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.

March 2019

Springing Consumer Rights: Responding to the Federal Government Shutdown and Anticipating Another

By Rebecca E. Kuehn and Webb McArthur

On Friday, January 25, the longest federal government shutdown ended. Over the course of the 35-day partial government shutdown, many employees and contractors of the federal government were furloughed and required to work without pay. Approximately 800,000 workers missed paychecks. The Congressional Budget Office has estimated that the shutdown cost the American economy at least $11 billion, not including indirect effects that will last for years. article continued

U.S. Supreme Court Holds that Attorneys Engaged in Non-Judicial Foreclosures are not Subject to Full FDCPA

By Anastasia Caton and Chuck Dodge

On March 20, 2019, the U.S. Supreme Court issued its opinion in Obduskey v. McCarthy & Holthus LLP, holding that an attorney that engages in nothing more than non-judicial foreclosure is not a "debt collector" under the federal Fair Debt Collection Practices Act. The Court clarified that such attorneys would still be subject to 15 U.S.C. ยง 1692f(6), which prohibits certain unfair practices, including making false threats to repossess property. article continued

Arbitration Opt-Out?

By Nicole F. Munro

What is the scope of an arbitration opt-out? Does it apply only to a single credit transaction? Or does it apply to prior similar transactions refinanced as part of the last transaction? In a recent case, a title lender found that a consumer's arbitration opt-out applied to a single arbitration in the third of three loan agreements with the same terms, but not to all prior credit transactions refinanced as part of the third loan agreement. And, based on the language of the arbitration clause, a court got to decide the issue of arbitrability. article continued

CFPB Settlements Under Pressure

By Eric L. Johnson

I'm a huge music fan. It doesn't matter if it's the blues, classical, country, electronic, rock, or old-school rap. As long as it's got a good beat, and even better lyrics, I'm in. I heard an oldie but goodie the other day. What started out as a jam session between Queen and David Bowie actually turned into an excellent (and very catchy) song. article continued

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