Consumer Credit and Privacy Compliance
Online research tools to manage compliance with federal and state laws and regulations
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April 28-30, 2019
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Hudson Cook Insights
Today's Trends in Credit Regulation
OCC Releases Military Lending Act Booklet
By Erica A.N. Kramer
On May 11, 2018, the Office of the Comptroller of the Currency issued a new booklet on the Military Lending Act as part of its Consumer Compliance series included within the Comptroller's Handbook. OCC examiners will use the booklet when examining and supervising national banks, federal savings associations, and federal branches and agencies of foreign banks. The booklet includes not only a thorough discussion of the expanded MLA Regulations, issued in July 2015, but also incorporates the Department of Defense's interpretive rules issued in August 2016 and December 2017. article continued
The FDCPA After Henson v. Santander: The Evolving Principal Purpose Test
By Nora R. Udell and Anastasia V. Caton
In June of 2017, the U.S. Supreme Court decided Henson v. Santander, a landmark Fair Debt Collection Practices Act ("FDCPA") case. In Henson, the Supreme Court held that a person who collects debt that it owns is not "collecting debt owed or due another," which is one prong of the FDCPA's definition of "debt collector." Although important, the holding is not surprising. In fact, the case is more important for what it did not decide under the other prong of the FDCPA's definition of debt collector. article continued
Congress Kills Bureau Anti-Discrimination "Guidance"- Now What?
By L. Jean Noonan
On May 21, the Consumer Financial Protection Bureau issued a statement in the wake of President Trump signing into law a bipartisan Congressional Review Act resolution disapproving the Bureau's guidance about indirect auto creditor compliance with the Equal Credit Opportunity Act and its implementing regulation. So, what is this latest dust-up about? You probably know the history. The Bureau issued a bulletin on dealer pricing in March 2013. The bulletin was controversial and intensely unpopular with the auto finance industry from the get-go. article continued
Oklahoma Passes GPS and Starter Interrupt Device Law
By Eric L. Johnson
On May 1, 2018, Oklahoma Governor Mary Fallin signed House Bill 3260 into law. Effective immediately, the new law expands the crime of stalking to include the act of "following," defined as the "tracking of the movement or location of an individual through the use of a Global Positioning System (GPS) device or other monitoring device … without the consent of the individual whose movement or location is being tracked." article continued