In Frank Gilbert v. I.C. System, Inc., the U.S. District Court for the Northern District of Illinois denied the defendant’s motion to compel arbitration in a FDCPA class action, holding that the corporate declaration offered by the defendant was insufficient to prove that the plaintiff actually saw and agreed to the account terms
In a statement recently disseminated to all Consumer Financial Protection Bureau (CFPB) personnel, Acting Director Dave Uejio set forth new priorities for the CFPB’s Supervision, Enforcement, and Fair Lending Division (SEFL), specifically around providing COVID-19 relief to consumers and racial equity.
In the statement, Uejio communicated his belief that “strong oversight” can make a
In a final act of his tenure, Brian Brooks, the acting Comptroller of the Currency (OCC) on January 14 finalized a rule to ensure “fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.” Brooks announced that he would be stepping down from
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit
The CFPB recently published a blog post about the agency’s on-going efforts to monitor industry updates and innovation and how these changes align with regulatory obligations under the CFPB’s consumer protection laws. This post specifically highlighted using artificial intelligence (AI) and/or machine learning (ML) related to the adverse action notices that are required under the
A New York franchise motor vehicle dealer agreed in May to pay $1.5 million to the Federal Trade Commission to settle charges that the dealership discriminated against African-American and Hispanic consumers and engaged in other unfair and deceptive practices.
In a complaint filed in the United States District Court for the Southern District of New
We are pleased to announce that Troutman Sanders attorney Ron Raether will be presenting during the Ninth Annual National Institute on Consumer Financial Services Basics in Chicago. Ron will speak on a panel entitled, “Financial Privacy and Security,” on October 11th at 2:00 p.m. The conference will take place at the Wyndham Grand Chicago hotel.
The American Bar Association proposed Resolution 104B this past July to urge policymakers to adopt specific regulations governing auto dealerships and vehicle financing. While the Resolution failed to win approval, it is not necessarily dead.
As proposed, Resolution 10B would do five things:
On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) announced its intent to accept applications for special purpose national bank charters from eligible non-depository financial technology (“Fintech”) companies.[1] This announcement coincides with the release of a Treasury Department report supporting financial innovation and the regulation of nonbank financial entities.[2]
In mid-May 2018, per multiple reports, John Michael “Mick” Mulvaney, the acting director of the Consumer Financial Protection Bureau, announced plans to fold the CFPB’s Office of Students and Young Consumers into its preexisting Office of Financial Education, itself a part of this agency’s Consumer Education and Engagement Division. During this reorganization, the
