Compliance

September 4, 2024 by Alan S. Kaplinksky in CFPB

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossesions and Sales Practices

HIGHLIGHTS: The Consumer Financial Protection Bureau ("CFPB") issued a Consent Order and Proposed Court Order against a nationally charted bank ("Company") that offers financial services including credit cards, mortgages, home...

August 21, 2024 by Ralph T. Wutscher, Attorney MauriceWutscher in CFPB

6th Cir. Holds EFTA Does Not Provide Indemnification or Contribution Right for Financial Institutions

The U.S. Court of Appeals for the Sixth Circuit recently upheld the dismissal of a financial institution’s putative class action lawsuit against a cellular service provider arising from a “SIM...

July 24, 2024 by Justin B. Hosie, Eric L. Johnson, Kristen Yarows in CFPB

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

June was another big month for the CFPB with rules, proposals, lawsuits, and a Supreme Court case. In this month's article, we share some of our top "bites" of the...

July 17, 2024 by Kim Phan, Lori Summerfield in Compliance

DOJ Releases Final Rule on Web Content Accessibility Requirements for State and Local Governments Under Title II of the ADA

On April 8, the U.S. Department of Justice (DOJ) released its Final Rule to revise existing regulations implementing Title II of the Americans with Disabilities Act (ADA). This Final Rule...

June 12, 2024 by Jay Harris in CFPB

CFPB Non-Bank Enforcement Order Registry Coming this Fall

Constitutionality concerns cleared, the Consumer Financial Protection Bureau (CFPB) on June 3 issued its final rule creating a registry identifying covered nonbanks subject to government agency enforcement orders. The rule's...

June 5, 2024 in Compliance

OCC Announces Enforcement Actions for May 2024

The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks...

May 1, 2024 by Beth Moskow-Schnoll in Compliance

Are Four Digits Enough? FinCEN Seeks Comments on CIP Rule's SSN Requirement

On March 28, 2024, the Financial Crimes Enforcement Network (FinCEN), in consultation with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union...

April 18, 2024 by Bryce Noel in Collections Strategy

Navigating Debt Settlements: When to Write Off Unpaid Balances

For most in the collection industry settlements signal the end of the debt collection cycle. Collectors are happy to have come to an agreement that resolves the debt and gets...

April 10, 2024 by Trisha J. Cacciola in AI

Stirring Up the Artificial Intelligence Pot

On October 30, 2023, President Joe Biden signed an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This Executive Order sweeps across many categories...

March 6, 2024 by Bryce Noel in Compliance

Restrictive Collection Bill Pending in Minnesota

This article originally appeared on insideARM and is reposted here with permission. In February 2024 the Minnesota Debt Fairness Act was introduced in the Minnesota Legislature. The proposed law seeks...