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.

November/December 2019

CCPA Advent: Waiting on the World to Change

By Webb McArthur

January 1, 2020, opens both a new decade and a new landscape in privacy regulation in the United States. On that day, the California Consumer Privacy Act, or CCPA, is set to become effective. The law will be the first of its kind in the U.S., either at the federal or state level, in that it is set to regulate the collection and disclosure of an extraordinary range of personal information by any kind of for-profit business. The law will stand in contrast to other laws that regulate only limited types of personal information (for example, state data breach notification laws) or that only apply to certain business sectors. While many have compared the CCPA to the European Union's General Data Protection Regulation, it is a different beast entirely, and it stands as a warning - with other states likely to follow - that all businesses need to think seriously about data hygiene and privacy. article continued

CFPB Announces Implementation Timeline for Dodd-Frank Section 1071 Reporting Rule, Days after Hosting Small Business Lending Symposium

By Anne L. Smith

Just days after hosting a November 6, 2019 symposium on Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), the Consumer Financial Protection Bureau revealed in a brief filed in the United States District Court for the Northern District of California that it "intends to complete its internal policymaking process in the next six months," and by November 2020, it "expects to release a detailed outline of the proposals under consideration." article continued

New York Department of Financial Services Finalizes Student Loan Servicers Regs

By Ryan S. Stinneford and Thomas P. Quinn, Jr.

The New York Department of Financial Services ("DFS") has finalized the last piece of the Empire State's student loan servicer puzzle. On October 1st, the DFS issued a Student Loan Servicers Regulation (the "Regulation") that became effective with its Notice of Adoption appearing in the October 16th issue of the New York State Register. The Regulation, which is codified at Part 409 of the New York Banking Department Regulations, implements and in several cases augments the licensing and conduct-regulating requirements of the student loan servicer statute that we discussed in the June edition of Insights. article continued

Be a Good Influencer: FTC Releases "Disclosures 101 for Social Media Influencers" Guide

By Andrea S. Cottrell

Remember when you were a teenager and rules seemed excessive and tiresome to follow? And remember getting grounded because you missed curfew ("nothing good happens after midnight") or skipped school ("Bueller? … Bueller?…")? And then, suddenly, you grew up and realized that your parents enforced all those rules because they love you and want what is best for you. Well, if you use online influencers to promote your business, the Federal Trade Commission loves you and wants to enforce its rules on you. Luckily, the FTC makes those rules crystal clear. Consider this a family meeting where the parents lay down the law. article continued

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