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On February 7, 2024, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s Order granting a motion for judgment on the pleadings and holding that a charged-off loan made by a lender licensed under the Consumer Discount Company Act (“CDCA”) that is subsequently sold to a third-party debt collector is no longer subject to the CDCA and collecting on the debt without holding a CDCA license is not in and of itself a violation of the Fair Debt Collection Practices Act (“FDCPA”).… Continue Reading

In early November, Pennsylvania amended its data breach notification law broadening the definition of personal information.  The amendment adds “health insurance information” and “medical information” as data elements that could trigger breach notification requirements.  Coupled with this addition is a breach notification exception for businesses that are (1) subject to and (2) in compliance with HIPAA’s privacy and security standards. … Continue Reading

We discuss recent and ongoing enforcement activity of the PA AG involving consumer financial services.  Our conversation focuses on activity directed at: auto title lenders for alleged violations of PA usury law; national banks for alleged CARD Act violations; furniture retailers for alleged “hang tag” law violations; home sellers for alleged violations of mortgage laws arising from the use of contracts for deed; and phone scams.… Continue Reading

The Pennsylvania Supreme Court issued its highly anticipated decision in Gregg v. Ameriprise Financial, Inc. at the end of last week.

In 1996, the General Assembly amended the catchall provision of the Unfair Trade Practices and Consumer Protection Law, 73 P.S. 201-2(4)(xi), to prohibit anyone who advertises, sells, or distributes goods or services from “engaging in any deceptive conduct .… Continue Reading

With the creation of a Consumer Financial Protection Unit as one of his early actions, Pennsylvania  Attorney General Josh Shapiro made clear his intention to pursue an aggressive pro-consumer agenda.  Mr. Shapiro named Nicholas Smyth, a former CFPB enforcement attorney, to serve as Assistant Director of the Attorney General’s Bureau of Consumer Protection.… Continue Reading

In this week’s episode, Pennsylvania Secretary of Banking and Securities Robin Wiessmann discusses lessons learned from the 2009 financial crisis and concerns arising from today’s market conditions and regulatory environment, shares her views on the OCC’s fintech charter and provides an update on steps that States are taking to relieve regulatory burdens on fintech companies, and explains her agency’s approach to virtual currency.… Continue Reading

Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated financial service” which it described as intended to “reiterate[] and remind[]” such persons of its existing licensing guidance. … Continue Reading

Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”

The announcement indicated that the new Unit “will focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.” … Continue Reading