CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB is seeking comments on changes to its semi-annual Terms of Credit Card Plans (TCCP) Survey. Comments must be submitted by October 17, 2022.
Amendments to the Truth in Lending Act made in 1988 by the Fair Credit and Charge Card Disclosure Act require the CFPB to conduct the TCCP Survey. … Continue Reading
On August 10, 2022, Director Rohit Chopra delivered remarks at the 2022 National Association of Attorneys General Presidential Summit in Des Moines, Iowa on the topic of consumer protection in the digital world. Director Chopra focused his remarks on the current state of digital marketing and advertising in an ever-increasing digitalized world.… Continue Reading
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at least one credit card, half of which carry a balance that continues to accrue increasingly high interest rates. … Continue Reading
Some people just don’t like change. New developments are often opposed by small groups prioritizing their own self-interest over the interests of the community at large. In real estate, these groups are sometimes known as “NIMBYs,” short for their rallying cry: “Not in My Backyard!” Well, it looks like debt collectors may have some NIMBYs of their own.… Continue Reading
It is my pleasure to introduce to our blog readers the newest member of our growing Consumer Financial Services Group: Abigail Pressler. Abigail is one of the leading lawyers in the country who focus their practice on compliance with the laws that pertain to consumer debt collection. Abigail counsels creditors, third-party debt collectors and debt buyers with respect to the vast array of federal and state laws that cover consumer debt collection.… Continue Reading
In our discussion of regulatory challenges, we consider the continuing impact of “true lender” challenges on bank-nonbank partnerships, how regulators approach industry innovation, and whether regulators should face stronger challenges from industry (including what the SCOTUS EPA decision could mean for such challenges). In our discussion of economic challenges, we consider the impact of inflation and recession fears on bank activity. … Continue Reading
Earlier this year, the CFPB and the FTC filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.… Continue Reading
In an active week for federal regulators, the Federal Trade Commission (FTC) joined the CFPB in announcing important initiatives that may change privacy and data security practices in major ways.
On August 11, the FTC released its Advanced Notice of Proposed Rulemaking, seeking public input on a host of questions relating to what it describes as “commercial surveillance”—or “the business of collecting, analyzing, and profiting from information about people”—in order to determine whether to issue a new rule “to protect people’s privacy and information in the commercial surveillance economy.” … Continue Reading
On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities.
The Amendments contain three significant changes relating to ransomware. First, the Amendment specifically adds “the deployment of ransomware within a material part of the covered entity’s information system” as a cybersecurity event requiring notice to the superintendent within 72 hours. … Continue Reading
On August 11, the CFPB published a circular confirming that covered persons and service providers under the Consumer Financial Protection Act (CFPA) may violate the CFPA’s prohibition against unfair acts or practices when they fail to adequately safeguard consumer information. However, the lack of clear substantive standards creates uncertainty as to what the CFPB would deem to be adequate data security practices.… Continue Reading
