A copy of the FCC's Release can be found here: FCC TCPA News Release. A transcript of the proceedings and the panel's statements can be found here: FCC TCPA Transcript 6.18.15 Read More
The CFPB issued its Final Rule today to supervise larger participant nonbank automotive finance companies, which is largely unchanged from their September 2014 proposal. The Final Rule retains the 10,000 transaction threshold, meaning that nonbank auto finance companies that make, acquire, or refinance 10,000 or more loans or leases in a year will come under CFPB supervision and enforcement and… Read More
The staff of the Federal Trade Commission has provided its 2014 Annual Financial Acts Enforcement Report to the CFPB on enforcement and related activities regarding Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act). The report on TILA, CLA and EFTA addresses, among other things, the FTC’s enforcement actions related to… Read More
The Consumer Financial Protection Bureau (CFPB) released its larger participant rule for nonbank vehicle finance companies yesterday before a scheduled field hearing in Indianapolis. See CFPB Larger Participant Supervisor Highlights; CFPB Larger Participante Proposed Rule; and CFPB Larger Participant Rule Proxy Information. The CFPB defines “larger participants” as companies making, acquiring, or refinancing 10,000 or more loans or leases in a… Read More
In NLRB v. Canning, the U.S. Supreme Court struck down three of President Obama’s recess appointments to the National Labor Relations Board (NLRB) in a unanimous 9-0 decision. Why does that matter here? In the same set of appointments, President Obama appointed Richard Cordray to be the Director of the Consumer Financial Protection Bureau. Read More
On Thursday the FCC entered rulings on the petitions filed by GroupMe, Inc.: http://transition.fcc.gov/Daily_Releases/Daily_Business/2014/db0327/FCC-14-33A1.pdf and the Cargo Airline Association: http://transition.fcc.gov/Daily_Releases/Daily_Business/2014/db0327/FCC-14-32A1.pdf The FCC's ruling on the petition of Group Me, Inc. for an expedited declaratory ruling and clarification on the issue of whether it could rely on its members to provide consent for "called parties" that would receive text messages as… Read More
In a Bulletin and Report, the CFPB warned furnishers of consumer data information to consumer reporting agencies that they must comply with FCRA's re-investigation requirements. And, in a shot across the bow, the CFPB stated that merely deleting a trade-line does not by itself comply with FCRA's reinvestigation requirements. The CFPB warned: A furnisher should not assume that it ceases to… Read More
ACA’s petition was filed on January 31, but was accepted for filing by the FCC on February 11. ACA’s petition is broad-based, asks the FCC to accomplish the following objectives: • Confirm that not all predictive dialers are categorically automatic telephone dialing systems. •Confirm that “capacity” under the TCPA means present ability. •Clarify that prior express consent attaches to the… Read More
Watch the CFPB conference on auto finance here: http://www.consumerfinance.gov/blog/live-from-the-cfpb/ "It makes no difference if the lender intended to discriminate: the outcome and the result is the same". Richard Cordray, 11.14.13 Cordray says that the CFPB does not have jurisdiction over auto dealers, but it does have jurisdiction over auto lenders. Cordray says that the lender's allowing the dealer discretion to… Read More
"The way in which proposed rules might define “collectors” would be critical to determining the scope of the proposed rules. The Bureau is especially interested in information bearing on whether a rule under the Dodd-Frank Act would be useful to protect consumers from the conduct of creditors collecting in their own names on debts arising out of consumer credit transactions." … Read More
CFPB Director Cordray responded yesterday to the Senate's request for information on the Bureau's methodology for determining discrimination in auto lending. Cordray's 11.4.2013 Letter The CFPB's methodology uses surname and geographical approaches, and "makes case-by-case assessments of whether to pursue supervisory or enforcement activity in response to statistically significant disparities”. Read More
A Glendale, California-based debt collector will pay $1 million to settle FTC charges that the defendants violated federal law. This is the first FTC action against a debt collector who used text messaging to attempt to collect debts in an unlawful manner. The message here, according to the FTC, is that a text message is debt collection "communication" under the FDCPA that must include… Read More
Today, the CFPB issued a bulletin stating its intention to monitor complaints lodged against furnishers of credit information to consumer reporting agencies. (here) The CFPB explained how it expects furnishers to comply with FCRA: In general, with respect to disputes received by furnishers from CRAs, the CFPB expects each furnisher to comply with the FCRA by: (1) Maintaining a system… Read More
The CFPB published two bulletins today purporting to hold all entities under its jurisdiction accountable for unlawful debt collection practices. The first bulletin, here, proclaims that “It doesn’t matter who is collecting the debt — unfair, deceptive, or abusive practices are illegal", and emphasizes that both third-party collectors and creditors are responsible. The CFPB will be examining (1) Collecting additional amounts, such as interest,… Read More
The FTC's Weblog post is http://www.business.ftc.gov/blog/2013/06/fcras-furnisher-rule-its-all-about-accuracy-and-integrity The FTC's publication, "Consumer Reports: What Information Furnishers Need to Know" is at http://business.ftc.gov/documents/consumer-reports-what-information-furnishers-need-know Read More
The CFPB's Annual Report on the FDCPA is here and the compliance bulletin titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act,” which provides guidance regarding their concerns with fair lending and dealer participation under the disparate impact theory, is here. Read More
GroupMe and the Cargo Airline Association have filed Petitions to the FCC, asking the FCC to re-visit its definition of autodialer and whether consent can be given by someone other than the called party. See the GroupMe Notice of Req for Comment by FCC, US Chamber of Commerce's Comments to the Petition, and a Notice of Ex Parte Meeting with FCC filed by… Read More
In Swope v. Credit Management, LP, 2013 WL 607830 (E.D.Mo. 2013), Judge Perry followed Soppett, holding that an unanticipated receiver of autodialed calls to a cellular telephone had standing to pursue a TCPA claim. The facts were as follows: According to the complaint, defendant obtained an account receivable by Charter Communications and began making phone calls to collect the debt.… Read More
In Canning v. NLRB, here, the U.S. Court of Appeals for the D.C. Circuit held that President Obama did not have the power to make three recess appointments last year to the National Labor Relations Board because the Senate was officially in session — and not in recess — at the time. The decision could invalidate many decisions made by the NLRB. … Read More
[liveblog]Presentation on Indirect Auto Finance, Discretionary Pricing, by Richard Hackett, Installment and Liquidity Lending Markets - Consumer Financial Protection Bureau; John C. Redding, BuckleySandler . Read More
