Articles + Publications September 5, 2023

In Case You Missed It: Consumer Financial Services Law Monitor – August 2023 in Review

Our team has published new content and podcasts to the Consumer Financial Services Law Monitor throughout the month of August. To catch up on posts you may have missed, click on the titles below:

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

New York Federal Court Sides with CFPB, Denies Debt Holders’ Motions to Dismiss Case Alleging Violations of the FDCPA and CFPA

Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

Banks From Coast to Coast Urge CFPB to Stay Implementation of its Section 1071 Final Rule

Credit Union Trade Associations Urge CFPB to Stay Implementation of its Section 1071 Final Rule

Trade Associations for Community Banks and Texas First Bank Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

CREDIT REPORTING + DATA BROKERS

Homeowner Files Cert Petition Over Whether an HOA Assessment Qualifies as a “Credit Transaction” Under the FCRA

Impending FCRA Data Broker Rulemaking Announced by CFPB Director Chopra at White House Data Broker Roundtable

Kentucky Federal Court Holds Furnishing Data to Consumer Reporting Agency Does Not Subject Furnisher to Personal Jurisdiction in Consumer’s Home State

TCPA

Ninth Circuit Affirms Dismissal of TCPA Case Involving Text Messages Holding “Prerecorded Voice Messages” Require Audible Component

Colorado Federal Court Declines to Dismiss TCPA Claim: Finds ATDS Plausibly Alleged Based on Reasoning in Facebook’s Footnote 7

California Federal Court Denied Class Certification in TCPA Case Where Plaintiff Arguably Requested Calls

Eleventh Circuit Reverses Course and Holds a Single Text Message Constitutes TCPA Standing

DEBT COLLECTION

New York District Court Approves Class Action in FDCPA Case Alleging Improper Debt Assignment Notification

Tenth Circuit Affirms Summary Judgment in Favor of Defendant in FDCPA Case on the Basis of Claim Preclusion

AUTO FINANCE

July Consumer Litigation Filings: Mixed Bag

New York Federal Court Stays CFPB’s Lawsuit Against Indirect Auto Finance Company Pending U.S. Supreme Court Decision in CFPB Funding Case

Federal Reserve’s July Senior Loan Officer Opinion Survey Shows Tightened Auto Loan Standards and Weakened Demand Amid Uncertain Economic Outlook

CRYPTO

Conflicting Opinions: District Court Concludes EFTA and Regulation E Do Not Apply to Digital Asset Accounts Established for “Investment Purposes”

SEC Requests Leave to Appeal in Ripple Labs

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

REGULATORY ENFORCEMENT + COMPLIANCE

DOJ Reaches $1.15 Million Redlining Settlement With American Bank of Oklahoma

California DFPI Requires Annual Reporting and Expands UDAAP to Commercial Financing

New Jersey Enacts Law Capping Surcharges for Credit Card Transactions

Seven State AGs Announce Settlement With Robocallers

Minnesota AG Investigating Allina Health as Part of its Renewed Medical Billing Initiative

Maryland Issues Guidance on Earned Wage Access Products

Rhode Island AG Settles with Dealerships over Allegedly Charging Fees Not Included in Advertised Prices

Case Update: Tenth Circuit Denies Petitions for Rehearing in Decision Requiring Substantial Changes to Health Plan Denial Letters

PODCASTS

Updates on the CFPB’s Section 1071 Final Rule

Current Landscape of Cryptocurrency Regulation and Enforcement

Turning up the Heat – A Look at the FTC’s Groundbreaking Fine Against Bankrupt Digital Asset Services Provider Celsius Network LLC

FedNow Is Here!

How to Combat Corporate Theft: Office Space – Crossover Episode With the Hiring to Firing Podcast

Crypto As “Funds” Under the EFTA – How a Court’s Recent Ruling May Impact Virtual Currency Platform Operators

Analyzing the Credit Card Competition Act of 2023

CFPB Advisory Opinion on Time-Barred Debt Collection

This just in

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