Today's Trends in Credit Regulation

Welcome to Hudson Cook Insights - 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.

August 2018

The Protecting Tenants at Foreclosure Act: Back to the Future

By Christopher J. Capurso and Caleb Rosenberg

Americans love a good revival. Reboots, restorations, and throwbacks are everywhere. Even, it seems, in the halls of Congress. Congress recently enacted the Economic Growth, Regulatory Relief, and Consumer Protection Act (the "Crapo Bill"). Among other things, the Crapo Bill revived the Protecting Tenants at Foreclosure Act of 2009 ("PTFA"), effective June 23, 2018. The PTFA does not authorize an agency to promulgate regulations. article continued

"Direct Drop" Voicemail Service Subject to TCPA

By Michael A. Goodman

"Direct drop" voicemail services can deliver a prerecorded message to a consumer's voicemail without calling the consumer's phone number. For years, companies have wondered whether these services are subject to the Telephone Consumer Protection Act's consent standards for autodialed calls and prerecorded messages. In 2014 and 2017, companies submitted petitions to the Federal Communications Commission seeking formal guidance on this issue, but the FCC has not provided it. article continued

BCFP Director - A Job Description

By Michael A. Benoit

The Senate recently held a hearing for Kathleen Kraninger, the White House's nominee to be the new director of the Bureau of Consumer Financial Protection. For someone as unknown as she is in the financial services community, the consensus seems to be that she held her own in the hearing and looks to be headed towards confirmation. Other than her lack of financial services policy experience (which is, arguably, not a requirement for the job), objections from those opposed to her nomination tended to focus on unrelated policy concerns about her tenure with the Office of Management and Budget. article continued

Bureau of Consumer Financial Protection Structure Ruled Unconstitutional

By Michael A. Benoit

It's a big deal when a federal trial court declares that the structure of a federal agency violates the U.S. Constitution. For folks in the credit business, including car dealers, it is an especially big deal when the agency involved is the Bureau of Consumer Financial Protection. But that's what happened in a New York federal trial court. Here's the story. A company called RD Legal Funding provided cash advances to individuals with claims or potential claims under class action settlements. article continued

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