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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 2018

D.C. Circuit Affirms Constitutionality of the CFPB's Independent Leadership Structure, But Reinstates Some Limits on How It May Enforce the Law

By Erik M. Kosa

On January 31, 2018, the U.S. Court of Appeals for the District of Columbia - sitting en banc - held in PHH Corporation v. CFPB that the CFPB's leadership structure is constitutional, and affirmed that the Bureau's Director may only be fired for cause. The ruling reversed an earlier decision by a three-judge panel of the court that held that the CFPB's single-member leadership, which concentrates power with the Director, is unconstitutional unless the Director can be removed at will by the President. article continued

Sixth Circuit Finds No Injury in FDCPA Mini-Miranda Case

By Anastasia V. Caton

On February 16, 2018, the U.S. Court of Appeals for the Sixth Circuit decided the case of Hagy v. Demers & Adams in which it applied the U.S. Supreme Court's precedent in Spokeo, Inc. v. Robins to find that the plaintiff debtors lacked standing to sue a debt collector in federal court over the debt collector's failure to include a mini-Miranda warning in a letter to the debtors' attorney. The case began in 2010 when James and Patricia Hagy defaulted on a real property secured loan. After the mortgage servicer initiated foreclosure proceedings against them, the Hagys contacted the mortgage servicer's attorney, David Demers, with the law firm of Demers & Adams, in an attempt to reach a settlement with the mortgage servicer. article continued

Exploring the Standing Challenge in Data Breach Litigation

By Michael A. Goodman and Kavitha J. Subramanian

As data breaches become more commonplace, courts have taken different approaches to address when an increased risk of prospective consumer harm is sufficiently concrete to establish standing for purposes of asserting a claim in federal court. Some courts have taken the position that a showing of an increased risk of identity theft, even without evidence of an actual misuse of the consumer's information, is a sufficiently imminent injury to establish standing. However, even in these cases, whether the increased risk of harm is concrete and imminent depends on the type of information stolen. article continued

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