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A Brief History of the Consumer Financial Protection Bureau Payday Lending Rule
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By: Alexander N. Ghantous Between 2013 and 2016, the Consumer Financial Protection Bureau (CFPB) issued no fewer than six white papers or reports relating to payday loan protections.[1] On the date of the last report, June 2, 2016, the CFPB issued a proposed rule[2], and on October 5, 2017, a... Continue reading
Posted 8 hours ago at Consumer Law Round-Up
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HUD’s FHA Lender Annual Certification Statements May Significantly Reduce FHA Lender Risk of False Claims Act Liability
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By: Damon Y. Smith September 13, 2019 is the deadline for comments on HUD’s proposed changes to FHA Lender Annual Certification Statements. The most significant changes include elimination of, inter alia: Broad certification language stating that the operations of the lender conformed to all HUD regulations and requirements; Acknowledgements that... Continue reading
Posted 6 days ago at Consumer Law Round-Up
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DC Court Again Dismisses Challenge to OCC’s FinTech Charter, Splitting with SDNY
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By: William S. C. Goldstein On September 3, 2019, a federal district court in the District of Columbia dismissed, for the second time, a lawsuit brought by the Conference of State Bank Supervisors (CSBS) seeking to block the Office of the Comptroller of the Currency (OCC) from issuing national bank... Continue reading
Posted 7 days ago at Consumer Law Round-Up
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Eleventh Circuit Rules: Receiving Text Message Was Not Injury Under the TCPA
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By: Olivia Hoffman The Eleventh Circuit recently decided a case that raised the bar for pleading injury under the Telephone Consumer Privacy Act (TCPA), 47 U.S.C. § 227, noting its disagreement with an earlier decision from the Ninth Circuit on the same issue and creating a possible roadblock for future... Continue reading
Posted Sep 6, 2019 at Consumer Law Round-Up
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Regulators Continue to Focus on the Use of Alternative Data
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Earlier this month, the CFPB posted a widely reported-on blog entry on the benefits of using alternative data in lending decisions. The CFPB blog post provided an update to the public on the agency’s first and only no-action letter, issued to Upstart Network, Inc. in 2017. Continue reading
Posted Aug 19, 2019 at Consumer Law Round-Up
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5 Best Practices to Avoid TCPA Wrong-Number Claims
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In an article published by Law360, Jenner & Block Partner Amy M. Gallegos provides five best practices to help businesses minimize Telephone Consumer Protection Act (TCPA) wrong-number claims in the wake of Wells Fargo’s recent $17.85 million TCPA settlement. Penalties against companies that make wrong-number calls can be substantial, and... Continue reading
Posted Aug 15, 2019 at Consumer Law Round-Up
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Second Circuit Asks: Will New York Recognize Cross-Jurisdictional Class Action Tolling?
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By: Gabriel K. Gillett and Katherine Rosoff On August 7, 2019 the Second Circuit certified two questions to the New York Court of Appeals with broad implications for multi-jurisdictional class actions. First, “whether New York recognizes ‘cross-jurisdictional class action tolling,’ i.e., tolling of a New York statute of limitations by... Continue reading
Posted Aug 14, 2019 at Consumer Law Round-Up
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New York SHIELD Act Expands Data Security and Breach Notification Requirements
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By: Kara K. Trowell On July 25, 2019, New York enacted the Stop Hacks and Improve Electronic Data Security Act (SHIELD Act), which significantly amended the state’s data breach notification law to impose additional data security and data breach notification requirements on covered entities. Expanded Definitions. Under the new law,... Continue reading
Posted Aug 7, 2019 at Consumer Law Round-Up
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Second Circuit Creates Split on Investment Company Act Private Right of Action
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By: Gabriel K. Gillett and Howard S. Suskin In a decision issued on August 5, 2019, the US Court of Appeals for the Second Circuit created a split with other courts, including the Third Circuit, on the issue of whether there is a private right of action for rescission under... Continue reading
Posted Aug 6, 2019 at Consumer Law Round-Up
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FinCen Issues Report on Business Email Scams
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By: David P. Saunders At the risk of stating the obvious, everyone uses email. It has become a central component of both our daily lives and, of course our businesses. As we transform into a fully digital, corporate world, there are those who have sought to exploit the growing reliance... Continue reading
Posted Aug 5, 2019 at Consumer Law Round-Up
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Crypto Corner – Updates on Cryptocurrency
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By: Michael W. Ross In the first half of 2019, the “crypto-winter” that had set in during 2018 appeared to see signs of a thaw, albeit with new regulatory developments and controversy continuing to characterize the space. On the regulatory front, the Securities and Exchange Commission (SEC) issued more detailed... Continue reading
Posted Jul 30, 2019 at Consumer Law Round-Up
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Facebook’s Libra Prompts Federal Draft Legislation
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By: Jeffrey A. Atteberry In June, Facebook publicly launched an initiative to develop a cryptocurrency called Libra in partnership with 27 other technology and finance companies including Visa, PayPal and Uber. According to Facebook, consumers will be able to buy Libra anonymously and then use the currency to buy things... Continue reading
Posted Jul 29, 2019 at Consumer Law Round-Up
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The Consumer Finance Observer
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Jenner & Block has recently launched The Consumer Finance Observer or CFO, a newsletter providing analysis of key consumer finance issues and updates on important developments to watch. In this issue, consumer finance lawyers David Bitkower, Kali Bracey, Jeremy M. Creelan, Joseph L. Noga, Michael W. Ross and Damon Y.... Continue reading
Posted Jul 26, 2019 at Consumer Law Round-Up
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Eighth Circuit Reminds: The First Principle of Arbitration Is Get Consent
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By: Gabriel K. Gillett In recent years, the Supreme Court has issued many decisions about arbitration, including the enforceability of arbitration agreements and employment agreements that bar classwide arbitration. Last week, the Eighth Circuit issued a decision in a case involving those issues, holding that an employment agreement’s arbitration clause... Continue reading
Posted Jul 22, 2019 at Consumer Law Round-Up
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British Airways: To Fly. To [be] Serve[d with a huge fine]
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By: Kelly Hagedorn and Oliver J. Thomson The UK Information Commissioner’s Office (ICO) on 8 July 2019 issued a notice of its intention to fine British Airways £183.39 million for infringements of the General Data Protection Regulation (GDPR). Such a fine, if levied, would represent around 1.5% of British Airways’... Continue reading
Posted Jul 10, 2019 at Consumer Law Round-Up
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What Securities Pros Need to Know About SEC Data Analytics
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In an article published by Law360, Partner Charles D. Riely and Associate Danielle Muniz explore the publicly available information about the US Securities and Exchange Commission’s use of data analytics to detect and pursue violators. The authors discuss why understanding the SEC’s data analytics concepts is important for lawyers and... Continue reading
Posted Jun 19, 2019 at Consumer Law Round-Up
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SDNY Decision Blocks National Bank Charters for FinTech
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By William S. C. Goldstein Earlier this month, a federal district court in New York handed a win to the New York State Department of Financial Services (DFS) in its long-running, closely watched suit seeking to block the Office of the Comptroller of the Currency (OCC) from issuing national bank... Continue reading
Posted May 20, 2019 at Consumer Law Round-Up
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The CFPB Rolls Out New Regulations for Debt Collection
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By Amy Egerton-Wiley Debt collectors have for years sought guidance on how and when digital messages could be sent to contact consumers. On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced a notice of proposed debt collection regulations that would provide that guidance. The new regulations would expand the potential... Continue reading
Posted May 10, 2019 at Consumer Law Round-Up
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US Supreme Court Holds that Classwide Arbitration is Unavailable Unless the Parties Clearly Agree to It
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By: Michael T. Brody, Gabriel K. Gillett, Howard S. Suskin and Adam G. Unikowsky On April 24, 2019, the US Supreme Court issued its decision in Lamps Plus, Inc. v. Varela, No. 17-988, holding that classwide arbitration is not available unless clearly authorized by the parties.[1] In a 5-4 decision... Continue reading
Posted May 9, 2019 at Consumer Law Round-Up
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The Consumer Welfare Standard on Shaky Ground?
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By: Lee K. Van Voorhis and Eugene Lim For the past forty years, the consumer welfare standard (CWS) was the consensus economic model that antitrust enforcement agencies used to determine whether a company’s behavior necessitates antitrust action. The CWS became mainstream after former DC Circuit Justice Robert Bork published his... Continue reading
Posted May 8, 2019 at Consumer Law Round-Up
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No Circuit Split Yet on Constitutionality of CFPB
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By Jessica Ring Amunson In a highly anticipated decision, the Ninth Circuit recently held that the target of a civil investigative demand from the Consumer Financial Protection Bureau (CFPB) could not avoid responding to the demand on the grounds that the CFPB itself is unconstitutional. The Ninth Circuit thus joined... Continue reading
Posted May 7, 2019 at Consumer Law Round-Up
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New Indictment a Reminder of CPSC’s Enforcement Capabilities
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On March 29, 2019, the Department of Justice announced that it had indicted for the first time two corporate executives for failing to furnish information under the Consumer Product Safety Act (CPSA). The government alleged that the two individuals – executives of companies that imported, distributed and sold dehumidifiers –... Continue reading
Posted May 2, 2019 at Consumer Law Round-Up
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HUD Brings Housing Discrimination Charge Against Facebook
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By Emily A. Bruemmer On March 28, 2019, the US Department of Housing and Urban Development (HUD) filed a Charge of Discrimination against Facebook, alleging that Facebook violated the Fair Housing Act “by encouraging, enabling, and causing housing discrimination through the company’s advertising platform.” This is an administrative action filed... Continue reading
Posted Apr 29, 2019 at Consumer Law Round-Up
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Facebook Announces Potential $5 Billion FTC Fine
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By Emily A. Bruemmer On April 24, 2019, Facebook announced in its Q1 earnings release that it had set aside $3 billion and estimates that it may pay up to $5 billion in a fine related to the FTC’s ongoing inquiry into its “platform and user data practices.” Facebook entered... Continue reading
Posted Apr 26, 2019 at Consumer Law Round-Up
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Online Lender Agrees to Pay $3.85 Million to the FTC
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By Corinne M. Smith On April 15, 2019, the FTC Bureau of Consumer Protection announced a settlement with online personal-loan lender Avant LLC for $3.85 million. The FTC had accused Avant of engaging in a pattern of deceptive and unfair conduct regarding consumers’ payments and payment information, including falsely advertising... Continue reading
Posted Apr 22, 2019 at Consumer Law Round-Up
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