Search Results: Lender Law

CFPB Sues TransUnion and Senior Executive for Violating Law Enforcement Order Prohibiting Deceptive Marketing

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement requirements of the CFPB’s 2017 law enforcement  order to TransUnion, and for violating Regulation V, which…

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CFPB Proposes Rule to Assist Survivors of Human Trafficking in Obtaining Credit

On April 7, 2022, the Consumer Financial Protection Bureau (CFPB) announced it is proposing a rule that would assist survivors of human trafficking in achieving financial independence.  The proposed rule would aid survivors of human trafficking seeking to open bank accounts, access credit, and gain employment, by preventing credit reporting…

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California DFPI Issues Guidance to Financial Institutions Regarding Russia Sanctions

On March 4, 2022, the California Department of Financial Protection and Innovation (DFPI) issued a reminder to its financial institution licensees regarding their obligations in light of the Russian invasion of Ukraine:  comply with U.S. sanctions on Russia, and employ safeguards to protect against attempts to use virtual currency transfers…

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CFPB Issues Request for Information Regarding Junk Fees

On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI).  In the RFI, the CFPB seeks public feedback regarding fees that are not subject to competitive pricing in order to assist the CFPB…

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CFPB Encourages Consumers To “Hold Accountable” Consumer Reporting Companies By Filing Disputes and FCRA Lawsuits

On January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they believe there is a Fair Credit Reporting Act (FCRA) violation.  The CFPB’s press release announcing the…

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Massachusetts Court Holds Notice of TCPA Exclusions Sufficient to Avoid TCPA Violation

On January 7, 2022, the Massachusetts Appeals Court issued a decision concerning whether two insurance companies provided sufficient and timely notice to its Insured regarding the exclusion of coverage for Telephone Consumer Protection Act (TCPA) violations.  In Addison Automatics, Inc. v. The Netherlands Insurance Co., Case No. 20-P-225, the Appeals…

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Second Circuit Disagrees With Third Circuit TCPA Ruling Regarding Unsolicited Advertisements

On January 6, 2021, the Second Circuit issued an order criticizing and declining to adopt a Third Circuit ruling regarding the scope of the term “unsolicited advertisement” under the Telephone Consumer Protection Act (TCPA).  In Katz v. Focus Forward, LLC, No. 21-1224-cv, the Second Circuit affirmed the judgment of the…

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Emory Law Journal Reports New Studies That Authors Claim Show Racial Inequities in Lender Advertisements

A new essay published in the Emory Law Journal argues that two empirical studies of advertising by certain banks and payday lenders in Houston, Texas indicate that payday lenders steer African Americans and Latinos to their products, while banks market primarily to white consumers.  The authors suggest that, consistent with…

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OCC Head Provides Remarks on Bank Overdraft Practices

On December 8, 2021, the Acting Comptroller of the Currency, Michael J. Hsu, gave remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference where he expressed the Office of the Comptroller of the Currency’s (OCC) push for bank overdraft reform to benefit financially vulnerable consumers. Hsu opined…

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New York Governor Hochul Signs Consumer Credit Fairness Act, Creating Significant Changes for Debt Collection Actions Brought in the State

On November 8, 2021, New York Governor Kathy Hochul signed the Consumer Credit Fairness Act (the Act) into law.  The Act will likely have substantial impact on debt collection lawsuits filed by creditors or debt collectors in New York.  The Act not only reduces the statute of limitations for filing…

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CFPB, Banking Agencies, and State Regulators Warn of Increased Scrutiny on Mortgage Servicers

The CFPB, federal banking agencies, and state regulators are returning to pre-pandemic norms with respect to enforcement and supervision of the mortgage servicing industry.  On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union…

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CFPB Releases Report Analyzing Consumer Complaint Data By Demographics

The Consumer Financial Protection Bureau (CFPB) issued its first in-depth report analyzing consumer complaint submission patterns by demographic characteristics. The CFPB’s findings were based on nearly 1 million consumer complaints submitted to the CFPB between 2018 and 2020.  The CFPB’s report classified complaints by matching the relevant consumers to U.S….

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NYDFS Cybersecurity Regulation: Focus on Proactive Cybersecurity and Incident Reporting

Goodwin invites you to join us for our upcoming webinar on the NYDFS Cybersecurity Regulation. Now in its fifth year, the NYDFS Cybersecurity Regulation is a standout among state-level information security regulations.  This year, the NYDFS is investing additional resources into cybersecurity, with a new NYDFS Cyber Intelligence Unit formed…

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