Banking Groups’ Case Against CFPB Credit Card Fee Rule Moved to D.C. Circuit

A banking industry case challenging the Consumer Financial Protection Bureau’s credit card late fee rule will be heard in the D.C. Circuit Court following a request to move the case by the bureau.

Prepared Remarks of CFPB Director Rohit Chopra at the White House on Data Protection and National Security

The Consumer Financial Protection Bureau is the primary regulator charged with enforcing and updating rules under the Fair Credit Reporting Act, one of the only cross-sectoral data protection laws in the United States. This law protects the public when it comes to third party aggregations of personal data.

THIRD CIRCUIT HOLDS SECURITIZATION TRUSTS CAN BE SUBJECT TO CFPB ENFORCEMENT AUTHORITY

In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have wide-reaching implications for market participants in the consumer financial services industry. In its March 19, 2024 opinion, a three-judge panel held that: (1) the National Collegiate Student Loan Trust entities (“Trusts”) are “covered persons” subject to the CFPB’s enforcement authority under the Dodd-Frank Act because they “engage” in consumer financial products or services—i.e., student loan servicing and debt collection; and (2) the CFPB did not need to ratify the underlying action before the statute of limitations had run despite the constitutional deficiency within the Bureau when the action was initiated.¹

Resolving the Customer’s Financial Situation?

After building a solid rapport with your customer over the phone (see the Building a Relationship Over the Phone? blog if you missed it), it is essential to delve into the matter at hand and offer assistance in tackling their financial hurdles. Understanding the customer’s current situation is paramount. Once you have gained clarity on their circumstances, the next step is to Match their needs with the array of resources and programs at your disposal, designed to aid customers with their accounts.

Missouri and Washington Introduce True Lender Bills

Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions.

AG Henry Announces Six New States Have Joined Lawsuit Against Predatory Lender That Bilked Hundreds Of Millions From Consumers In Hidden Add-On Fees

HARRISBURG — Attorney General Michelle Henry announced that six new states have joined Pennsylvania in its federal lawsuit against Mariner Finance regarding widespread violations of multiple consumer protection laws that cost consumers hundreds of millions of dollars.

FTC Sends Nearly $62 Million in Refunds to Sellers Deceived by Online Real Estate Listing Service Opendoor Labs

The Federal Trade Commission is sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business Opendoor Labs, Inc.

WEBRECON FEB 2024 STATS: MIXED FEB, BUT YTD COMPLAINTS STILL HIGH

In other news, putative class actions represented 4.9% of FDCPA, 66.9%(!) of TCPA and 9.5%(!) of FCRA lawsuits filed last month. TCPA and FCRA class actions are extraordinarily high, historically speaking. About 37% of all plaintiffs who filed suit last month had filed at least once before. And finally, Encino attorney Melkon R. Melkonian gets his first crack at the top spot for representing the most consumers (127) in February and YTD (though it’s by bundling a bunch of plaintiffs into a couple of suits).

Citigroup Urges Dismissal of ‘Misguided’ New York Lawsuit Over Fraud Scams

NEW YORK (Reuters) - Citigroup on Tuesday urged a federal judge to dismiss New York Attorney General Letitia James' lawsuit accusing its Citibank unit of failing to reimburse customers who fall victim to online scammers.

SunWest Credit Union Launches BNPL, First in Colorado

PUEBLO, Colo., April 2, 2024 /PRNewswire/ -- SunWest Credit Union (SunWest), a $206 million asset credit union headquartered in Pueblo, Colorado, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products. 

Attorney General Bonta Supports Protecting Consumers by Closing Overdraft Fee Loophole

OAKLAND — California Attorney General Rob Bonta joined 17 attorneys general in submitting a comment letter supporting the Consumer Financial Protection Bureau’s (CFPB) proposed overdraft fee rule, amending Truth in Lending Act (TILA) regulations. 

Addition Financial Credit Union Named to Newsweek’s America’s Best Credit Unions 2024

LAKE MARY, Fla., April 3, 2024 /PRNewswire/ -- Addition Financial Credit Union announced today that it is recognized as one of America's Best Credit Unions for 2024 by Newsweek and Plant-A Insights Group.

NCUA Opening 2024 CDRLF Grant Round May 1

ALEXANDRIA, Va. (April 3, 2024) – Low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants between May 1 and July 1.

PSCU/Co-op Solutions Launches Program to Facilitate Credit Union-FinTech Collaboration

The new Fintech Engagement Program includes both vetted FinTech companies and credit unions that are looking to address industry pain points, the payments credit union service organization (CUSO) and integrated FinTech solution provider said in a Tuesday (April 2) press release emailed to PYMNTS.

New FTC Data Spotlight offers illuminating insights into impersonation scams

Is the person who contacted your employee really from the IRS or Social Security Administration? And what about those calls and texts to consumers claiming to be from your company? The FTC’s new Trade Regulation Rule on Impersonation of Government and Businesses takes effect today and a just-released Data Spotlight underscores the Rule’s critical importance to consumers and businesses.

Texas District Court Transfers Credit Card Late Fee Rule Lawsuit to D.C.

Last week, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was transferred from the U.S. District Court for the Northern District of Texas to the District Court for the District of Columbia (D.D.C.).

Legislation to Strengthen TCPA Introduced in Senate

The bill appears to focus on telemarketing calls and strengthening protections for consumers in the TCPA and Do-Not-Call Registry. ACA is tracking if the bill will impact calls outside of telemarketing.

Clearview Federal Credit Union Receives Top Workplace USA Recognition

Pittsburgh, PA, April 1, 2024 – Clearview Federal Credit Union is pleased to announce that it has earned the 2024 Top Workplaces USA award, distinguishing it as the sole credit union in Pennsylvania and one of only 53 across the nation to receive this prestigious recognition.

CFPB Seeks Comment on Consumer Complaint Survey Process

The comment request focuses on two new surveys to determine what influences consumers’ decisions to file complaints about financial products and services.

CFPB’s Equal Employment Opportunity (EEO) program status report for fiscal year (FY) 2023

The U.S. Equal Employment Opportunity Commission’s (EEOC) Management Directive 715 (MD-715) requires federal agencies to submit an annual report that evaluates whether agencies are establishing and maintaining effective programs of equal employment opportunity under Section 717 of Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., and Section 501 of the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 791 et seq.

This Financial Literacy Month the focus is on money matters

April is Financial Literacy Month, and a great time to talk about consumer protection information that helps people avoid losing money to scammers. Federal Trade Commission data show people reported losing more than $10 billion to scams in 2023, marking the first time that fraud losses have reached that benchmark.

Impersonation scams: not what they used to be

Scams that impersonate well-known businesses and government agencies are consistently among the top frauds reported to the FTC’s Consumer Sentinel Network.^[1] In 2023, data from the FTC alone show more than 330,000 reports of business impersonation scams and nearly 160,000 reports of government impersonation scams.

AG Nessel Amplifies 5 Consumer Alerts as Debt Awareness Week Ends

LANSING – Michigan Attorney General Dana Nessel is reissuing 5 of her debt-related alerts at the end of this year’s Debt Awareness Week to help educate residents on ways they can take control of their debt. She also wants to make them aware of some of the scams rolled out at this time of year and all year round by bad actors attempting to separate them from their money. 

Credit Card Late Fees Slashed to $8 by Consumer Financial Protection Bureau

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule reducing late fee charges to $8.00 on consumer credit cards.  This final rule applies to credit card issuers with more than 1 million open accounts. 

Post-Purchase Financing Ushers In a New Era of Lending

The cart doesn’t lead the horse, which is why payments innovations tend to check the boxes that end users need most. And sometimes the smallest boxes, or micro moments, can have the biggest impact.

Attorney General Ellison warns Minnesotans to avoid debt collection scams

March 30, 2024 (SAINT PAUL) — Today, Attorney General Keith Ellison issued a warning to Minnesotans about how to avoid phony debt collection scams.

Credit Card Swipe Fees Are Going Down. Are Points Going With Them?

The largest credit card companies in the United States reached an agreement with merchants this past week to reduce the so-called swipe fees retailers pay for accepting credit card payments, potentially saving the retailers $30 billion.

Attorney General James Secures Over $1.9 Million from Nissan Dealers that Cheated New Yorkers

NEW YORK – New York Attorney General Letitia James today announced settlements worth more than $1.9 million with five Nissan car dealerships in New York City and on Long Island for overcharging over a thousand New Yorkers who wanted to purchase their leased vehicles at the end of their lease term. An investigation by the Office of the Attorney General (OAG) found that the dealerships added junk fees or falsified the price of vehicles between 2020 and 2023.

Top Legal Challenges for the Automotive Industry in 2024

With 2024 underway, we highlight some of the most pressing legal issues facing the automotive industry this year, including a surprise Federal Trade Commission (FTC) rule, changes to manufacturer direct-to-consumer sales, and federal pressure on the electric vehicle (EV) industry.

Attorney General Josh Stein Takes Texas Robocaller to Court for Violating Permanent Robocall and Telemarketing Bans

(RALEIGH) Attorney General Josh Stein today led a coalition of eight attorneys general asking the court to take stronger action against John Caldwell Spiller, II after Spiller violated permanent robocall and telemarketing bans.

Effective Compliance Monitoring: Lessons from the Dreaded 25 MPH Flashing Radar Speed Limit Sign

– And, How To Apply It To Monitoring National Repo Forwarders –

We’ve all encountered that dreaded 25 mph flashing speed limit sign, especially in residential areas bustling with activity. It serves as a constant reminder to adhere to the rules of the road, but it also offers valuable insights into effective compliance monitoring tools that extend far beyond traffic regulations. So, what can we learn from these flashing radar speed limit signs when it comes to compliance monitoring? Surprisingly, quite a bit. 

CFPB to Investigate Credit Card Reward Programs Following Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) will reportedly take a closer look at credit card reward programs. This move follows an increase in the number of complaints the agency has received from consumers, CFPB Director Rohit Chopra said Tuesday (March 26), Reuters reported.

NCUA Releases Fiscal Year 2023 OMWI Annual Report to Congress

ALEXANDRIA, Va. (March 28, 2024) – The National Credit Union Administration released its Office of Minority and Women Inclusion (OMWI) Annual Report to Congress on the agency’s diversity, equity, inclusion, and accessibility (DEIA) programs and initiatives for fiscal year 2023. The report also outlines the agency’s efforts in ensuring fair and inclusive business practices and assessing its regulated entities’ diversity policies and practices.

Senate agrees to new protections on debt collection

BOSTON, Mass. (SHNS)–The Senate on Thursday passed a “compromise” version of legislation affecting debt collection practices in Massachusetts, and according to its sponsor, the bill has a shot at final passage thanks to industry representatives collaborating on the rewrite.

FTC Releases 2023 Privacy and Data Security Update

The Federal Trade Commission released its Privacy and Data Security Update for 2023 that highlights the FTC’s work to protect consumer privacy and respond to the evolving ways that companies use consumer data such as in the development of artificial intelligence models and misuse of health data.

CPPC Submits Letter in Support of SB 1061 (Limón) Removing Medical Debt from Credit Reports

SAN DIEGO (March 25, 2024) – The University of San Diego (USD) School of Law Consumer Protection Policy Center (CPPC) at the Centers for Public Interest Law (CPIL) submitted a letter to the Chair of the Senate Committee on Judiciary, Thomas Umberg, in support of SB 1061.

Kinecta Federal Credit Union Voted South Bay’s Best Credit Union According to Easy Reader’s “Best of the Beach” Poll

MANHATTAN BEACH, Calif., March 28, 2024 /PRNewswire/ -- For the fourth year in a row, Kinecta Federal Credit Union was voted Best Credit Union in the South Bay in Easy Reader's 2024 "Best of the Beach" poll. The Easy Reader's annual online poll asks the community to vote for their favorite places to do business, shop and dine in the South Bay and surrounding areas. The "Best of the Beach" designation recognizes Kinecta's commitment to serving the South Bay community.

CFPB Warns Remittance Transfer Providers About Making False Claims

The Consumer Financial Protection Bureau (CFPB) has issued a circular warning remittance transfer providers about making false claims regarding the cost and speed of international money transfers.

Is it a caregiving job or a scam?

As a nanny or caregiver, you know that families and employers trust you to take care of their children or older adults. It’s the same trust that scammers want to build with you when they post ads for fake jobs to steal your money and personal information. So how do you spot the scam?

Building a Relationship Over the Phone?

After countless collection calls and careful observation, I have come to a key realization: forming genuine connections with people you may never meet face-to-face is vital for productive conversations. While some may argue that building relationships over the phone is unrealistic, I beg to differ. Let’s talk about some practical tips to make this happen smoothly during your next collection call. 

Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Collection and Recovery Solutions 2024

CRS2024

Webinar – Bankruptcy Filings: The New Normal or the Calm Before the Storm?

WEBINAR 2:00 pm - NACTT Academy

RMAI 2024 Executive Summit