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.

October 2019

CFPB's Proposed Debt Collection Rule: Perspectives from the Comment Period

By Mark E. Rooney

It's been several weeks since the comment period closed on the CFPB's proposed debt collection rule-just enough time to look back with some perspective on the comments submitted and assess how the CFPB may move forward. The Bureau received over 12,000 comments on its proposed Regulation F, which would be the first rule implementing the Fair Debt Collection Practices Act since its original passage in 1977. In case you missed them, here are the highlights from comments submitted by some of the most influential participants in the industry and government. article continued

Online Reviews Become a Focus of the FTC

By Andrea S. Cottrell

Who doesn't love an online review? My family rarely buys anything of consequence without checking the reviews first. Online reviews allow us to get the skinny on anything and everything. In fact, my husband even reads reviews of our favorite restaurants periodically to ensure that some terrible incident hasn't occurred between our frequent visits. Insert the eye roll emoji here. As much as I love online reviews, I admit that they sometimes induce decision paralysis and can be an incredible time suck. For that reason, I attempt to limit my dependence on them and take them with a grain of salt. The Federal Trade Commission's Bureau of Consumer Protection views online reviews with caution, too. article continued

After Oral Argument, High Court Seems Poised to Preserve FDCPA Status Quo

By Mark E. Rooney

In Rotkiske v. Klemm, the Supreme Court has the opportunity to do what many plaintiffs' attorneys have dreamed of for years: effectively expand the FDCPA's one-year statute of limitations by applying the "discovery rule" to all FDCPA claims. Under the discovery rule, the limitations period begins to run (that is, the one-year clock starts ticking) not upon the occurrence of the statutory violation, as specifically called for by the law, but only when the plaintiff discovers the alleged violation. This could have the effect of exposing debt collectors and others to liability under the statute long after the one-year period Congress intended. article continued

Trade Groups Challenge New Nevada Law Allowing Credit Applicants to Rely on Spousal Credit History

By Erik M. Kosa

Several trade groups, including the American Financial Services Association, Nevada Credit Union League, and Nevada Bankers Association have filed a lawsuit challenging a new Nevada law aimed at allowing credit applicants with no credit history to use the credit history of their spouses. The new law, SB 311, which went into effect October 1, 2019, allows an applicant for credit to request that a creditor deem the credit history of the applicant to be identical to the credit history of the applicant's spouse which was established during the marriage. article continued

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