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 2022

CFPB and New York AG Announce Settlement that Includes Permanent Industry Bans Against Debt Collection Companies and Employees

By Mark E. Rooney and Robert D. Tilley

On May 23, 2022, the CFPB and NY AG announced a proposed stipulated judgment in a pending case in the federal district court for the Western District of New York against "a network of interrelated companies" and individuals. article continued

CFPB Orders Debt-Relief Payment Processors to Pay More Than $11 Million and Imposes Industry Bans

By Lucy E. Morris and Erik Kosa

On May 11, 2022, the CFPB issued an order against providers of account maintenance and payment-processing services to consumers who were enrolled in student loan and traditional debt relief programs for marketing these services in violation of the Telemarketing Sales Rule and the Consumer Financial Protection Act. article continued

CFPB Bites of the Month - May Top 10

By Justin B. Hosie and Eric L. Johnson

In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the May 18 webinar. So, what happened at the CFPB in the past month? Bite #10 - The CFPB provided Spanish-language disclosures. To help financial institutions better support Spanish-speaking communities, the CFPB unveiled Spanish translations of the following federal model disclosures: prepaid card model forms, adverse action sample notices, home mortgage origination documents, early intervention clauses for mortgage servicers, credit reporting notices, and the debt collection model validation notice. article continued

Check, Please!

By David Hicks

A typical car has around 30,000 parts precisely fitted together. Each part serves a unique role in the operation of the vehicle, and the result is a machine capable of traveling at speeds, in some cases, in the hundreds of miles per hour. Even the most impressive cars, however, ultimately depend on their drivers. Distraction, inexperience, and plain old hurry cause more wrecks than engine trouble ever will. In the same way, contract forms designed to document auto finance transactions may be carefully written, but their effectiveness and enforceability ultimately depend on the people using them. As a recent Kentucky case proved, sloppy execution endangers even the best forms. article continued

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