On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan...more
On April 4, acting Comptroller of the Currency Michael J. Hsu provided his remarks for the second year in a row at the Just Economy Conference hosted by the National Community Reinvestment Coalition. He focused his remarks on...more
4/16/2024
/ Affordable Housing ,
Banks ,
Community Development ,
Community Reinvestment Act ,
Consumer Financial Products ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Popular ,
Race Discrimination ,
Regulatory Oversight ,
Risk Management
According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director...more
The Office of the Comptroller of the Currency’s (OCC) Committee on Bank Supervision (CBS) recently issued its annual Bank Supervision Operating Plan for FY 2024, which sets forth the OCC’s supervision priorities and...more
Earlier this month, the CFPB published a report on specialty financial products, such as medical credit cards and installment loans, which are sold to patients as a way to address the growing costs of medical care. The report...more
On April 17, the Consumer Bankers Association (CBA) issued a news release responding to the CFPB’s proposal to lower the credit card late fee safe harbor amount to $8. The CFPB claims that, even though Congress banned...more
Having stood up and promoted the whistleblower program at the CFPB, it appears that Richard Cordray may now be taking similar steps at Federal Student Aid (“FSA”). On November 10, the Department of Education (“ED”) and FSA...more
On August 10, 2022, Director Rohit Chopra delivered remarks at the 2022 National Association of Attorneys General Presidential Summit in Des Moines, Iowa on the topic of consumer protection in the digital world. Director...more
On June 1, 2022, plaintiff Kristen Michael filed a class action lawsuit against FinTech lender Opportunity Financial, LLC (“OppFi”) on behalf of herself and a putative class alleging, inter alia, that OppFi loans money at an...more
In its second case against a Voice over Internet Protocol (VoIP) service provider, the FTC announced that it has reached a proposed settlement with Alcazar Networks Inc. and its owner Gavin Grabias concerning the FTC’s...more
Come January 1, 2021, senior citizens in California will be afforded additional cancellation rights when entering into contracts negotiated or executed away from typical business establishments. AB-2471, which Governor Newsom...more
On September 25, 2019, the CFPB filed a lawsuit in federal district court in Maryland against Maryland-based debt collector FCO Holding, Inc. (“FCO”), its various subsidiaries and Michael E. Sobota, the CEO, president,...more
10/7/2019
/ Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Dispute Resolution ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Housing Market ,
Identity Theft ,
Injunctive Relief ,
Negligent Training ,
Regulation V ,
Regulatory Violations ,
Restitution
Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB...more
Last week, Senator Dick Durbin, D-Ill., reintroduced a bill, the “Protecting Consumers From Unreasonable Credit Rates Act of 2019,” that would create a national interest-rate cap of 36% on consumer loans. ...more