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 2020

Equality in Credit Decisions - Does "Sex" include Sexual Orientation and Gender Identity?

By Erica A.N. Kramer and K. Dailey Wilson

In June of this year, the United States Supreme Court held that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 ("Title VII"). Title VII prohibits employers from refusing to hire, firing, or otherwise discriminating against any individual because of the individual's race, color, religion, sex, or national origin. article continued

New York Passes Small Business Finance Disclosure Law

By Katherine C. Fisher and Caleb Rosenberg

On July 23, 2020, the New York legislature passed A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions (the "Disclosure Bill"). The Disclosure Bill will now be sent to the governor, who can either sign or veto it. article continued

U.S. Supreme Court to Address Major TCPA Issue Next Term, Resolving Circuit Split on Autodialer Standard

By Michael A. Goodman

Summer in Washington, D.C., is usually a quiet time. D.C.'s summer of 2020 has been anything but quiet, to put it mildly. While there are several existential pulls on our attention this season, we should still take a moment to recognize that the U.S. Supreme Court has agreed to resolve the confounding question of what counts as an autodialer under the Telephone Consumer Protection Act. article continued

Recovery Association Proposes Changes in a COVID-19 World

By Eric L. Johnson

One of the largest recovery associations in the country recently proposed implementation of a COVID-19 surcharge and a new set of post-pandemic policies and also issued a white paper setting forth uniform standards for operating in this changed environment. The American Recovery Association is advising that all recovery agencies, forwarders, and creditors immediately implement a "Post Recovery Safety Surcharge," a specific fee charged by the recovery agency to the creditor. article continued

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