Insights

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.

July 2019

The California Consumer Privacy Act

By Patricia E.M. Covington, Meghan Musselman, and Nora Udell

The California Consumer Privacy Act of 2018 ("CCPA") was signed into law on June 28, 2018 and will take effect on January 1, 2020. The enforcement date - the first date on which the Attorney General may bring an enforcement action under the CCPA - is July 1, 2020 or six months after the publication of the Attorney General's final regulations, whichever is sooner. As of today, the Attorney General's regulations have not been released and several amendments to the CCPA are pending before the California legislature, leaving much uncertainty surrounding compliance with the law. article continued

Regulation of Student Loan Servicers - A Review of 2019 Legislation Enacted in Colorado, Maine, Maryland, and Nevada

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

The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's Student Loan Servicers Law. In this third installment of our four-part student loan servicer series, we will take a look at student loan servicer laws enacted this year in Colorado, Maine, Maryland, and Nevada. article continued

"Clearly and Prominently:" Consumer Debt Settlement Disclosures in Wake of CFPB v. Freedom Debt Relief

By Catherine M. Brennan

The debt settlement industry received some "regulation by enforcement" in the wake of a settlement of the lawsuit filed by the Consumer Financial Protection Bureau ("CFPB") against Freedom Debt Relief, LLC ("FDR"). The lawsuit raised four counts: two for deception under the Consumer Financial Protection Act of 2010 ("Dodd-Frank"), one for a violation of the Telemarketing Sales Rule ("TSR"), and one under the "abusive" authority created by Dodd-Frank. article continued

Are You Properly Vetting Your Service Providers?

By Eric L. Johnson

I'm frequently asked by dealer clients to speculate about whether they have their compliance house in order simply based on what DMS provider, underwriting or scoring system provider, or forms provider they use. "I'm using all of these great and well-known companies in the marketplace," they'll say. "What else can I do?" Well, a recent action by the Federal Trade Commission sheds more light on dealerships' use of service providers and should serve as a warning to dealers to properly vet (and continue to vet) their service providers. article continued

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What's Missing? The CFPB's Notice of Proposed Rulemaking on Debt Collection Fails to Resolve a Number of Compliance Issues   June 2019
U.S. Supreme Court Sends Case Interpreting TCPA Back to Lower Court   June 2019
New York Student Loan Servicers Law: A Deeper Dive   June 2019
So, What is Abusive Anyway?   June 2019
New(ish) Technology and the CFPB's Proposed Debt Collection Rule   May 2019
Regulation of Student Loan Servicers: What's Out There, and What's Coming   May 2019
Welcome to the Sunshine   May 2019
Fixing Mistaken Repos   May 2019
Keep the Light On: U.S. Supreme Court Holds that Clear Consent is Required for Classwide Arbitration in Lamps Plus, Inc. v. Varela   April 2019
Still Beating the Same Drum   April 2019
Courts Contemplate Companies' Ability to Restrict Means of Revoking TCPA Consent   April 2019
Don't Assume What a Court Will Assume About Your Contract   April 2019
Springing Consumer Rights: Responding to the Federal Government Shutdown and Anticipating Another   March 2019
U.S. Supreme Court Holds that Attorneys Engaged in Non-Judicial Foreclosures are not Subject to Full FDCPA   March 2019
Arbitration Opt-Out?   March 2019
CFPB Settlements Under Pressure   March 2019
Compliance Hurdles with Proposed Anti-Discrimination Legislation   February 2019
New York Licensed Lender Annual Fee Authority to Sunset. Or Will It?   February 2019
Do You Think You Understand a Statute of Limitations? Think Again!   February 2019
Arbitration Clause in Vehicle Retail Installment Contract Applies to Buyers' Defamation Claim Against Salesperson   February 2019
Proposed Appraisal Requirements Would Exempt More Transactions   December 2018/January 2019
Auto Direct Lending on the Upswing   December 2018/January 2019
How Artful Drafting and Good Compliance Practices Can Save Contracts from an Untimely Death   December 2018/January 2019
Clash of the Titans: Federal v. State Interests in Bank Partnerships   December 2018/January 2019

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