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.

May 2020

Seventh Circuit Finds Article III Standing in Biometric Information Collection Case, Deepening Circuit Split

By Erik M. Kosa

In a decision issued on May 6, 2020, the U.S. Court of Appeals for the Seventh Circuit held that a plaintiff alleged a concrete injury sufficient to satisfy the Article III "injury-in-fact" requirement for standing when she claimed her employer failed to disclose how it intended to use biometric information it collected from her through a vending machine in violation of the Illinois Biometric Information Privacy Act (BIPA). article continued

Assessing Disparate Impact in the Days of COVID-19

By Jean Noonan

The novel coronavirus upended American lives, changing how we work, how we socialize, how we shop, and - for millions of us - whether we are still employed. For many creditors, it also changed patterns of consumer default. In the four decades I have worked in consumer finance law, I have watched a dramatic change in the sophistication and reliability of credit underwriting systems. In the 1970s, when my career began, credit scoring systems were becoming popular, supplementing and even replacing rules like the "Four Cs - Character, Capacity, Capital, and Collateral" or some variation of these "C" terms. article continued

COVID-19 and Federal Enforcement: The Song Remains the Same

By Allen Denson

The COVID-19 pandemic may have halted many aspects of daily life, but the wheels of justice at your friendly federal regulators continue to turn. In the months since the crisis, a number of enforcement actions by both the Consumer Financial Protection Bureau and Federal Trade Commission suggest that consumer regulators have become more determined, not less, during the crisis. article continued

Creditors Must Consider Impact of COVID-19 on Administration of Voluntary Protection Products

By Catharine S. Andricos

In response to the COVID-19 pandemic, creditors across the country continue to strive to balance business continuity challenges and servicing immediate consumer financial needs with public safety. Many creditors have begun offering forbearance agreements, payment deferrals, modifications, or extensions. As of April 20, 2020, at least five jurisdictions, including Alaska, Illinois, Maryland, Massachusetts, and Washington, D.C., have banned creditors from repossessing vehicles during the various states of emergency or disaster. article continued

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