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 AwardBankruptcy Court Sanctions Collections Firm for Attempting to Collect Discharged Debt

All Entries

FTC Comment Request Signals Joint Enforcement With State AGs Will Continue IncreasingVirginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class Action

Arbitration

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 AwardFinancial Services Industry Groups Oppose CFPB’s Proposed “Fine Print” Registry

Auto Finance

Section 1071 Final Rule: An OverviewFTC Sends $3.3 Million in Payments to Customers of Passport Auto

Background Screening

FTC Orders Small Business Credit Reporting Companies to Disclose Information About IndustryCFPB Seeks Public Feedback About Data Brokers to Inform FCRA Rulemaking

Banking

Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury LimitCFPB Warns Financial Institutions That Unilaterally Reopening Customer Accounts May Risk Violating UDAAP

Bankruptcy

CFPB Finds Civil Judgments Are Not Evenly DistributedJuly Launch Announced for the Federal Reserve's FedNow Nationwide Payment System

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

Virginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class ActionOhio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan Documents

Consumer Financial Protection Bureau (CFPB)

Virginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class ActionCFPB Warns About Risks of Chatbot Use in Consumer Finance

Consumer Financial Services

Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury LimitCFPB Warns About Risks of Chatbot Use in Consumer Finance

COVID-19

CFPB Argues that Regulation E Applies to Pandemic Unemployment Benefits Paid Via Prepaid CardsNavigating Mortgage Servicing Through the Slow-Moving Homeowner Assistance Fund

Credit Reporting + Data Brokers

Washington Federal Court Reiterates Distinction Between Furnishers’ and CRAs’ FCRA Investigatory Obligations and the Necessity of Alleging an Inaccuracy in a Consumer ReportMichigan Federal Court Summarily Dismisses FCRA Action Alleging Inaccurate Reporting of Charged-Off Auto Loan

Cryptocurrency + FinTech

New York's Attorney General Proposes New Crypto Legislation in Crackdown on IndustryCFPB Warns About Risks of Chatbot Use in Consumer Finance

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

Ohio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan DocumentsWashington Federal Court Rejects Hunstein; Holds Article III Standing Exists in FDCPA Letter-Vendor Claim

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

CFPB Warns About Risks of Chatbot Use in Consumer FinanceFederal Agencies Release Proposed Automated Valuation Model Rule

FCRA

Virginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class ActionApril Report Reveals Substantial Decrease in Consumer Litigation Filings

FCRA Focus

AI: Impact and Use in Background Screening - Crossover Episode With the Regulatory Oversight Podcast2022 Year in Review and Look Ahead Crossover With The Consumer Finance Podcast

FDCPA

April Report Reveals Substantial Decrease in Consumer Litigation FilingsSixth Circuit Affirms Dismissal of FDCPA Suit Arising From Pandemic-Time In Person Service of Process

Featured Posts

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

Federal Trade Commission (FTC)

FTC Comment Request Signals Joint Enforcement With State AGs Will Continue IncreasingFTC Sends $3.3 Million in Payments to Customers of Passport Auto

Investors

DOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment SchemesNot Your Keys, Not Your Coin: Bankruptcy Court Looks to Contract Law to Determine Consumer Interest-Bearing Crypto Deposits Belong to Celsius' Bankruptcy Estate

Military Lending

Virginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class ActionFourth Circuit Affirms Dismissal Finding Dual-Purpose Auto Loan Not Covered by MLA

Mortgage Lending, Servicing + Banking

Federal Agencies Release Proposed Automated Valuation Model RuleNew CFPB Rule Proposed for Property Assessed Clean Energy (PACE) Loans

Online Lending

New Mexico APR and Excluded Charges Rule Becomes EffectiveMissouri State Senator Reintroduces Commercial Financing Disclosure Bill

Payday Lending

Virginia Federal Court Applies Broad Reading of Military Lending Act's Statute of Limitation in Dismissal of Borrower Class ActionColorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury Limit

Payment Processing + Cards

Credit Card Late Fee Rule Published in Federal Register and Open for CommentsJuly Launch Announced for the Federal Reserve's FedNow Nationwide Payment System

Payments Pros

Introducing Payments Pros: The Payments Law Podcast

Podcasts

CFPB's War on Junk FeesAI: Impact and Use in Background Screening - Crossover Episode With the Regulatory Oversight Podcast

Privacy + Cyber

DOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment SchemesIllinois Supreme Court Rules BIPA Claims Accrue With Each Scan

Regulatory Enforcement + Compliance

Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury LimitNew York's Attorney General Proposes New Crypto Legislation in Crackdown on Industry

Sales Finance

Credit 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

Section 1071 Final Rule: An OverviewCFPB Issues Small Entity Guide With Illustrations on How to Comply With Section 1071 Final Rule

State Attorneys General

FTC Comment Request Signals Joint Enforcement With State AGs Will Continue IncreasingIndiana AG Settles with Company over Allegedly Providing Unfair and Deceptive Personal Loans to Finance Auto Purchases

State Attorneys General, CFPB + FTC

Federal Agencies Release Proposed Automated Valuation Model RuleFTC Reaches $16 Million Settlement With Payment Processors Over Alleged Credit Card Laundering

Student Lending

Massachusetts Division of Banks Fines Student Loan Servicer $500,000 for Servicing Without a LicenseCFPB Continues to Press for Expanded Definition of Credit Transaction Under ECOA by Interjecting its Position in Pending Private Litigation

TCPA

April Report Reveals Substantial Decrease in Consumer Litigation FilingsFlorida State Court Holds Mere Statutory Violation Not Enough to Confer Standing Under TCPA

The Consumer Finance Podcast

CFPB's War on Junk FeesCFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas

The Crypto Exchange

Crypto Enforcement ActionsAutorenewals

Tribal Lending Litigation

CFPB Wins Big in California Federal Court: CashCall Fined $167 Million for CFPA ViolationsFTC Issues Report on Consumer Issues Affecting American Indian and Alaska Native Populations

Unauthorized Access

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