The CFPB is now ready to directly regulate the purveyors of digital consumer marketing. The CFPB new rule clarifies when digital marketers and financial products sellers are subject to consumer protection regulations. Digital marketers that are “materially involved” in the
Consumer Finance Litigation Bulletin
The Consumer Finance Litigation Bulletin, published by Saul Ewing Arnstein & Lehr, focuses on legal developments and litigation trends in consumer finance. It covers regulatory actions and enforcement by agencies such as the Consumer Financial Protection Bureau (CFPB), including topics like digital marketing rules, unfair, deceptive, or abusive acts or practices (UDAAP), and discrimination in financial services. The bulletin also addresses significant court decisions affecting consumer finance laws, such as interpretations of the Telephone Consumer Protection Act (TCPA) and biometric privacy regulations. It provides updates on advisory opinions and regulatory guidance impacting financial product providers and marketers.
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Latest from Consumer Finance Litigation Bulletin
CFPB's Use of its UDAAP Authority to Address Illegal Discrimination
By Publisher
CFPB’s intended use of its UDAAP authority to investigate, and regulate and enforce against illegal “discrimination” in financial products and services breaks open the proverbial damn, with such authority washing over every consumer financial product/service, as well as those that…
The Supreme Court Unanimously Adopts Narrow Definition of an Automatic Telephone Dialing System in Facebook v. Duguid, Significantly Changing the Landscape of TCPA Litigation
By Publisher
The Supreme Court issued its much-anticipated decision in Facebook v. Duguid , unanimously adopting a narrow definition of what constitutes an automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act (TCPA). The Court’s decision resolves the oft-contested issue…
<a href="/blogs/70813"><h3>Recent Illinois State and Federal Court Decisions Governing the Illinois Biometric Information Privacy Act</h3></a>
By 7996
Since the Illinois Supreme Court held in Rosenbach v. Six Flags Entertainment Corp. in 2019 that a plaintiff need not show actual injury to bring an Illinois Biometric Information Privacy Act (“BIPA”) claim in state court, courts have seen a…
<a href="/blogs/70561"><h3>The Consumer Financial Protection Bureau to Issue Advisory Opinions to Answer Interpretive Questions</h3></a>
By 7996
The Consumer Financial Protection Bureau (CFPB) released its final Advisory Opinions Policy (AOP) on Monday, November 30, setting forth procedures to facilitate the submission of requests for advisory opinions from it by interested parties. Simultaneously, the CFPB issued two advisory…
<a href="/blogs/69746"><h3>When Is Supervisory Guidance By Banking Regulators Not A Rule To Live By? When There Is A Rule That Says So.</h3></a>
By 7996
On September 11, 2018, an interagency statement was issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Consumer…
Alleged SCRA and MLA Violations Lead To Lender Being Assessed A $85 Million Penalty Under OCC Consent Order
By 7996
A national lender, USAA Federal Savings Bank, entered into a consent order with the Office of the Controller of the Currency (“OCC”), which included an $85 million civil money penalty for alleged “unsafe or unsound” banking risk management, compliance processes,…
<a href="/blogs/69551"><h3>MLB Ticket Refunds Did Not Moot Claims </h3></a>
By 8411
It has been several months since consumers began filing lawsuits against various companies for failing to issue refunds or changing their refund policies after the COVID-19 pandemic began.
Supreme Court Rules That the CFPB Director Must Be Removable at Will
By 7996
The U.S. Supreme Court ruled on June 29 that the Director of the Consumer Financial Protection Bureau (CFPB) cannot constitutionally be subject to removal only for cause, as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act of…
Do Not Make Promises to Consumers that Cannot Be Kept: Look Out For Consumer Litigation For Failing to Honor Refund Policies
By 7996
Since the outbreak of COVID-19, we have seen numerous class action lawsuits filed against companies for changing their refund policies to ones that have a negative impact on consumers or for not giving full monetary refunds for cancelled events or…