The D.C. federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). (The CFSA had intervened in
Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
CSBS withdraws lawsuit seeking to block OCC approval of Figure Technologies charter application
The Conference of State Bank Supervisors (CSBS) has withdrawn its lawsuit filed in D.C. federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc. The lawsuit represented the CSBS’s…
CFPB issues bulletin on medical debt collection and consumer reporting requirements in connection with No Surprises Act
The CFPB has issued a compliance bulletin and policy guidance on medical debt collection and consumer reporting requirements in connection with the No Surprises Act.
The No Surprises Act sets forth requirements that apply to certain individuals who receive care…
CFPB sues debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct
The CFPB filed a complaint earlier this week in a New York federal district court against three companies that purchase defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). (Click …
This week’s podcast: Pitfalls of using subscription services in the consumer financial services industry
We look at the legal considerations that should be addressed when developing subscriptions for consumer financial products and services. After reviewing the practices addressed by federal and state automatic renewal/subscription laws and the types of products and services covered by…
FTC announces settlement with lead generation company; Ballard Spahr to hold February 2 webinar on lead generation
By Kim Phan
The FTC announced last week that it has entered into a settlement with ITMedia Solutions LLC, a lead generation company, and a group of affiliated companies (collectively, ITMedia), and several individuals who served as officers of ITMedia, to resolve a…
Eleventh Circuit schedules February 22 oral argument in Hunstein en banc rehearing
The U.S. Court of Appeals for the Eleventh Circuit has scheduled oral argument in the rehearing en banc in Hunstein v. Preferred Collection and Management Services, Inc. for February 22, 2022. After ordering the rehearing en banc in November 2021,…
NYDFS announces providers of commercial financing not required to provide consumer-like disclosures under new law until final regulation takes effect
The New York Department of Financial Services has issued a letter announcing that it has concluded that the obligation of providers of commercial financing under the Commercial Finance Disclosure Law (CFDL) to provide consumer-like disclosures does not arise “until the…
Equifax/TransUnion to include buy-now-pay-later transactions in credit reports
American Banker has reported that beginning in the next few weeks, Equifax will add a business industry code for buy-now-pay-later (BNPL) transactions to allow such transactions to appear on credit reports. It also reported that TransUnion is working on its…
FTC enters into settlement with two defendants in lawsuit alleging merchant cash advance providers engaged in unfair and deceptive practices
The FTC’s recent announcement that it has entered into a settlement with two of the defendants (RAM Capital Funding LLC and Tzvi Reich) in a lawsuit filed by the FTC against two merchant cash advance providers and three of their…