Welcome to Hudson Cook Insights (formerly Basis Points) - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.
Anyone recovering from the holidays knows that sometimes there can be too much of a good thing. The Dodd-Frank Act leaves room for businesses to be "overserved" by their federal regulators, for example by allowing for overlapping jurisdiction between the Federal Trade Commission and the Consumer Financial Protection Bureau. In particular, the FTC and CFPB have joint authority over non-bank lenders, buy-here-pay-here dealers, and other consumer finance companies. Where this overlap exists, there is a possibility that these lenders and dealers could face both CFPB and FTC scrutiny.[more»]
As we reported in our June 2016 edition HC Insights, New York has adopted sweeping changes to its Real Property and Procedures Law that address, among other things, the inspection, securing, and maintaining of vacant and abandoned residential real property. The New York Department of Financial Services has now also finalized regulations to implement these requirements. Both the statutory revisions and the regulation became effective on December 20, 2016.[more»]
On January 13, 2017, the U.S. Supreme Court decided to hear the appeal of a debtor from a decision by the U.S. Court of Appeals for the Fourth Circuit. The question presented to the Supreme Court will be: "Whether a company that regularly attempts to collect debts it purchased after the debts had fallen into default is a 'debt collector' subject to the Fair Debt Collection Practices Act?"[more»]
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