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Each week, ACA International’s compliance team covers relevant case summaries for ACA members. Here’s a rundown of recent top FCRA, TCPA and FDCPA cases we’ve covered. 03/28/2024 1:30 P.M. 2.5 minute read Each week, ACA International’s compliance team covers relevant case summaries for ACA members. Members may also submit cases for consideration to our compliance team [...] Read More... The post Daily Decision Recap: Concrete Injuries, Email Communication, and More appeared first on ACA International.
The board election will take place at ACA’s 2024 Annual Convention & Expo. 03/28/2024 12:45 P.M. 1 minute read Eleven association members have declared their candidacy for the open seats on the ACA International Board of Directors. At its annual meeting on July 21, 2024, ACA’s Council of Delegates will elect three directors to three-year [...] Read More... The post ACA Announces Board Candidates appeared first on ACA International.
The company fends off half a billion cyberattacks a month. 03/27/2024 1:45 P.M. 2 minute read Visa is doubling down on its cybersecurity investments, allocating billions to fortify its defenses and develop cutting-edge services through artificial intelligence, CEO Ryan McInerney said at an investor conference last week, a Payments Dive article reported. “Cybersecurity is a [...] Read More... The post From the Web: Visa Invests Billions in Cybersecurity Amid Escalating Threats appeared first on ACA International.
The new 80+ seat call center is located just outside of Philadelphia. 03/27/2024 1:40 P.M. 1 minute read Starmark Financial, an ACA International member company with corporate headquarters in Deerfield Beach, Florida, recently announced the expansion of a new 80+ seat call center facility in Trevose, Pennsylvania, located just outside of Philadelphia. The new location [...] Read More... The post Starmark Financial Announces Expansion in Pennsylvania appeared first on ACA International.
Getting to Know Joel Blackburn of Cornerstone Licensing Judge Denies Defendant’s MJOP in FDCPA Case Over Tax Debt Judge Denies MTD, Rules Credit Union Meets WVCCPA Definition of ‘Debt Collector’ in Convenience Fee Case CFPB Issues Guidance Over ‘Free’ Money Transfers, Claims of How Fast Funds Are Available WORTH NOTING: What life is like for
The Consumer Financial Protection Bureau yesterday issued guidance warning remittance transfer providers that falsely advertising the speed or cost of sending money can violate federal law, and that these provisions don’t just apply to the traditional providers of international money transfers, but to digital wallets that offer the capability to send money from the United
A District Court judge in West Virginia has denied a motion to dismiss filed by a credit union that is facing a class-action lawsuit for violating the West Virginia Consumer Credit and Protection Act by charging a $5 fee to make payments over the telephone, ruling the credit union is a debt collector under the
What constitutes a debt? The definition seems to change by the day. A District Court judge in Connecticut has denied a defendant’s motion for judgment on the pleadings, ruling the debt in question does meet the Fair Debt Collection Practice Act’s definition of a debt and that the suit should proceed. The Background: In January
The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising statements as well as misrepresentations of insured status and misuse of the FDIC’s name or logo, will take effect April 1, 2024, with full compliance required by January 1, 2025.… Continue Reading Continue Reading…
Our special guest is Jeff Sovern, Professor at the University of Maryland Francis King Carey School of Law. In March 2022, the CFPB announced that it had revised its exam manual to instruct its examiners to apply the “unfairness” standard under the Consumer Financial Protection Act to conduct considered to be discriminatory, whether or not it is covered by federal laws that expressly prohibit discrimination. … Continue Reading Continue Reading…
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in the Fifth Circuit. Plaintiffs, who noticed their interlocutory appeal of the federal district court’s “effective denial” of their motion for a preliminary injunction on Tuesday, asked the appeals court to allow the appeal to continue even though the district court has scheduled an April 2, 2024 hearing on their motion for a preliminary injunction.… Continue Reading Continue Reading…
Consumer Financial Protection Bureau (“CFPB”) Director Rohit Chopra shared his insights at Consumer Bankers Association Live industry conference in Washington D.C. Reuters reported that Chopra told sideline reporters, “We are going to be looking into the credit card rewards market due to an increase in consumer complaints. What the marketing gurus and consultants are telling credit card issuers is that they should focus consumers’ attention on splashy rewards, but then withhold information from them when they’re paying lots of interest and could switch to a lower-rate card, even within the same bank.”… Continue Reading Continue Reading…
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that complies with the statute [Tex. Civil Practice and Remedies Code Section 16.038] resets limitations even if it is combined with a notice of reacceleration.” Moore v. Wells Fargo Bank, N.A., No. 23-0525, 2024 Tex. LEXIS 156, at *2 (Feb. 23, 2024). More › Tags: Compliance, Corporate Compliance, Mortgage, Mortgage Acceleration, Mortgage Debt, Mortgage Foreclosure, Mortgage Loan Acceleration, Mortgage Loans, Mortgage Servicers, Mortgage Servicing, Regulatory Compliance, Reverse Mortgage, Statute of Limitations, Texas
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More › Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Financial Regulatory
On January 18, 2024, the United States Supreme Court heard oral arguments in two cases challenging the Chevron doctrine of statutory interpretation, Loper Bright Enterprises, et al., v. Gina Raimondo, Secretary of Commerce (Loper-Bright) and Relentless, Inc. v. Department of Commerce (Relentless). Under the Chevron doctrine, courts are supposed to grant deference to an agency's reasonable interpretation of an ambiguous statute. More › Tags: Financial Regulatory, Regulation, Regulatory, Statutory Interpretation
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More › Tags: Department of Education, Education, Education Debt, Financial Registration, Louisiana, Private Colleges and Universities, Private Student Loans, Student Loans
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