ALL CFS Blog Entries

Securities Industry Arbitrations and Litigation Update: FINRA Member Firms Don't Forget to "Dot Your I's and Cross Your T's" in Seeking to Confirm Promissory Note Arbitration Award2022 Consumer Financial Services Year in Review and a Look Ahead

All Entries

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data EcosystemCongressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final Rule

Arbitration

CFPB Will Seek Public Input on Proposed Rule on Mandatory Pre-Dispute Arbitration ProvisionsSupreme Court Holds That Litigation is Automatically Stayed Pending Appeal of Order Denying Motion to Compel Arbitration

Auto Finance

Rhode Island AG Settles with Dealerships over Allegedly Charging Fees Not Included in Advertised PricesNew York Federal Court Stays CFPB's Lawsuit Against Indirect Auto Finance Company Pending U.S. Supreme Court Decision in CFPB Funding Case

Background Screening

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial IntelligenceHomeowner Files Cert Petition Over Whether an HOA Assessment Qualifies as a "Credit Transaction" under the FCRA

Banking

DOJ Reaches $1.15 Million Redlining Settlement With American Bank of OklahomaFed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Bankruptcy

Supreme Court Holds Bankruptcy Code Abrogates Tribal ImmunityCFPB Finds Civil Judgments Are Not Evenly Distributed

Better Business Bureau (BBB)

Join Us on August 10 for a Webinar on A Review of the New York Cybersecurity FrameworkBetter Business Bureau Data Show Sharp Decline in Debt Collection Complaints

Class Actions

July Consumer Litigation Filings: Mixed BagTenth Circuit Affirms Summary Judgment in Favor of Defendant in FDCPA Case on the Basis of Claim Preclusion

Consumer Financial Protection Bureau (CFPB)

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data EcosystemCongressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final Rule

Consumer Financial Services

CFPB Issues Consent Order Banning Nonbank Consumer Finance Company from Offering Consumer LeasesFCRA Claim for "Misleading" Double-Reporting of Debt by Original Creditor and Collection Agency Survives Motion to Dismiss

COVID-19

Ninth Circuit Rejects Constitutional Challenge to Nevada Medical Debt Legislation; Also Finds Legislation Not Preempted by FDCPA or FCRACFPB Argues that Regulation E Applies to Pandemic Unemployment Benefits Paid Via Prepaid Cards

Credit Reporting + Data Brokers

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial IntelligenceMichigan Federal Court Grants Summary Judgment to Creditor on Standing Grounds in Case Alleging FDCPA Violation for Failure to Remove Dispute Notification

Cryptocurrency + FinTech

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial IntelligenceThe SEC, Grayscale, and the Race for a Spot-Bitcoin ETF: An Inside Look at the APA's "Arbitrary and Capricious" Standard

Debit + Prepaid Cards

New York Law Requiring Grace Period for Use of Credit Card Rewards Points Goes Into Effect End of this YearCFPB Focuses on Medical Credit Cards and Installment Loans in Latest Report

Debt Buyers + Collectors

California Court of Appeals Finds Solar Energy Agreement Provides Basis for Rosenthal Fair Debt Collection Practices Claim by Non-Party to AgreementMichigan Federal Court Grants Summary Judgment to Creditor on Standing Grounds in Case Alleging FDCPA Violation for Failure to Remove Dispute Notification

Events + Webinars

Join Us September 24, 2022, for the 16th Annual National Conference of Vietnamese American AttorneysJoin Us September 27-29, 2022, for NAFCU’s Regulatory Compliance & BSA Seminar

Fair Lending

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final RuleCFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

FCRA

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data EcosystemFCRA Claim for "Misleading" Double-Reporting of Debt by Original Creditor and Collection Agency Survives Motion to Dismiss

FCRA Focus

CFPB's Rulemaking Under the FCRA (Part 3) – Crossover Episode With The Consumer Finance PodcastCFPB's Rulemaking Under the FCRA (Part 2) – Crossover Episode With The Consumer Finance Podcast

FDCPA

California Court of Appeals Finds Solar Energy Agreement Provides Basis for Rosenthal Fair Debt Collection Practices Claim by Non-Party to AgreementMichigan Federal Court Grants Summary Judgment to Creditor on Standing Grounds in Case Alleging FDCPA Violation for Failure to Remove Dispute Notification

Featured Posts

Troutman Pepper Weekly Consumer Financial Services NewsletterTroutman Pepper Weekly Consumer Financial Services Newsletter

Federal Trade Commission (FTC)

Seven State AGs Announce Settlement With RobocallersFTC Fines Bankrupt Crypto Services Provider Celsius $4.7B for Misrepresentations; Regulatory Agency Remains in Search for Civil Money Penalty Authority

Investors

Securities Industry Arbitrations and Litigation Update: FINRA Reaffirms Its Commitment to Enforcement Actions In Connection with the Protection Of Elderly Investor CustomersDOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment Schemes

Military Lending

CFPB's Summer Edition of Supervisory Highlights Focuses on Auto Lending/Servicing and Debt Collection PracticesCFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

Mortgage Lending, Servicing + Banking

CFPB Announces Annual Threshold Adjustments for Credit Cards and MortgagesDOJ Reaches $1.15 Million Redlining Settlement With American Bank of Oklahoma

Online Lending

Missouri Becomes Latest State to Establish Regulatory Framework for Earned Wage Access ProductsNew Mexico APR and Excluded Charges Rule Becomes Effective

Payday Lending

Maryland Issues Guidance on Earned Wage Access ProductsTrade Associations for Community Banks and Texas First Bank Move to Intervene in Case Challenging CFPB's Enforcement of its Section 1071 Rule

Payment Processing + Cards

CFPB Report Focuses on Big Tech's Impact on "Tap-to-Pay"New Jersey Enacts Law Capping Surcharges for Credit Card Transactions

Payments Pros

ACH Risk for Payment Processors and ODFIsEvaluating Government Sanctions in the Payments Industry

Podcasts

CFPB's Rulemaking Under the FCRA (Part 3) – Crossover Episode With FCRA Focus PodcastCFPB's Rulemaking Under the FCRA (Part 3) – Crossover Episode With The Consumer Finance Podcast

Privacy + Cyber

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data EcosystemEDVA Judge Dismisses Data Breach Class Action for Lack of Article III Standing

Regulatory Enforcement + Compliance

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final RuleCFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

Sales Finance

Florida Enacts Commercial Financing Disclosure LawCredit Acceptance and National Trade Associations Challenge the CFPB and NY AG's Attempt to Disregard TILA and Regulate the Indirect Auto Finance Industry Through Litigation

Small Business Finance

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final RuleKentucky Federal Court Grants Preliminary Injunction Enjoining CFPB's Enforcement of its Section 1071 Rule Until After U.S. Supreme Court Decision

State Attorneys General

CFPB Issues Consent Order Banning Nonbank Consumer Finance Company from Offering Consumer LeasesSeven State AGs Announce Settlement With Robocallers

State Attorneys General, CFPB + FTC

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB's Section 1071 Final RuleCFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

Student Lending

CFPB Continues to Focus on Tuition Payment Plans Offered by Colleges and Universities in Latest ReportNevada Enacts Law Imposing Licensing Requirements and Regulations on Student Loan Servicers

TCPA

Professional Plaintiff's TCPA Default Judgment of $828k UpheldJuly Consumer Litigation Filings: Mixed Bag

The Consumer Finance Podcast

CFPB's Rulemaking Under the FCRA (Part 3) – Crossover Episode With FCRA Focus PodcastCFPB's Rulemaking Under the FCRA (Part 2) – Crossover Episode With FCRA Focus Podcast

The Crypto Exchange

Analyzing the Treasury's Illicit Finance Risk Assessment of Decentralized FinanceCurrent Landscape of Cryptocurrency Regulation and Enforcement

Tribal Lending Litigation

Seventh Circuit Affirms Dismissal, Finding Entity Entitled to Arm of the Tribe Sovereign Immunity & Adopting Breakthrough Factor AnalysisSupreme Court Holds Bankruptcy Code Abrogates Tribal Immunity

Unauthorized Access

Inside the Mind of Lynn Peachey"Board-er" Patrol in Privacy and Cyberattacks