compliance. In a recent piece published in Law360, available here, Troutman Sanders attorneys Alan Wingfield, Paige Fitzgerald, and Nick Klaiber elaborated on their analysis
First Large Auto Lender to Move to Flat Rate Financing Experiences Sharp Drop in Originations
As we have been reporting since 2013, the Consumer Financial Protection Bureau’s attacks on what it considers discriminatory and subjective dealer pricing of finance rates should be seen as nothing less than an outright attempt to reshape the auto finance industry. These regulatory actions have continued in earnest through the present, as we’ve discussed
Honda Becomes Latest CFPB Indirect Lending Target
The lending arm of Honda Motor Co., America Honda Finance Corp., has just revealed in a recent public filing that the U.S. Department of Justice and the Consumer Financial Protection Bureau have authorized an enforcement action against the company for violations of law arising out of its indirect lending practices. Honda stated that the CFPB
Study by Consumer Credit Group Takes Issue with CFPB Method of Finding Auto Lending Bias
The American Financial Services Association (AFSA), a consumer credit industry trade association, released a study this month that took issue with the Consumer Financial Protection Bureau’s method of measuring discrimination in the automotive lending business.
The study, which was carried out by Charles River Associates and based on over eight million vehicle finance contracts issued
Challenges to Disparate Impact May be Gaining Steam
One of the most controversial and significant federal regulatory initiatives in consumer finance is the view of the Consumer Financial Protection Bureau that credit discrimination can be proven by statistical disparities.
We previously reported here on the U.S. Supreme Court’s decision to hear a disparate impact case in Texas Department of Housing & Community Affairs
Recent Settlement Shows That Consumer-Reporting and Debt-Collection Procedures are Top Priorities for CFPB
An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that:
1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting
OCC Warns on Auto Lending, HELOC, and Debt Sale Risks
On October 28, the Deputy Comptroller for Supervision of Risk Management Darrin Benhart of the Office of the Comptroller of the Currency discussed auto and home equity lending risks and consumer debt sales. A copy of his remarks, which were made before the Financial Services Collections and Credit Risk Conference, can be found here.
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation
House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) recently sent a letter to CFPB Director Richard Cordray expressing concern about the Bureau’s proposed regulation of nonbank auto lenders.
According to Hensarling, it would be “inappropriate” for the agency to regulate nonbank auto lenders until it clarifies the “rules of the road.” The letter echoes