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.
On April 3, 2023, the Consumer Financial Protection Bureau issued a policy statement on "abusive" practices. While this is the second time the CFPB has issued a policy statement on abusiveness, the significance of this policy statement cannot be understated. article continued
The CFPB settled a lawsuit originally filed in January 2020 against a large national bank, claiming it violated the Truth in Lending Act and its implementing Regulation Z, as well as the Consumer Financial Protection Act, by allegedly failing to investigate and resolve billing error notices and claims of unauthorized use while servicing credit card accounts. article continued
In this month's article, we share some of our top "bites" for the prior month covered during the May 2023 webinar.
Bite 10: Director Chopra Released Statement on Restoration of Oversight Council's Authority article continued
One of the beauties of the national banking system is that it allows state-chartered banks to offer uniform credit products across the 50 states without having to worry about state interest rate caps. This concept - rate exportation - is the basis of all bank lending in the United States. And it works well, most of the time except when, of course, it doesn't. article continued
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