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


Consumer Financial Protection Bureau (CFPB)

CFPB and FTC File Amicus Brief Urging Second Circuit to Find FCRA Requires Unverified Information to be Deleted from Consumer Report

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data Ecosystem

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s Section 1071 Final Rule

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages

CFPB Will Seek Public Input on Proposed Rule on Mandatory Pre-Dispute Arbitration Provisions

Kentucky Federal Court Grants Preliminary Injunction Enjoining CFPB’s Enforcement of its Section 1071 Rule Until After U.S. Supreme Court Decision

CFPB Continues to Focus on Tuition Payment Plans Offered by Colleges and Universities in Latest Report

CFPB Report Focuses on Big Tech’s Impact on “Tap-to-Pay”

CFPB Issues Consent Order Banning Nonbank Consumer Finance Company from Offering Consumer Leases

As Predicted, Texas Federal Court Holds CFPB Overstepped Its Authority With UDAAP Exam Manual Amendment

Several Trade Associations Join Calls to CFPB to Stay Implementation of its Section 1071 Final Rule

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


Telephone Consumer Protection Act (TCPA)

Pennsylvania Federal Court Declines to Dismiss Case Involving Political Message Allowing TCPA Claim Based on Prerecorded Message to Proceed, While Granting Dismissal of ATDS Claim

Professional Plaintiff’s TCPA Default Judgment of $828k Upheld

Wisconsin Federal Court Finds that DNC Provision Extends to Text Messages


Litigation

August Consumer Litigation Filings: Everything Up Again


Debt Collection

California Court of Appeals Finds Solar Energy Agreement Provides Basis for Rosenthal Fair Debt Collection Practices Claim by Non-Party to Agreement

Michigan Federal Court Grants Summary Judgment to Creditor on Standing Grounds in Case Alleging FDCPA Violation for Failure to Remove Dispute Notification

Parking Company Ordered to Pay $106,000 in Fines for Alleged Violations of the Colorado Fair Debt Collection Practices Act

Seventh Circuit Affirms Dismissal of FDCPA Claim for Lack of Standing, Holding Hiring a Lawyer and Confusion is Not Enough

New Jersey Federal Court Dismisses FDCPA Claim Based on Alleged Failure to Obtain Proper License for Lack of Standing

Washington Federal Court Holds “Vague” and “Conclusory” References to “Reasonable Procedures” Not Enough to Establish FDCPA’s Bona Fide Error Defense

California AG Submits Response to Federal Agencies’ Request for Information on Medical Payment Products

New Jersey Federal Court Holds Bank Levy Provides Basis for Standing in FDCPA Case


Fair Credit Reporting Act (FCRA)

FCRA Claim for “Misleading” Double-Reporting of Debt by Original Creditor and Collection Agency Survives Motion to Dismiss


Cryptocurrency

The SEC, Grayscale, and the Race for a Spot-Bitcoin ETF: An Inside Look at the APA’s “Arbitrary and Capricious” Standard


Banking

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


Payday Lending

Connecticut Department of Banking Issues Guidance Expanding Small Loan Act to Cover Earned Wage Access Products


Credit Unions

National Credit Union Trade Associations Announce Intent to Merge


Podcasts

Federal Banking Interagency Final Guidance on Third-Party Relationships

Our State and Federal Legislative and Regulatory Tracking Products

Analyzing the Treasury’s Illicit Finance Risk Assessment of Decentralized Finance

CFPB’s Rulemaking Under the FCRA (Part 3)

CFPB’s Rulemaking Under the FCRA (Part 2)

CFPB’s Rulemaking Under the FCRA (Part 1)

ACH Risk for Payment Processors and ODFIs

Evaluating Government Sanctions in the Payments Industry