GLCCA Board Member Spotlight: Rebecca Roberts-Stewart
January 29, 2024
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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. 05/17/2024 2:10 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: Credit Card Contracts, Default Judgment and More appeared first on ACA International.
Here’s what the regulator and members of Congress are saying about the case originating from a challenge to the CFPB’s payday lending rule. 05/17/2024 1:50 P.M. 2.5 minute read Members of Congress and the Consumer Financial Protection Bureau reacted across the board to the highly-anticipated U.S. Supreme Court decision on the bureau’s funding structure in [...] Read More... The post Congress, CFPB Reactions to U.S. Supreme Court’s Decision on CFPB Funding Structure appeared first on ACA International.
Kracl says she is looking forward to the general election in November. 05/17/2024 1:50 P.M. 1 minute read Roxanne Kracl, president of ACA International member company Credit Bureau Service Inc., won the District 15 Nebraska State Senate primary election on May 14, and now has her eye on the upcoming general election in November. “Over [...] Read More... The post ACA Member Roxanne Kracl Wins Nebraska State Senate Primary appeared first on ACA International.
Bank of America report finds that low-income consumers with high credit card debt are more likely to use installment payment services. 05/17/2024 1:45 P.M. 1 minute read A new report from Bank of America found that consumer use of buy now, pay later (BNPL) appears to be slowing. “In March 2024, year-over-year growth in the share of [...] Read More... The post From the Web: ‘Buy Now, Pay Later: Spreading the Pay(n)?’ appeared first on ACA International.
Consumer Accuses Collector of Making False Statement About Duration of Credit Reporting Experts Share Reaction to Supreme Court Ruling in CFPB Case Appeals Court Affirms Ruling in FDCPA Case Over SOL for Filing Suit Credit Card Delinquency, Usage Rates Show More Consumers Are Falling Behind Supreme Court Says CFPB Funding Structure is Constitutional WORTH NOTING:
The total amount owed by consumers nationwide on their credit cards fell in the first quarter of 2024, compared with the fourth quarter of 2023, which may seem like a good thing. But the decrease from the last three months of one year to the first three months of the next is normal — Christmas
The Court of Appeals for the Second Circuit has affirmed the ruling of a lower court granting summary judgment to the defendants in a Fair Debt Collection Practices Act case, ruling the plaintiff’s claims were time-barred because they were made more than one year from the alleged violation, and dismissed the plaintiff’s arguments why the
Yesterday, the Supreme Court ruled that the funding structure for the Consumer Financial Protection Bureau is constitutional. This was a very closely watched case, because had the ruling gone the other way, it could have created chaos and thrown the future of the Bureau into question. AccountsRecovery asked a number of legal experts to share
As we previously reported, here, the Federal Trade Commission (FTC) voted to issue a final rule (the “Rule”) that would prevent most employers from enforcing noncompete agreements against workers, with only limited exceptions for existing noncompetes with senior executives and noncompetes made in connection with the bona fide sale of a business. … Continue Reading Continue Reading…
On May 16, 2024, the U.S. Supreme Court, in a 7-2 decision, ruled that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. That ruling is discussed here. Shortly after the ruling, the CFPB issued a statement about the decision. It stated that “The Supreme Court has rejected [the] radical theory that would have devastated the American financial markets.… Continue Reading Continue Reading…
On May 16, the U.S. District Court for the District of Colorado held a hearing in NAIB, et al v. Weiser, et al. on a motion filed by three financial services industry trade groups to preliminarily enjoin Colorado from enforcing Colo. Rev. Stat. § 5-13-106 (the “Opt-Out Legislation”) to the extent it purports to apply Colorado’s interest rate and fee limitations to loans made by federally insured out-of-state state-chartered banks to Colorado borrowers.… Continue Reading Continue Reading…
The Bipartisan Senate AI Working Group, led by Senate Majority Leader Chuck Schumer (D-NY) released a comprehensive Roadmap for AI policy entitled, “Driving U.S. Innovation in Artificial Intelligence.” The wide-ranging Roadmap is a call to action to Congress, federal agencies, and the private sector to foster advancements in, and address risks posed by, artificial intelligence.… Continue Reading Continue Reading…
The Buy Now Pay Later ("BNPL")[1] legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and, similar to the Governor's bill, proposes that New York be the first state to require BNPL lenders to obtain a state license. More › Tags: BNPL, Licensing, New York, New York Department of Financial Services, New York Legislation, Proposed Legislation
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
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