The Consumer Financial Protection Bureau just announced a proposed rule under section 1033 of the Consumer Financial Protection Act of 2010 to address personal financial data rights that would ensure consumers have certain protections and control over their information. Among other things the rule would: Require financial institutions to share data with other entities at […]
In March, as a result of a lawsuit brought by the California Reinvestment Coalition, the CFPB finalized a rule under Section 1071 of the Consumer Financial Protection Act, requiring lenders to collect and report information about small business credit applications. Today, by a vote of 53-44, the Senate voted to invalidate the measure under the […]
The Supreme Court on Friday agreed to hear a case called Cantero v. Bank of America, concerning preemption under the National Bank Act. The petition describes the issue this way: “At least thirteen states have enacted laws requiring mortgage lenders to pay a minimum interest rate on funds held in mortgage escrow accounts. Congress has […]
Here. The discussion draws on Professor Budnitz’s article, New Developments in Payment Systems and Services Affecting Low-Income Consumers: Challenges and Opportunities, Georgetown Journal on Poverty Law and Policy (2023).
Jamie Huber brought a putative class action under the FDCPA, alleging that confusing collection letters she received from Simon’s Agency, Inc. were misleading and deceptive. A district court certified a class, and granted summary judgment in its favor. In so doing, it found that Ms. Huber had standing based on an informational injury, and that […]
New data from the Federal Trade Commission shows that scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method. The FTC says that the most frequently reported scams on social media are related to online shopping, with 44 percent of reports pointing to fraud […]
The Consumer Financial Protection Bureau has announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. See here.
Here. The Steiger Fellowship program is an ABA-funded paid summer internship that places students in AG’s offices around the country to do consumer protection work.
Here, by Investopedia’s Diccon Hyatt. I particularly like the quote from Dalie Jiminez.
Here, by Christopher Connelly at public radio station KERA