Legal News

Kate Berry, July 24, 2022 TransUnion, one of the three large credit bureaus, never wanted to be in litigation with its regulator the Consumer Financial Protection Bureau. But the Chicago-based credit reporting agency is fighting back in court after the…

Source: site The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. The DFS indicates that, through the supervisory process, it has identified…

Source: site On July 7, 2022, the Consumer Financial Protection Bureau issued an advisory opinion interpreting the “permissible purpose” provisions of the Fair Credit Reporting Act (FCRA). The advisory opinion states that consumer reporting agencies (CRAs) may not share consumer reports unless they…

Source: site The Consumer Financial Protection Bureau (CFPB) has issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act (FCRA). The CFPB’s new ruling clarifies that reporting…

Source: site The U.S. Court of Appeals for the Eleventh Circuit recently held that periodic statements required by the federal Truth in Lending Act may violate the federal Fair Debt Collection Practices Act if they are not truthful and fair. A…

Source: site On June 24, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations implementing certain provisions of the California Consumer Financial Protection Law (CFPL) related to commercial financial products and services. Written comments on the proposed regulations are…

Source: site The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed…

Source: site In the first quarter of 2022, Florida ranked almost exactly in the middle of the pack in three key categories of the national homeowner economy: delinquent mortgages, total non-current mortgages, and foreclosure rates, according to a report issued by…

Source: site In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq.  The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in connection with…

Source: site The U.S. Court of Appeals for the Eleventh Circuit decided a case last week in which it held that monthly mortgage statements required under TILA may (but do not necessarily) constitute communications in connection with the collection of a debt and therefore may be…