Finance & Banking Communications & Media Consumer Protection

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Debt collector, Portfolio Recovery Associates, to pay $18 million to settle TCPA violations

Portfolio Recovery Associates LLC (Portfolio Recovery) agreed to pay $18 million to end multi-district litigation against the debt collection company for its alleged violations of the Telephone Consumer Protection Act (TCPA)....more

CFPB Issues Report on Payday and Installment Loans; Director Cordray Weighs in on Online Lending Industry

On April 20, the CFPB issued a report titled “Online Payday Loan Payments,” which covers an 18-month period in 2011 and 2012 and examines how online lenders’ attempts to recover debts are affecting consumers. Also on April...more

CFPB unveils changes to website

The CFPB’s website has a new look.  Last week, the CFPB unveiled a set of updates to the website.  According to the CFPB, the new features “will help users quickly and easily browse the vast range of information, tools, and...more

CFPB Takes Action Against Co-Founders of California Online Lead Aggregator

On April 21, the CFPB filed two complaints against individual operators of an online lead aggregator for their alleged involvement in the company’s practice of reselling consumers’ sensitive personal data to lenders and debt...more

CFPB's Latest Action is Against the Co-Founders of a Lead Aggregator

On April 21 the Consumer Financial Protection Bureau (CFPB) brought its latest enforcement action by filing a civil suit in the United States District Court for the Central District of California (CDCA) against Dmitry...more

CFPB Identifies Hidden Costs and Fees Associated With Online Payday Loans

On April 20, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report regarding online payday lenders’ efforts to debit payments from a borrower’s checking account. Based on an 18-month observation period, the...more

DOJ Takes On Tribal Lending: Inside The Indictments

In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short-term loans from sovereign tribal nations, but a new and even more...more

TCPA Exemption for Collection of Federal Debts Applies Retroactively, CA Federal Court Rules

The new Telephone Consumer Protection Act (TCPA) exemption for calls made to cellular numbers to collect debts owed to or guaranteed by the United States applies retroactively to calls made before the exemption's effective...more

FTC to host June 9 forum on marketplace lending

The interest of federal regulators in marketplace lending continues to grow. In March 2016, the CFPB announced that it is taking complaints about marketplace lenders. In July 2015, the Treasury Department issued a request...more

Financial Services Weekly News - April 2016 #2

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

Class Action TCPA Case Dismissed Because Calls Were Made Solely To Collect a Debt Owed To Or Guaranteed By The United States

The Pennsylvania Higher Education Assistance Agency autodialed student debtor, Neil Silver, in January 2014 in an effort to collect on student debt. Silver claimed that these calls were made without his consent, and therefore...more

California Releases Marketplace Lending Data

The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more

FCC Reveals Consumer Broadband Labels; CFPB Director Cordray Weighs In

On April 4, the FCC released new broadband disclosure labels for Internet services. According to the FCC, consumers submit more than 2,000 complaints annually related to surprise fees associated with consumers’ Internet...more

TCPA Update – Amendment Exempting Federal Debts Held Retroactive

A case out of the Northern District of California has ruled that recent amendments to the Telephone Consumer Protection Act (TCPA), 47 U.S.C. §227, that exempt federally guaranteed loans from TCPA liability, are retroactive....more

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more

California AG Harris Announces Settlement with San Francisco-Based Bank Over Consumer Privacy Violations

On March 28, California AG Harris announced an $8.5 million settlement with a San Francisco-based bank for alleged violations of California consumer privacy laws. Specifically, AG Harris’s and five district attorneys’...more

OCC White Paper Promotes Framework for Supporting Responsible Innovation

Following the trend of federal agency interest in fostering (and potentially regulating) innovation in the field of financial technology (FinTech), the Office of the Comptroller of the Currency (OCC) released the white paper...more

CFPB Roundup: Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

FTC Highlights FDCPA Risks for Debt Collectors Using Social Media, Texts

The Federal Trade Commission (FTC) recently published a reminder to debt collectors of the Fair Debt Collection Practices Act (FDCPA) compliance risks that are created by the use of social media or text messages in connection...more

Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards

On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of...more

The CFPB Is Watching Online Marketplace Lending—So Should You

On March 7, 2016, the Consumer Finance Protection Bureau (“CFPB”) announced that its complaint database would now accept complaints from consumers encountering problems with loans from online marketplace lenders. According to...more

Debt Collector for Affiliated Physician Group Can Rely on Patient Contact Consent Obtained by Hospital

Careful drafting of consent and information release provisions can ensure that providers and affiliated physicians and their debt collectors can contact patient cell phones using automatic telephone dialing systems or...more

CFPB Enters Proposed Final Judgment Against Student Debt Relief Company

On March 15, the CFPB filed a proposed Stipulated Final Judgment and Order in a California federal court against a California-based student debt relief company and its owner for alleged violations of the CFPA and the...more

NY DFS Brings First Data Security Action

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

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