The Community Financial Services Association of America (CFSA), the national trade association for the payday lending industry, has filed a memorandum in support of its previously filed lawsuit against the agencies it accuses...more
The Pew Charitable Trusts has released the fourth report in its “Payday Lending in America” series. The new report examines issues with the online payday loan market and draws distinctions with the storefront-based payday...more
A California federal court recently ruled that the state’s call recording statute does not apply to cell phone call participants. This decision should help companies that record consumer calls for monitoring purposes defeat...more
Industry efforts to persuade the Federal Communications Commission (FCC) to clarify its rules under the Telephone Consumer Protection Act (TCPA) recently received support from a group of 15 members of the U.S. House of...more
A California federal court recently ruled that a lender violated the Electronic Fund Transfer Act (EFTA) prohibition on “condition[ing] the extension of credit” on a borrower’s repayment “by means of preauthorized electronic...more
The Federal Communications Commission (FCC) recently clarified its view on when someone has provided “prior express consent” to receive prerecorded or autodialed collection calls to his or her cell phone as required by the...more
The U.S. Court of Appeals for the Eleventh Circuit has ruled that a debtor may not provide the “prior express consent” required by the Telephone Consumer Protection Act (TCPA) for autodialed collection calls to be made...more
A consumer who voluntarily provides a cell phone number when registering online for membership has given “prior express consent” under the Telephone Consumer Protection Act (TCPA) to receive a text message containing...more
A consumer who voluntarily provides a cell phone number in the course of a transaction has given “prior express consent” under the Telephone Consumer Protection Act (TCPA) to receive text messages from the entity to which the...more
Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...more
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have carried out their threats in their proposed guidance to kill deposit advance loans. On November 21, 2013, the two...more
NACHA, the organization that administers the Automatic Clearing House (ACH) network, recently announced proposed modifications to its Rules and invited comments on or before January 13, 2014. While much of what NACHA proposes...more
The Pew Charitable Trusts has released the third report in its “Payday Lending in America” series. The new report makes policy recommendations that are intended to apply to all small-dollar consumer cash loans (other than...more
An Alabama federal court recently ruled that the limits imposed by the Telephone Consumer Protection Act (TCPA) on the use of autodialers applied only to phone systems that had the “present capacity” to make autodialed calls...more
The Telephone Consumer Protection Act (TCPA) permits a consumer to revoke consent given for autodialed or prerecorded calls to the consumer's cellular telephone number and does not limit the timing of revocation, the U.S....more
Effective October 16, 2013, all sellers and telemarketers will need a consumer's written agreement to make prerecorded telemarketing calls to residential telephone lines or autodialed or prerecorded telemarketing calls to...more
The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more
A Washington, D.C., federal district court has declared that the interchange fee and network non-exclusivity provisions of the Federal Reserve Board’s final debit card interchange fee rule are invalid....more
David Silberman, the CFPB’s Associate Director of Research, Markets and Regulations, made the CFPB’s April 2013 white paper on payday and deposit advance loans the focus of his testimony at the hearing held on July 24 by the...more
A new Chicago ordinance requires mortgagees who acquire residential rental property through a foreclosure or deed in lieu of foreclosure to either provide an option to renew the lease or offer relocation assistance to a...more
A recent Minnesota state court decision serves as a painful reminder to Internet lenders of the perils of relying on choice-of-law provisions or arguments citing the Commerce Clause of the U.S. Constitution to avoid...more
As we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against....more
A Florida federal court has rejected the Federal Communication Commission's 2008 ruling that by providing a wireless number to a creditor on a credit application, a consumer has given "prior express consent" as required by...more
Lawyers whose principal business is mortgage foreclosure or who regularly handle mortgage foreclosures are “debt collectors” subject to the Fair Debt Collection Practices Act, the U.S. Court of Appeals for the Sixth Circuit...more
A recent Department of Justice settlement with a debt collection law firm that was accused of violating the Americans with Disabilities Act exemplifies the mounting federal scrutiny of the debt collection industry....more