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.

September 2020

It's the Final Countdown: The Small Dollar Rule's Looming Compliance Date

By K. Dailey Wilson

In July 2020, the Consumer Financial Protection Bureau ("Bureau") at long last finalized the Rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans ("Small Dollar Rule" or "Rule"). The Rule, originally proposed in 2016, has undergone a wild ride - from being "finalized" in 2017 to having substantial sections rescinded in 2020, including the mandatory underwriting provisions. As a result, all that remains are the "payment provisions." article continued

The City that Never Sleeps on Debt Collection: A Primer on New York City's Debt Collection Regulations

By Anastasia Caton and Tom Quinn

The New York City Department of Consumer and Worker Protection ("DCWP") (formerly the Department of Consumer Affairs) promulgated new debt collection rules this spring to provide protections to consumers with limited English proficiency. The new rules are intended to address concerns identified by the DCWP in its "Lost in Translation: Findings from Examination of Language Access by Debt Collectors" report that was issued in the fall of last year. article continued

Towing Companies Sued for Alleged SCRA Violations

By Charles F. Dodge, Jr.

In mid-August, the Department of Justice sued Target Recovery Towing Inc. and Target Recovery & Transport Inc. in Florida federal court for violating the federal Servicemembers Civil Relief Act when, without a court order, they sold a car to satisfy a storage lien. The car belonged to an active-duty servicemember deployed overseas. The case is only at the complaint stage, but it reflects an SCRA enforcement initiative different from others that typically make financial services news. article continued

New Features in the CFPB Consumer Complaint Database

By Eric D. Mulligan

On July 17, the Consumer Financial Protection Bureau added new features to its Consumer Complaint Database. The new "trends" features allow a user to view complaint data over time. While the database always allowed a user to filter complaints by date range, the new features make it easier for a user to see changes in overall complaint volume and complaints by type. If you want to see where you are and where you've been in terms of compliance, these new features may help. article continued

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FTC Declutters COPPA FAQs   August 2020
CFPB Survey Seeks Information on Costs of Small Business Finance Data Collection   August 2020
Deficiencies in Sanctions Screening Process Lead to Settlement   August 2020
FTC Hosts Workshop to Examine Proposed Changes to Its Safeguards Rule   August 2020
Equality in Credit Decisions - Does "Sex" include Sexual Orientation and Gender Identity?   July 2020
New York Passes Small Business Finance Disclosure Law   July 2020
U.S. Supreme Court to Address Major TCPA Issue Next Term, Resolving Circuit Split on Autodialer Standard   July 2020
Recovery Association Proposes Changes in a COVID-19 World   July 2020
FTC Brings First Enforcement Action Alleging Failure to Provide Documentation of Identity Theft to Victims   June 2020
Don't Be That Company: Advertising During a Crisis   June 2020
Credit Reporting in a COVID World   June 2020
'Everything but the Kitchen Sink' Complaints   June 2020
Seventh Circuit Finds Article III Standing in Biometric Information Collection Case, Deepening Circuit Split   May 2020
Assessing Disparate Impact in the Days of COVID-19   May 2020
COVID-19 and Federal Enforcement: The Song Remains the Same   May 2020
Creditors Must Consider Impact of COVID-19 on Administration of Voluntary Protection Products   May 2020
New York Department of Financial Services Extends Student Loan Relief to Private Student Loans   April 2020
Georgia AG Warns Against Deceptive Advertising Related to COVID-19 Stimulus Payments   April 2020
Growth of Litigation Funding in the Wake of COVID-19   April 2020
New Federal Tool for Calculating APRs   April 2020
Small Business Loans to Offer Relief from COVID-19 Economic Crisis   March 2020
CFPB Proposes Time-Barred Debt Disclosures   March 2020
CFPB Taskforce on National Consumer Financial Law Issues RFI   March 2020
COVID-19 Payment Accommodations from the Perspective of Voluntary Protection Product Providers   March 2020
Income Share Agreements - Operating Under Current Regulations and Preparing for the Future   February 2020
Vendor Service Contracts - Not Just Arm's Length Transactions Any More   February 2020
Thinking of Force-Placing CPI on All Buyers? Think Again.   February 2020
En Garde! Do You Have Dueling Arbitration Agreements?   February 2020
California Court Finds Business Could Not Verify Consumer's Electronic Signature Despite DocuSign Markers   January 2020
California Data Broker List Comes Online   January 2020
Bankruptcy Court Grants Relief from Stay When Debtors Fail to Redeem Pledged Collateral in Title Pawn Transactions   January 2020
Agreeing to Arbitration   January 2020

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