News & Analysis as of

Unfair or Deceptive Trade Practices Repossess

Troutman Pepper

Rent-A-Center Reached $8.75M Settlement With Massachusetts AG

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On November 28, Massachusetts Attorney General (AG) Campbell reached an $8.75 million settlement with Rent-A-Center (RAC), the nation’s largest rent-to-own company specializing in consumer goods leases. The settlement aimed...more

McGlinchey Stafford

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

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Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more

Hudson Cook, LLP

CFPB Relies on Questionable Premise in Bulletin About Repossession

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In February, the Consumer Financial Protection Bureau issued a compliance bulletin to the vehicle finance industry to make sure that industry participants—including and especially servicers—remember the CFPB's authority to...more

McGlinchey Stafford

CFPB Eyes Unfair, Deceptive Acts: Here Are Some Tips To Avoid Scrutiny

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With a new administration comes new priorities for federal agencies, and the Consumer Financial Protection Bureau (CFPB) is no different. During the Trump administration, the Bureau focused on “educating” consumers. Under...more

Alston & Bird

CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond

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A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market...more

Wiley Rein LLP

Wiley Consumer Protection Download (March 8, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

CFPB issues compliance bulletin on auto repossession

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In a move intended “to thwart illegal repossessions in the heated auto market,” the CFPB has issued a compliance bulletin that describes conduct related to repossession that it has found to be an unfair, deceptive, or abusive...more

McGlinchey Stafford

TRO enjoins enforcement of portions of Massachusetts emergency debt collection regulation. Now what?

McGlinchey Stafford on

On April 17, 2020, Massachusetts Attorney General Maura Healey promulgated emergency regulation 940 CMR 35.00 to address “unfair and deceptive debt collection practices during the state of emergency caused by COVID-19.” The...more

Hudson Cook, LLP

COVID-19 Payment Accommodations from the Perspective of Voluntary Protection Product Providers

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In response to the COVID-19 pandemic, creditors across the country are working to balance their business operations and servicing immediate consumer financial needs with public safety. Some creditors have begun offering...more

Hudson Cook, LLP

In Times of Peace, Prepare for War

Hudson Cook, LLP on

I just finished up a very active conference season. I’ve been on the “conference circuit” as some would say, since early January. Being on the conference circuit has enabled me to re-connect with friends, colleagues, clients...more

Hudson Cook, LLP

It's 10 P.M. Do You Know What Your Repossession Agents Are Doing?

Hudson Cook, LLP on

Do you truly know what the repossession agents you’ve assigned to repossess one or more of your cars for you are doing? I’m hearing more and more about a very disturbing practice in the repossession services industry that,...more

Ballard Spahr LLP

Nevada Enacts Multiple Laws Affecting Consumer Finance

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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

Arnall Golden Gregory LLP

CFPB Examination of Auto Repossession Firms: An Unpleasant Surprise!

Tim owns a small company that handles auto repossessions in the local area. He knows very well the state and local statutes and regulations that apply to his business. Tim has a vague notion that the Consumer Financial...more

Ballard Spahr LLP

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

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The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

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