A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the...more
The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more
9/21/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Proposed Rules ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The CFPB has released the Summer 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and...more
9/15/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
EFTA ,
Fair Lending ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicers ,
Payday Loans ,
Regulatory Requirements
The FTC has issued five notices of proposed rulemaking seeking comments on changes to five rules that implement the Fair Credit Reporting Act. Comments will be due no later than 75 days after the date the NPRMs are published...more
9/1/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Motor Vehicles ,
NPRM ,
Policies and Procedures ,
Proposed Amendments ,
Rulemaking Process
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory...more
8/28/2020
/ CARD Act ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Regulation AA ,
Regulation Z ,
Regulatory Flexibility Act ,
Request For Information ,
Unfair or Deceptive Trade Practices
At the end of last week, the Department of Education announced that Education Secretary Betsy DeVos has directed Federal Student Aid (FSA) to extend until December 31, 2020 the relief that was provided to federal student loan...more
We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. These lawsuits challenged on Madden and...more
Proposed legislation now working its way through the New Jersey Senate would eliminate the eligibility of postsecondary students and other individuals for State student assistance, training and employment services, including...more
On August 8, 2020, President Trump signed four executive orders that are designed to provide additional COVID-19 relief as talks on Capitol Hill collapsed on August 7 between White House negotiators and Democratic leaders...more
The U.S. Court of Appeals for the Third Circuit ruled last week in Commonwealth of Pennsylvania v. Navient Corp. that the PA Attorney General could bring a parallel enforcement action against Navient, a servicer of federal...more
8/5/2020
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Disclosure Requirements ,
Enforcement Actions ,
Federal Student Loans ,
Higher Education Act ,
Misrepresentation ,
Preemption ,
State Attorneys General ,
Student Loans ,
Unfair or Deceptive Trade Practices
A group of 22 state attorneys general joined by the District of Columbia AG filed a lawsuit in a California federal district court against Secretary of Education Betsy DeVos and the U.S. Department of Education (ED) seeking...more
Earlier this week, in Bostock v. Clayton County, Georgia, the U.S. Supreme Court ruled that firing an employee for being homosexual or transgender constitutes discrimination based on the employee’s sex in violation of Title...more
6/20/2020
/ Altitude Express Inc v Zarda ,
Bostock v Clayton County Georgia ,
Civil Rights Act ,
ECOA ,
EEOC v RG & GR Harris Funeral Homes ,
Employer Liability Issues ,
Equal Access to Credit ,
Financial Services Industry ,
Financial Transactions ,
Gender Identity ,
Hiring & Firing ,
LGBTQ ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title VII ,
Transgender
The CFPB has proposed amendments to Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit...more
The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be...more
The CFPB announced that it has entered into a proposed settlement with several of the defendants in the lawsuit it filed in January 2020 in a California federal district court that alleges the defendants obtained consumer...more
The CFPB has issued a statement regarding its supervisory and enforcement approach to Regulation Z billing error resolution timeframes in light of the COVID-19 pandemic....more
The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. While most of the report recycles information about which we have previously blogged, it does...more
Twenty-one state attorneys general and the District of Columbia attorney general have sent a letter to the three nationwide consumer reporting agencies (CRAs) “to remind them” of their legal obligations under federal and...more
In a new blog post, the CFPB highlights fair lending protections available to small businesses that have been impacted by the COVID-19 pandemic, particularly minority and women-owned businesses....more
The U.S. Court of Appeals for the Ninth Circuit recently ruled in Gilliam v. Levine that a loan made to an individual trustee to finance repairs on residential property owned by the trust was a “consumer credit transaction”...more
Massachusetts, New Jersey, Connecticut, Illinois, and Vermont have announced that they are participating in a multi-state initiative to provide relief to borrowers whose student loans are not covered by the CARES Act through...more
A coalition of groups that includes the Consumer Bankers Association, the National Council of Higher Education Resources, and consumer advocates, has sent a letter to House and Senate leadership urging Congress to extend...more
Senator Elizabeth Warren, joined by a group of other Democratic Senators and Senator Bernie Sanders, sent a series of letters to companies that service private student loans requesting “a detailed report of the steps your...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following provisions of particular interest to members of the consumer financial services industry...more
The CARES Act contains several provisions related to higher education, some of which pertain to student loan relief...more