Payday Lending

Data privacy is an ever-evolving area of concern for any industry that handles personal data, and this is especially important for those industries that handle individual’s financial data. Data privacy experts Ryan Cabrita of The Gulotta Grabiner Law Group and Greg Szewczyk of national law firm Ballard Spahr will discuss some of the big up-and-coming topics. Read on for more details. Read on »

The Mortgage Bankers Association, National Association of Realtors, and the National Association of Home Builders filed an amici brief with the U.S. Supreme Court in Consumer Financial Protection Bureau v. Community Financial Services Association of America which will determine the constitutionality of the Consumer Financial Protection Bureau’s funding structure. Read on for more details. Read on »

Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, and Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, have been joined by 144 current and former members of Congress in filing an amicus brief supporting the Consumer Financial Protection Bureau in the case seeking to determine the constitutionality of its funding structure. Read on for more details. Read on »

The Consumer Financial Protection Bureau filed its brief with the U.S. Supreme Court for its case against Community Financial Services Association of America which questioned whether the bureau’s funding structure – which sees its annual budget provided by the Federal Reserve instead of Congress – is a violation of the appropriations clause. Read on for more details. Read on »

The U.S. Court of Appeals for the Sixth Circuit recently held a plaintiff did have Article III standing to sue for violation of the Fair Debt Collection Practices Act following a single unwanted call from a debt collector. The court referenced the common law claim of “intrusion upon seclusion” as a basis for the decision. Read on for more details. Read on »

The Consumer Financial Protection Bureau (CFPB) filed suit against two individuals for creating and utilizing revocable trusts to hide assets as a means to avoid paying more than $40 million in restitutions and civil money penalties. The restitutions and civil penalties were part of a 2015 order from the CFPB. Read on for more details. Read on »

The Consumer Financial Protection Bureau released a policy statement explaining the legal prohibition on abusive conduct in consumer financial markets in which it also points to over a decade of precedent to support its position. Under the Consumer Financial Protection Act, the bureau has the authority to regulate and prohibit conduct that is considered unfair, deceptive, or abusive. Read on for more details. Read on »

The Second Circuit Court of Appeals found the funding structure of the Consumer Financial Protection Bureau to be constitutional, creating a circuit split between it and the Fifth Circuit, which decided last year that the funding structure was a violation of the appropriations clause. The Supreme Court is already set to hear the Fifth Circuit case next term, but this new decision will provide further constitutional analysis for the justices to consider. Read on for more details. Read on »

The Consumer Financial Protection Bureau released a special edition of its supervisory highlights report which looks specifically at “unlawful junk fees” in different areas of the consumer financial services sector. Specifically, the bureau looks at the role fees place in deposit accounts and multiple loan servicing markets. Read on for more details. Read on »

The House Financial Services Committee passed the Data Privacy Act of 2023 during its first markup of the new congressional term. The legislation, introduced by committee Chair Patrick McHenry (R-N.C.), seeks to modernize financial data privacy laws and provide consumers with greater control over how their personal information is collected and used. Read on for more details. Read on »