The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. Both governors have framed their proposals as a response to what they...more
1/13/2020
/ Abusive Acts ,
Administrative Authority ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Discriminatory Lending Practices ,
Elder Issues ,
Financial Literacy ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Legislative Agendas ,
Military Service Members ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Robocalling ,
State and Local Government ,
Students ,
Unfair or Deceptive Trade Practices
CFPB Director Richard Cordray yesterday sent a letter to President Trump asking him to uphold the Bureau’s arbitration rule even though the Senate recently joined the House in authorizing a repeal of the rule under the...more
11/1/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry ,
Military Lending Act ,
Military Service Members ,
Richard Cordray ,
Trump Administration
Enough is enough!
I recognize that reasonable minds can differ with respect to whether the Senate should override the CFPB arbitration rule. However, it is inexcusable when plaintiffs’ lawyers and consumer advocates...more
10/24/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Breach ,
Dodd-Frank ,
Equifax ,
Financial Services Industry ,
Military Lending Act ,
Military Service Members
In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more
9/19/2017
/ Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Data Breach ,
Equifax ,
Financial Services Industry ,
Military Lending Act ,
Military Service Members ,
Popular
Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more
7/18/2017
/ Automotive Loans ,
Banking Sector ,
Consumer Protection Laws ,
Data Collection ,
Digital Assets ,
Foreclosure ,
Homeowners Association (HOA) ,
Internet Privacy ,
Military Service Members ,
Mortgages ,
New Legislation ,
Personal Data ,
Repossess ,
SCRA ,
Unfair or Deceptive Trade Practices
The U.S. Department of Justice (DOJ) announced last week that it reached an agreement with Michigan-based COPOCO Community Credit Union to settle a lawsuit alleging that the credit union violated the Servicemembers Civil...more
On March 31, 2016, President Obama signed into law the Foreclosure Relief and Extension for Servicemembers Act of 2015, which continues through December 2017 a provision of the Servicemembers Civil Relief Act (SCRA) that...more
The Department of Defense has extended the deadline for requesting direct access to its Military Loan Act (MLA) Defense Manpower Data Center (DMDC) database until February 15, 2016. Under amendments to the MLA's implementing...more
The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more
7/28/2015
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Unions ,
Department of Defense (DOD) ,
Financial Services Authority ,
Higher Education Act ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Payday Loans ,
Regulation Z ,
Title IV
The Department of Defense's (DoD) proposed rule to revise and expand the coverage of its rule implementing the Military Lending Act (MLA) may be put on hold. The House Committee on Armed Services Subcommittee for Military...more
In connection with a motion to dismiss, a Maryland federal district court has ruled that the cash “capitalized cost reduction” (CCR) payment allegedly made by a military servicemember upon signing his auto lease was...more
Charles A. Harwood, Deputy Director of the Bureau of Consumer Protection of the Federal Trade Commission, testified before a U.S. Senate committee last week about military consumer protection issues. Deputy Director Harwood's...more
The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report....more