On April 15, the Consumer Financial Protection Bureau issued a final rule suspending for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit card issuers submit their card agreements to the CFPB on a quarterly basis. The CFPB publishes the agreements to a public database on its
FACTA Class Action Filed Against Wisconsin Indian Tribe
On April 14, a putative class action was filed in Wisconsin federal court against the Oneida Tribe of Indians of Wisconsin, claiming that they failed to comply with the credit card receipt truncation requirement of the Fair and Accurate Credit Transactions Act (“FACTA”). According to the named plaintiff, the Oneida Tribe included more than the
CFPB Meeting on Consumer Reporting Scheduled for April 22, 2015
On April 6, the Consumer Financial Protection Bureau announced its next Community Bank Advisory Council meeting, which will be held at 3:00 p.m. EDT on April 22 in the CFPB’s offices at 1275 First Street, N.E., in Washington, D.C. The meeting will focus on credit scores and consumer reporting as well as implications for small
NBPCA Lobbies CFPB to Avoid Restrictive Prepaid Account Rules
On March 25, the Network Branded Prepaid Card Association (“NBPCA”) announced that it had lodged a formal request with the Consumer Financial Protection Bureau to prevent the imposition of overly broad restrictions on prepaid accounts. The NBPCA is a non-profit trade association that supports the growth and success of network branded prepaid cards and represents
CFPB Announces Public Inquiry to Review Card Act
On March 17, the Consumer Financial Protection Bureau announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and
Sixth Circuit Remands FDCPA Class Action Over Choice of Law Issue in Credit Card Dispute
On March 12, 2015, the Sixth Circuit Court of Appeals reversed a lower court’s decision to grant a motion for judgment on the pleadings in a putative class action alleging that a collection law firm violated the Fair Debt Collection Practices Act (FDCPA) by seeking attorneys’ fees from a consumer who defaulted on a credit
Multiple Bills to Reform CFPB Again Pending in House of Representatives
Following up on the failure in 2014 to implement changes to the CFPB through legislative action, on March 5, U.S. Rep. Sean Duffy (R-Wis.) reintroduced a package of bills seeking to make changes to the CFPB’s leadership structure, how data is collected from consumers, and more.
Representative Duffy is the Chairman of the House Financial
Did You Hear That? CFPB Report to Congress Sounds Death Knell for Arbitration Clauses
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services. According to the CFPB, the study’s results “indicat[e] that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class
CFPB’s Field Hearing on March 10, 2015 on Arbitration Expected to Coincide With Release of Its Report to Congress on the Use of Pre-Dispute Arbitration Clauses
On March 10, the CFPB will hold a field hearing on arbitration at 11 a.m. in Newark, New Jersey.
The event will include remarks by Richard Cordray, head of the Consumer Financial Protection Bureau, and will be held at the J. Harry Smith Lecture Hall at Essex Community College, 303 University Avenue. Tomorrow’s field hearing
NYDFS Advocates for Increased Cybersecurity Regulation by State Agencies
On February 25, the Superintendent of the New York Department of Financial Services (“DFS”), Benjamin M. Lawsky, spoke at Columbia Law School regarding the increased role of states as regulators, especially in the case of emerging risks such as cybersecurity. The speech, titled “Financial Federalism: The Catalytic Role of State Regulators in a Post-Financial Crisis