Newsletters

04.10.19

California’s DBO: New Leader, New Enforcement, New Bureau?

The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm.


04.10.19

New Bill, Supreme Court Case Challenges Administrative Deference

In the latest attack on administrative deference, Sen. Ben Sasse (R-Neb.) opted for a frontal challenge to Chevron deference by introducing the Separation of Powers Restoration Act.


04.10.19

New Jersey Outlaws Bans on Cash

New Jersey has officially banned cashless establishments, prohibiting merchants from requiring customers to pay by card or refusing to accept cash.


04.10.19

CFPB News: Advisory Committee Changes, Constitutionality Hearing

What’s new at the Consumer Financial Protection Bureau (CFPB or Bureau)?


03.27.19

FTC Proposes Changes for Safeguards, Privacy Rule

In a major development for nonbank providers of financial products and services, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking that would amend its Safeguards Rule and its Privacy Rule, each promulgated under the Gramm-Leach-Bliley Act (GLBA).


03.27.19

Third Circuit Snares Passive Debt Buyers in FDCPA

Passive debt buyers are debt collectors under the Fair Debt Collection Practices Act (FDCPA) if their “principal purpose” is buying debt, even if they outsource collections, the U.S. Court of Appeals for the Third Circuit has ruled, broadening liability under the statute.


03.27.19

Consumer Finance: Kraninger Testifies, CFPB Reports, DOJ Enforces SCRA

Making headlines in consumer finance news, Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathy Kraninger paid Congress another visit, while the CFPB published its latest Supervisory Highlights, a first-time homebuying servicemembers report and an advanced notice of proposed ...


03.27.19

Madden Litigation Sputters Out With Settlement

After eight years of litigation—and a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a chilling effect for lenders—the parties in Madden v. Midland Funding have reached a deal that would bring the case to a close.


03.20.19

Supremes Resolve Circuit Split Under FDCPA Impacting Law Firms

In a key decision resolving a split among appeals courts, the Supreme Court unanimously ruled today, in Obduskey v. McCarthy & Holthus LLP, that law firms that carry out nonjudicial foreclosures are not considered debt collectors under the Fair Debt Collection Practices Act.


03.13.19

Deal Final in FTC’s Action Against Online Lender

The Federal Trade Commission (FTC) has finalized its deal with SoFi, an online lender that the agency had accused of making false statements about student loan refinancing.