At its open Board meeting scheduled for October 24, 2023, the Federal Reserve Board is expected to approve its final rule amending its current regulation implementing the Community Reinvestment Act.  The Federal Deposit Insurance Corporation is expected to approve its final CRA rule at the meeting of its Board of Directors also scheduled for October 24.… Continue Reading

The CFPB and FTC announced last week that they had entered into a settlement with Trans Union LLC (TU LLC) to resolve a lawsuit filed jointly in a Colorado federal district court by the agencies alleging that TU LLC and its subsidiary, TransUnion Rental Screening Solutions, Inc. (TURSS), violated the Fair Credit Reporting Act (FCRA), the FTC Act, and the Consumer Financial Protection Act (CFPA) by failing to ensure the accuracy of tenant screening reports by including inaccurate and incomplete eviction records about consumers. … Continue Reading

The Consumer Financial Protection Bureau and Department of Justice have issued a joint statement regarding “the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA).”

The agencies begin the statement by observing that while ECOA and Regulation B do not expressly prohibit consideration of immigration status, they do prohibit creditors from using immigration status to discriminate on the basis of national origin, race, or any other protected characteristic. … Continue Reading

California has enacted new climate legislation that will require thousands of public and private companies that conduct business in the state to disclose their Scope 1, 2, and 3 greenhouse gas emissions and climate-related financial risks.  Under the new law:

  • Public and private companies operating in California that generate at least $1 billion in annual revenue are required to report their Scope 1 and Scope 2 greenhouse gas emissions beginning in 2026, and their Scope 3 greenhouse gas emissions beginning in 2027; and
  • Public and private companies operating in California that generate at least $500 million in annual revenue are required to disclose climate risks beginning in 2026.
… Continue Reading

American Banker recently reported that the CFPB is planning to substantially increase the size of its staff, particularly its Enforcement Division staff. 

The American Banker article was based on an internal memo from Eric Halperin, CFPB Enforcement Director, which was sent to CFPB employees on September 21.  As reported by American Banker, the memo indicates that Director Chopra has allocated about 75 new full-time employees to the Enforcement Division. … Continue Reading

Last Friday, the U.S. Supreme Court agreed to hear a second case, Relentless, Inc. v. U.S. Department of Commerce, in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc.  That decision produced what became known as the “Chevron framework”–the two-step analysis that courts typically invoke when reviewing a federal agency’s interpretation of a statute. … Continue Reading

On November 28, 2023, from 1:00 p.m. to 2:30 p.m. ET, Ballard Spahr attorneys will hold a webinar on the most recent actions of the White House, CFPB, and FTC in the Biden Administration’s assault on so-called “junk fees.”  To register, click here.

Last Wednesday, we published three blog posts about new actions taken by the CFPB and FTC related to the Biden Administration’s war on “junk fees”:

Also last Wednesday, the White House held an event at which President Biden spoke about these new developments as well as developments at other federal agencies to curb “junk fees” charged by companies subject to the jurisdiction of such agencies. … Continue Reading

The Superior Court of New Jersey, Appellate Division in Jennifer Woo-Padva v. Midland Funding, LLC, recently affirmed the dismissal of consumer fraud claims brought against a debt collector pursuant to the New Jersey Consumer Finance Licensing Act (CFLA), holding that a debt purchaser is not liable under the New Jersey Consumer Fraud Act (NJCFA) for failing to obtain a state license under the CFLA.… Continue Reading

Our special guest is Mark Budnitz, Professor Emeritus, Georgia State University College of Law.  In an article recently published in the Georgetown Journal on Poverty Law & Policy, Prof. Budnitz explores the impact on low-income consumers of the increasing use of digital technology for consumer payments.  Prof. Budnitz first explains why, in his view, the current laws governing digital financial services, particularly the Electronic Funds Transfer Act and Reg.… Continue Reading

As part of the White House’s latest round of efforts targeting so-called “junk fees,” the Federal Trade Commission has issued a proposed rule, “Rule on Unfair or Deceptive Fees.”  The proposal follows the FTC’s issuance in October 2022 of an Advance Notice of Proposed Rulemaking to address “junk fees,” a term that was used in the ANPR Notice to refer to “unfair or deceptive fees that are charged for goods and services that have little or no added value to the consumer.” … Continue Reading