A California appellate court has ruled that bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner.
In BBBB Bonding …
The National Consumer Law Center has published a list of federal and state consumer financial protection laws scheduled to take effect or expire during the period from November 30, 2021, through the end of 2022. The list includes laws related…
On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2%. The laws…
Professor Zywicki shares his views on the current trend of denying access to financial services to politically-disfavored industries or based on political views, whether through the actions of banking regulators, most notably Operation Choke Point, or actions taken by banks…
Last month, the CFPB updated its Electronic Fund Transfers FAQs that address compliance with the Electronic Fund Transfer Act (EFTA) and Regulation E. The FAQs provide guidance on Regulation E’s coverage and on the error resolution requirements, with the bulk…
Having previously worked closely with CFPB Director Chopra while he served as the CFPB’s Acting Director and its first Deputy Director, Mr. Date provides a unique perspective on Mr. Chopra’s views and likely actions as CFPB Director. We discuss how…
The CFPB has filed its brief with the Fifth Circuit in the appeal filed by the trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule). The trade groups have appealed from…
The California Department of Financial Protection and Innovation (DFPI) has published a notice on its website concerning delays that debt collectors and buyers seeking to comply with the new licensing requirement in the state’s Debt Collection Licensing Act are currently…
The CFPB recently announced the terms of a stipulated judgment and order in its lawsuit filed in November 2016 against (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers and two related companies (Access);…
On December 13, 2021, the Federal Trade Commission (FTC) announced that, under the terms of a settlement, a group of phantom debt collectors were permanently banned from the debt collection industry. The term “phantom debt” is generally used to…
