On September 11, the FTC announced that it had reached a settlement with two “people-search” companies which would resolve charges that the companies had engaged in practices that violated the Fair Credit Reporting Act...more
On March 16, NYDFS entered a consent order resolving an examination of a payment service provider that allows merchants to accept Bitcoin payments from customers in exchange for the equivalent value in local currency credited...more
On August 10, the CFPB issued an interpretive rule stating that digital marketing providers that are involved in the identification or selection of prospective customers or the selection or placement of content to affect...more
Recently, the Federal Reserve Board (Fed) published its annual Cybersecurity and Financial System Resilience report describing measures it has taken to strengthen cybersecurity in the financial services sector, including the...more
Recently, the Louisiana lawmakers and regulators have taken steps to legalize operations in the state involving virtual currencies. On June 15, the Louisiana governor signed a bill that, effective August 1, 2022, will allow...more
On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. According to the...more
5/16/2022
/ Advertising ,
Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt Settlement Services ,
Disclosure Requirements ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Marketing ,
Policies and Procedures ,
Student Loans ,
Third-Party Service Provider
On November 17, a majority of the active judges of the U.S. Court of Appeals for the Eleventh Circuit issued an order sua sponte to rehear Hunstein v. Preferred Collection and Management Services, Inc., en banc. The order...more
11/23/2021
/ Appeals ,
Consumer Lenders ,
Consumer Protection Laws ,
Data Privacy ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
En Banc Review ,
FDCPA ,
Financial Services Industry ,
SCOTUS ,
Third-Party Service Provider ,
TransUnion LLC v Ramirez
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (S.153/A.2382). The Act contains a series of amendments to New York’s Civil Practice Law and Rules (CPLR) that...more
11/18/2021
/ CPLR ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Legislative Agendas ,
New Legislation ,
New York ,
State and Local Government ,
State Legislatures ,
Statute of Limitations ,
Third-Party Service Provider
The CFPB updated its Supervision and Examination Manual by adding a new section titled Compliance Management Review – Information Technology. The new examination procedures are meant to assist CFPB examiners when assessing...more
On July 13, the Federal Reserve, FDIC, and OCC proposed risk management guidance to help banking organizations manage risks related to third-party relationships, including relationships with vendors, FinTech companies,...more
7/20/2021
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Negotiations ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Government Agencies ,
OCC ,
Proposed Guidance ,
Regulatory Oversight ,
Risk Management ,
Third-Party Relationships ,
Third-Party Service Provider
The U.S. Court of Appeals for the Second Circuit recently held that a debt collector’s settlement offer must indicate whether interest and fees are continuing to accrue on the outstanding debt, or alternatively, whether...more
The Department of Labor recently issued cybersecurity guidance to retirement plans. The department’s Employee Benefits Security Administration (EBSA) issued guidance in three areas: (1) hiring and working with vendors and...more
6/8/2021
/ Benefit Plan Sponsors ,
Cybersecurity ,
Data Management ,
Data Security ,
Department of Labor (DOL) ,
EBSA ,
Electronic Records ,
New Guidance ,
NYDFS ,
Retirement Plan ,
Supply Chain ,
Third-Party Service Provider ,
Vendors