Revised Trigger Leads Bill Introduced in U.S. House of Representatives
Ballard Spahr | Consumer Finance Monitor
by Richard J. Andreano, Jr.
14h ago
As previously reported, in 2023 bills were introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. While the goals of the bills are the same, the language of the bills differ ..read more
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ABA and State Bankers Associations ask Federal Reserve to withdraw its debit card interchange proposed rule
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson
14h ago
The American Bankers Association (ABA) along with 50 state bankers associations, the DC Bankers Association and Puerto Rico Bankers Association sent a letter (the “ABA Letter”) to the Federal Reserve “in strong opposition to the Federal Reserve’s misguided proposal to reduce the regulated interchange cap under Regulation II, and to ask that the proposal be withdrawn pending a rigorous study of this proposal’s impacts and the cumulative impacts of the tsunami of newly finalized and pending regulations from the banking agencies ..read more
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Plaintiffs file memorandum opposing FDIC’s motion to dismiss challenge to NSF fee guidance
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson
14h ago
On February 14, 2024, the Minnesota Bankers Association and Lake Central Bank (the “Plaintiffs”) filed their memorandum in opposition to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss their challenge to the FDIC’s supervisory guidance on NSF fees. In June 2023, the Plaintiffs filed a complaint seeking declaratory and injunctive relief under the Administrative Procedures Act (APA) against defendants FDIC and Chairman Martin J ..read more
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FTC issues annual ECOA report to CFPB
Ballard Spahr | Consumer Finance Monitor
by John L. Culhane, Jr. and Richard J. Andreano, Jr.
2d ago
The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2023.  The Bureau includes the FTC’s annual letter in its own annual report to Congress on the ECOA ..read more
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New CFPB credit card report finds large bank issuers are charging higher interest rates than smaller issuers
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson, John L. Culhane, Jr., Michael R. Guerrero and Ronald K. Vaske
2d ago
In a new data spotlight issued last week, the Consumer Financial Protection Bureau (“CFPB”) found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued by smaller banks and credit unions. In a press release about the report, CFPB Director Rohit Chopra states that “the CFPB will be accelerating its efforts to ensure that consumers can access better rates that can save families billions of dollars per year ..read more
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Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson and John L. Culhane, Jr.
2d ago
On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to publicize its fraud policies to consumers and clarify whether all participating banks must reimburse eligible victims ..read more
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FCC issues final rule on revocation of consent for robocalls and robotexts 
Ballard Spahr | Consumer Finance Monitor
by Michael R. Guerrero and Daniel JT McKenna
2d ago
The Federal Communications Commission (FCC) has issued a final rule amending its regulations implementing the Telephone Consumer Protection Act (TCPA) to add new provisions addressing how consumers may revoke consent to receive autodialed or prerecorded voice calls or texts and the obligations of callers and texters to honor revocation of consent requests ..read more
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CFPB seeks approval for new auto finance data collection
Ballard Spahr | Consumer Finance Monitor
by Brian Turetsky, Michael R. Guerrero and John L. Culhane, Jr.
2d ago
The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority under the Dodd-Frank Act . In February 2023, the CFPB announced that it had issued market monitoring orders to nine large auto lenders requesting information about their auto lending portfolios.  ..read more
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HUD Issues 2023 Update to Housing Equity Action Plan
Ballard Spahr | Consumer Finance Monitor
by Richard J. Andreano, Jr.
6d ago
The U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan. The Equity Action Plan is part of HUD’s efforts to implement President Biden’s Executive Order on “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government ..read more
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This week’s podcast episode: The CARS Rule: What you need to know about the Federal Trade Commission’s final motor vehicle dealer trade regulation rule, Part I
Ballard Spahr | Consumer Finance Monitor
by Barbara S. Mishkin
1w ago
Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry.  In December 2023, the FTC announced its Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers.  ..read more
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