Nearly two years ago, in April 2022, the CFPB issued a press release announcing its intent to start exercising its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine...more
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional...more
As we have repeatedly discussed this year in our Financial Services Perspectives blog, the current leadership of the CFPB has placed a significant emphasis upon fair lending. Seemingly once a month, or even more frequently at...more
On Monday, the CFPB issued a press release announcing that it will start using its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine pose risks to consumers.” In...more
The current leadership of the CFPB has not been shy about highlighting the importance of fair lending—and it is becoming increasingly clear that fair lending and equity within the financial services industry is one of the...more
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 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
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
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