OCC Proposes to Grant National Bank Charters to Financial Technology Companies
For the first time, the Office of Comptroller of Currency (OCC) will allow financial technology (fintech) companies to apply for national bank charters. The OCC has invited public comment on the...
View ArticleNY Licensing Proposal Threatens New Burdens on Financial Services Providers,...
Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The...
View ArticleSixth Circuit Denies Arbitration in TCPA Class Action for Calls to Past...
Phone calls made by a lawn care company after the termination of a customer's contract were beyond the scope of the parties' agreement to arbitrate any claim "arising from or relating to" their...
View ArticleLawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders
A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the...
View ArticleOCC Issues Draft Licensing Supplement for Fintech Companies Seeking National...
The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national...
View ArticleTwo Banks Fight Back Against Colorado Regulator in Bank-Model Dispute
Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the...
View ArticleFTC Issues Debt Buying Industry Study
The Federal Trade Commission has issued a report, The Structure and Practices of the Debt Buying Industry, which the FTC has described as “the first of its kind” empirical study of debt buyers....By:...
View ArticleFTC Continues To Target Debt Collectors and Debt Relief Companies
The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....By: Glen Trudel
View ArticlePrevailing Defendant Can Recover Costs in FDCPA Suit Not Filed in Bad Faith,...
A prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) case can recover costs even without a court finding that the plaintiff filed suit in bad faith and for the purpose of harassment,...
View ArticleCollection Letter Inviting Debtor To Call Toll-Free Number Violated FDCPA,...
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because its invitation to call a toll-free number could be read by the “least sophisticated debtor” to permit the debt to be...
View ArticleCFPB Issues Second Annual Report on FDCPA Activities
The Consumer Financial Protection Bureau’s second annual report to Congress on enforcement of the Fair Debt Collection Practices Act (FDCPA) confirms that debt collection will continue to be a major...
View ArticleMerchants Challenge Constitutionality of New York’s ‘No Credit Card...
Five merchants and their principals have filed a lawsuit in federal district court in New York challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on...
View ArticleCollection Letter Requiring Written Dispute Violated FDCPA, Second Circuit Holds
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Second Circuit...
View ArticleOCC Signals Increased Agency Attention to Debt Sales
The Office of the Comptroller of the Currency (OCC) has made clear that all national banks and federal savings associations can expect increased scrutiny of their debt sales practices, as well as...
View ArticleCFPB Plans Continued Scrutiny of Credit Card Practices
The Consumer Financial Protection Bureau has issued a report on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has affected the consumer credit card market. The...
View ArticleFTC Settles First Case Challenging Debt Collector’s Use of Text Messages
The Federal Trade Commission recently announced that it had settled a case representing its first action challenging a debt collector’s use of text messages. In its complaint, the FTC alleged that the...
View ArticleFederal Reserve Publishes Guidance on Managing Outsourcing Risk of Service...
The Federal Reserve recently added to the growing body of regulatory guidance on the topic of financial institution management of service provider outsourcing relationships by issuing its Guidance on...
View ArticleCollection Letter Requiring Written Dispute Violated FDCPA, Fourth Circuit Holds
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Fourth Circuit...
View ArticleCFPB payday loan proposal for rulemaking is coming, but timing of its...
At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the...
View ArticleElizabeth Warren and other congressional members urge rulemaking by the...
On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its...
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