Consumer Credit and Privacy Compliance
Online research tools to manage compliance with federal and state laws and regulations
CounselorLibrary.com, LLC, an affiliate of the law firm of Hudson Cook, LLP, is the leading compliance resource for the consumer financial services and privacy industries, providing comprehensive coverage and analysis of federal and state laws, regulations, and litigation. Select a category below, or view all products.
Hudson Cook Insights
Today's Trends in Credit Regulation
It's the Final Countdown: The Small Dollar Rule's Looming Compliance Date
By K. Dailey Wilson
In July 2020, the Consumer Financial Protection Bureau ("Bureau") at long last finalized the Rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans ("Small Dollar Rule" or "Rule"). The Rule, originally proposed in 2016, has undergone a wild ride - from being "finalized" in 2017 to having substantial sections rescinded in 2020, including the mandatory underwriting provisions. As a result, all that remains are the "payment provisions." article continued
The City that Never Sleeps on Debt Collection: A Primer on New York City's Debt Collection Regulations
By Anastasia Caton and Tom Quinn
The New York City Department of Consumer and Worker Protection ("DCWP") (formerly the Department of Consumer Affairs) promulgated new debt collection rules this spring to provide protections to consumers with limited English proficiency. The new rules are intended to address concerns identified by the DCWP in its "Lost in Translation: Findings from Examination of Language Access by Debt Collectors" report that was issued in the fall of last year. article continued
Towing Companies Sued for Alleged SCRA Violations
By Charles F. Dodge, Jr.
In mid-August, the Department of Justice sued Target Recovery Towing Inc. and Target Recovery & Transport Inc. in Florida federal court for violating the federal Servicemembers Civil Relief Act when, without a court order, they sold a car to satisfy a storage lien. The car belonged to an active-duty servicemember deployed overseas. The case is only at the complaint stage, but it reflects an SCRA enforcement initiative different from others that typically make financial services news. article continued
New Features in the CFPB Consumer Complaint Database
By Eric D. Mulligan
On July 17, the Consumer Financial Protection Bureau added new features to its Consumer Complaint Database. The new "trends" features allow a user to view complaint data over time. While the database always allowed a user to filter complaints by date range, the new features make it easier for a user to see changes in overall complaint volume and complaints by type. If you want to see where you are and where you've been in terms of compliance, these new features may help. article continued