Consumer Credit and Privacy Compliance
Online research tools to manage compliance with federal and state laws and regulations
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Last Week, This Morning
Key developments from the past week in consumer and commercial finance and privacy law.
CFPB Releases HMDA Report for 2023
FTC Limits Scope of Final "Junk Fees Rule" to Tickets and Lodging
CFPB Reports on Illegal Student Lending, Refinancing, Servicing, and Collection Practices
CFPB Announces Actions Involving Credit Cards
New York Requires DFS to Develop Pamphlet to Be Given to Mortgage Applicants
CFPB Obtains Settlement with Student Loan Debt Collector for Allegedly Delaying Default Rehabilitation Process to Acquire Collection Costs
CFPB Issues Advance Notice of Proposed Rulemaking on Coerced Debt
CFPB Adopts Overdraft Fee Rule Applicable to Large Financial Institutions
Justice Department and CFPB Send Letter to Financial Services Providers Regarding SCRA's Interest Rate Protections Available to Servicemembers
Foreclosure Moratoriums Extended for Properties Impacted by Hurricanes Helene and Milton
CFPB Proposes Rule Clarifying Applicability of FCRA to Data Brokers
Agencies Issue Joint Statement on Elder Financial Exploitation
FHA Revises Requirements for Mortgagees' Reporting of Cyber Incidents to HUD
FHA Issues Guidance for Implementing HUD's Final Rule Requiring Mortgagees to Conduct Meetings with Borrowers in Default
New York Prohibits Imposition of Certain Fees at Expiration of Motor Vehicle Lease Term
New York Amends Telemarketing Laws
Hudson Cook Insights
Today's Trends in Credit Regulation
Federal Trade Commission Sues Business Financing Company for Allegedly Misleading Consumers
By Eric D. Mulligan
On November 4, 2024, the Federal Trade Commission sued Seek Capital, LLC, and Roy Ferman, Seek's founder and CEO, for allegedly violating several federal laws, including Section 5 of the Federal Trade Commission Act ("FTC Act"), the Telemarketing and Consumer Fraud and Abuse Prevention Act, the Telemarketing Sales Rule ("TSR"), and the Consumer Review Fairness Act of 2016 ("CRFA"). article continued
Court Allows Claim that Purchase of Ancillary Product Was Condition of Credit to Proceed, Based on Alleged Verbal Representation
By Latif Zaman
The advertising, sale, and financing of products ancillary to a credit transaction have been areas of regulatory scrutiny for years. Likewise, the always crucial question of what constitutes a cost of credit to be included in the finance charge has only grown in importance. A recent case before a federal district court touched on both topics. article continued
To Be or Not To Be: Challenge to the FTC's CARS Rule Is Ripe for the Fifth Circuit to Decide
By Julia K. Whitelock
On October 9, 2024, the U.S. Court of Appeals for the Fifth Circuit heard oral arguments on the challenge by the National Automobile Dealers Association and the Texas Automobile Dealers Association ("Petitioners") to the Federal Trade Commission's Combating Auto Retail Scams Trade Regulation Rule. article continued