GLCCA Board Member Spotlight: Rebecca Roberts-Stewart
January 29, 2024
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CoreLogic Credco was accused of listing consumers as dead on credit reports despite them still being very much alive. The takeaway, especially considering the significant numbers involved, is clear: Data furnishers must make sure that their furnished information is accurate. 04/17/2024 3:00 P.M. 2 minute read A recent case puts data accuracy in the spotlight, [...] Read More... The post CRA to Pay $5.695M in FCRA Class-Action Settlement appeared first on ACA International.
The financial services giant was hit with a proposed class-action lawsuit last month over card fees. Elements of the AmEx case share similarities with the ongoing Visa/Mastercard antitrust settlement, which our Alliance ACA partner can help members navigate. 04/17/2024 2:25 P.M. 2 minute read American Express is part of a proposed class-action lawsuit in Rhode [...] Read More... The post AmEx Swipe Fee Allegations Mirror Visa/MasterCard Case appeared first on ACA International.
The next board meeting will be Sept. 26, 2024, but members of the public can apply at any time. 04/16/2024 2:55 P.M. 1.5 minute read The Washington State Collection Agency Board is currently accepting applications for a general public member to join the board. Members of the public may apply for a board or commission [...] Read More... The post Washington State Collection Agency Board Seeks General Public Member appeared first on ACA International.
A recent Federal Reserve study finds that consumers are increasingly worried about job security, debt and rising inflation. 04/16/2024 12:25 P.M. 1.5 minute read As the economic landscape continues to shift, consumers find themselves at the crossroads of financial uncertainty. The latest insights from the Federal Reserve Bank of New York’s March Survey of Consumer [...] Read More... The post Consumer Debt Worries on the Rise appeared first on ACA International.
Getting to Know Eddie Antoniewicz of Royal Credit Union Judge Dismisses FDCPA Suit Over Collection Disclaimer Pathward Bank to Pay $700k in Fines, Penalties For Seizing Funds Paid to Debt Collectors CFPB Fines Vocational School for Deceiving Students, Hiding Finance Charges WORTH NOTING: What you eat during the day can have an impact on how
The Consumer Financial Protection Bureau yesterday announced an enforcement action against a for-profit vocational school accused of deceiving students about the cost of loans and making false claims about post-graduation hiring rates. The company has been banned from consumer lending and the owner has received a 10-year ban from student lending activities and both must
The Attorney General of New York yesterday announced that a financial institution will pay $700,000 in fines and penalties for illegally freezing customer accounts and sending debt collectors tens of thousands of dollars that should have been protected or exempt from garnishment. The Who: Pathward Bank, formerly known as MetaBank, is a federally chartered financial
A District Court judge in New York has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling that the communication alleged to have violated the statute does not meet the threshold for being a communication in connection with the collection of a debt. The Background: The plaintiff sent an email
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their lawsuit challenging the CFPB’s final credit card late fee rule (Rule). Last Friday, pursuant to a directive issued by the Clerk of the Fifth Circuit, the trade group plaintiffs and the CFPB filed letter briefs with the Fifth Circuit regarding whether an ownership interest in a nonparty large credit card issuer would be substantially affected by the outcome of the case. … Continue Reading Continue Reading…
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024. Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act.… Continue Reading Continue Reading…
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The termination occurred after the Texas court entered an order reopening the case and providing notice to D.D.C.… Continue Reading Continue Reading…
The FTC recently issued a report to Congress on its collaboration with state attorneys general. Titled “Working Together to Protect Consumers: A Study and Recommendations on FTC Collaboration with the State Attorneys General,” the report was issued pursuant to the FTC Collaboration Act of 2021. The Collaboration Act required the FTC to conduct a study “on facilitating and refining existing efforts with State Attorneys General to prevent, publicize, and penalize frauds and scams being perpetrated on individuals in the United States” and directed the FTC to report the results of the study to Congress together with recommendations for enhancing collaboration between the FTC and state AGs.… 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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