On November 4, 2020, California voters approved of the ballot initiative Proposition 24, more commonly known as the California Privacy Rights Act (the “CPRA”).  The CPRA goes into effect on January 1, 2023, and will expand several of the existing protections in the California Consumer Privacy Act (the “CCPA”).

As background, the original CCPA emerged in 2018 as a compromise between legislators and the advocacy group, Californians for Consumer Privacy, which had secured a ballot measure vote for its proposed privacy law. … Continue Reading

On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”

On November 12, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”

The scheduled witnesses at both hearings are:

  • Brian Brooks, Acting Comptroller of the Currency
  • Randal Quarles, Vice Chairman of Supervision, Federal Reserve Board
  • Rodney Hood, Chairman, NCUA
  • Jelena McWilliams, Chairman, FDIC
… Continue Reading

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

One of the initial promises of the CFPB’s NPRM was a level of certainty as to the use of electronic communications to provide legally-required collection disclosures to consumers. … Continue Reading

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

Continuing our series of blog posts breaking down the CFPB’s final debt collection rule, we now discuss the use of email and text messages, and how to qualify for a safe harbor from civil liability for unintentional third party disclosures resulting from these types of communications.… Continue Reading

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

Our series of blog posts breaking down the CFPB’s final debt collection rule now turns to a discussion of how to understand and comply with the final rule’s inconvenient time and place provisions. … Continue Reading

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

Among the items proposed in the CFPB’s NPRM that were adopted in its final collections rule are restrictions on call attempts and a limited content message definition. … Continue Reading

Our discussion looks at the CFPB’s rulemaking activities before issuing its Advance Notice of Proposed Rulemaking (ANPR), the ANPR’s focus points, and differences from the California Consumer Privacy Act.  Other topics include the role of data aggregators and how banks are responding to them, technical and other issues arising from third party access to consumer data, and the application of the FCRA and other federal consumer financial protection laws to data aggregators.… Continue Reading

The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints related to private or federal student loans submitted by consumers between September 1, 2019 and August 31, 2020. The report notes that total student loan debt is now $1.677 trillion and is second only to home mortgages in outstanding household debt.… Continue Reading

Among the unfortunate consequences of the pandemic has been COVID-19-related scams targeting businesses and consumers.  As real-time payments (RTP) become more popular in the U.S., fraudsters can be expected to increasingly engage in fraudulent RTP transactions.

A new article titled “The Effect of COVID-19 on Real-Time Payments” written by Ballard Spahr Of Counsel Judy Mok and Amy Schwartz and published in the Banking & Financial Services Policy Report discusses the new RTP system, the benefits of RTP, the potential for fraud in connection with RTP, and the laws that may bear on loss allocation.… Continue Reading

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

Part 1 of the CFPB’s final debt collection rule, which was released October 30, applies only to “debt collectors” as defined by the FDCPA, as was the case with the proposed rule released in May 2019. … Continue Reading