The Consumer Financial Protection Bureau (“CFPB”) released a blog post on February 4 warning of the possibility of discrimination in the appraisal process. The CFPB explained that, although appraisal discrimination based on...more
The Federal Communications Commission (FCC) is considering opening another front in robocalling enforcement by declaring “ringless voicemails” subject to consumer consent and other requirements under the Telephone Consumer...more
As 2021 came to an end, the Consumer Financial Protection Bureau (CFPB) released its 2021 Fall Supervisory Highlights, which cover the CFPB’s findings of examinations completed on the first half of the year. Though the CFPB’s...more
Article III standing is one of the most significant rubrics to determine a federal lawsuit’s justiciability. The Supreme Court significantly altered the standing calculus in TransUnion v. Ramirez, 141 S. Ct. 2190 (2021),...more
9/20/2021
/ Article III ,
Class Action ,
Class Members ,
Credit Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Injury-in-Fact ,
SCOTUS ,
Standing ,
TransUnion ,
TransUnion LLC v Ramirez
On March 29, in a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law amendments to the West...more
5/7/2021
/ Attorney's Fees ,
Consumer Credit Protection Act (CCPA) ,
Financial Services Industry ,
Governor Justice ,
New Amendments ,
New Legislation ,
Offer of Judgment ,
Pre-Suit Notice ,
Settlement Offer ,
State and Local Government ,
State Legislatures
In a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law on March 29, 2021, amendments to the West...more
In a landmark decision released this morning, the U.S. Supreme Court finally answered the question that has been at the heart of Telephone Consumer Protection Act (TCPA) litigation for decades – what constitutes an...more
Last week, Illinois enacted the “Predatory Loan Prevention Act” (SB 1792), which would place a 36% rate cap on nearly all non-bank consumer loans. This act will essentially outlaw small-dollar loans in Illinois and may make...more
In response to the recent COVID-19 outbreak, Congress recently approved a $2 trillion stimulus package in an attempt to offset the potentially disastrous economic effects of COVID-19. Meanwhile, central banks are implementing...more
In a significant victory for servicemembers and their families, who will again have access to products designed to protect them in the event of a total vehicle loss, the Department of Defense has revised its guidance that...more
A recent decision from the Maryland Court of Appeals provided somewhat surprising new guidance on the permissibility of confessed judgment clauses in consumer contracts. In Goshen Run Homeowners Association, Inc. v. Cisneros,...more
2/18/2020
/ Appeals ,
Confession of Judgment ,
Consumer Contracts ,
Consumer Lenders ,
Consumer Protection Act ,
Contract Disputes ,
Contract Terms ,
Debt Collection ,
Financial Services Industry ,
Homeowners ,
Homeowners Association (HOA) ,
New Guidance ,
Promissory Notes
Earlier this month, California Gov. Gavin Newsom revealed plans to create a state version of the federal Consumer Financial Protection Bureau (CFPB) as part of the state’s proposed 2020-2021 budget. According to the...more
1/30/2020
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Governor Newsom ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
State Budgets ,
Unfair or Deceptive Trade Practices
New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry.
Last month, Congressmen...more
12/20/2019
/ Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Interest Rate Caps ,
Interest Rates ,
Military Lending Act ,
Military Service Members ,
Predatory Lending ,
Proposed Legislation ,
Truth in Lending Act (TILA) ,
Usury
Last November, Bradley’s Financial Services Perspectives team predicted that the Consumer Financial Protection Bureau’s (CFPB) then upcoming Notice of Proposed Rulemaking (NPRM) for the Does the New Debt Collection Rule Apply...more
6/14/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
Enforcement ,
Enforcement Authority ,
FDCPA ,
NPRM ,
Proposed Rules ,
UDAAP
Creditors and credit furnishers often find properly reporting a payment status to Credit Reporting Agencies (CRAs) during, and after, bankruptcy a challenge. The recent Report of the American Bankruptcy Institute on Consumer...more
The Office of the Comptroller of the Currency announced, in a highly anticipated decision, that it would begin to consider special-purpose charter applications from fintech entities. This move, which has been the subject of...more
As we noted in last week’s blog post, the District of Columbia Court of Appeals issued a decision on March 1, 2018, that created a new wave of uncertainty for lenders with loans secured by deeds of trust on condominium units...more
The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more
In 2013, the Consumer Financial Protection Bureau (CFPB) issued a bulletin on indirect auto lending that took the industry by storm. As we approach the five-year anniversary of the memo’s issuance, it’s valuable to reflect on...more
1/25/2018
/ Automotive Industry ,
Automotive Loans ,
Congressional Review Act ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Dodd-Frank ,
GAO ,
Lenders ,
Markups ,
Unfair or Deceptive Trade Practices
Auto lenders, like many private citizens, began 2017 curious as to what change the impending Trump administration would bring. In the landscape of government enforcement, however, the consensus amongst industry participants...more
1/22/2018
/ Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Congressional Review Act ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
GAO ,
Lenders ,
Markups ,
RESPA ,
Subprime Loans ,
Trump Administration ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) introduced the Data Breach Prevention and Compensation Act on January 10, 2018 in an effort to increase accountability of large Credit Reporting Agencies (CRAs) for...more
1/11/2018
/ Credit Reporting Agencies ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Processors ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Injunctive Relief ,
Personally Identifiable Information ,
Popular ,
Proposed Legislation ,
Strict Liability ,
Trump Administration
One overarching certainty of federal debt collection law seems to be prolonged uncertainty over its appropriate scope. Is this scope about to change yet again? One recent bill called the Practice of Law Technical...more
Should a full-service consumer finance company be subject to federal debt collection law when it attempts to collect upon debt it purchased? Attorneys general from Maryland, the District of Columbia, California, New York, and...more