Author Info for Hudson Cook, LLP

Catharine Andricos

Federal Bank Regulatory Agencies Issue Final Joint Guidance for Managing Third-Party Relationship Risks

On June 6, 2023, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued final joint guidance addressing bank management of…more

Banking Regulators, Banking Sector, Banks, FDIC, Federal Reserve

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Frank Bishop, Jr.

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding…more

Automotive Loans, Banks, Call Centers, Collateral, Consent Order

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Catherine Brennan

CFPB Bites of the Month - 2023 Annual Review - Fintech

In this article, we share a timeline of our monthly "bites" for 2023 applicable to fintech. The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, continued the agency's focus on the everyday consumer…more

Abusiveness Standard, Bots, Buy Now Pay Later (BNPL), Consumer Financial Products, Consumer Financial Protection Bureau (CFPB)

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Thomas Buiteweg

CFPB Bites of the Month - 2022 Annual Review

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?…more

Automotive Industry, Automotive Loans, Consent Order, Consumer Financial Products, Consumer Financial Protection Act (CFPA)

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Trisha Cacciola

Stirring Up the Artificial Intelligence Pot

On October 30, 2023, President Joe Biden signed an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This Executive Order sweeps across many categories of products and programs,…more

Algorithms, Artificial Intelligence, Innovative Technology, Intellectual Property Protection, Machine Learning

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Anastasia Caton

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,…more

Article III, Compliance, Consumer Financial Protection Bureau (CFPB), Creditors, Debt Collection

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Gabriela Chambi

Speaking Multiple Languages Is Great for Business, but Do You Know When You Are Required to Provide Translated Documents?

The United States is a big melting pot of cultures, ethnicities, and languages. This diversity is great for business, but if you are advertising that your business speaks "Spanish" or that your business can assist customers in…more

Advertising, Consumer Financial Protection Bureau (CFPB), Disclosure Requirements, Foreign Language, Marketing

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Patricia Covington

Adverse Action Notices - A Compliance Issue That Should Not Be Overlooked

Adverse action notices, a perennial compliance issue, should not be neglected and, indeed, warrant closer scrutiny. The CFPB has long been interested in adverse action issues…more

Adverse Action, Compliance, Consumer Financial Protection Bureau (CFPB), Consumer Reporting Agencies, Credit Reports

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Chuck Dodge

Speaking Multiple Languages Is Great for Business, but Do You Know When You Are Required to Provide Translated Documents?

The United States is a big melting pot of cultures, ethnicities, and languages. This diversity is great for business, but if you are advertising that your business speaks "Spanish" or that your business can assist customers in…more

Advertising, Consumer Financial Protection Bureau (CFPB), Disclosure Requirements, Foreign Language, Marketing

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Jason Esteves

Speaking Multiple Languages Is Great for Business, but Do You Know When You Are Required to Provide Translated Documents?

The United States is a big melting pot of cultures, ethnicities, and languages. This diversity is great for business, but if you are advertising that your business speaks "Spanish" or that your business can assist customers in…more

Advertising, Consumer Financial Protection Bureau (CFPB), Disclosure Requirements, Foreign Language, Marketing

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Katherine Fisher

California DFPI Issues Final Rules on Commercial Financing UDAAP and Annual APR Reporting

The California Department of Financial Protection and Innovation became the nation's first regulator with authority to police "abusive" acts and practices in commercial financing when it recently adopted final regulations to…more

Annual Percentage Rate (APR), Annual Reports, Commercial Loans, Department of Financial Protection and Innovation (DFPI), Final Rules

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Robert Gage

SDNY Holds that Revenue-Based Financing Contract is Not a Loan

After a series of adverse decisions against revenue-based financing providers, the U.S. District Court for the Southern District of New York has given one provider a decisive victory and, in so doing, given the industry valuable…more

Consumer Financial Products, Contract Disputes, Contract Terms, Financial Services Industry, Purchase Agreement

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Michael Goodman

CFPB Issues Order Against a Private Dispute Resolution Platform

On October 10, 2024, the CFPB announced that it issued a stipulation and consent order against the Company to resolve allegations that the Company violated the CFPA…more

Arbitration, Civil Monetary Penalty, Consent Order, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB)

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Jay Harris

Federal Consumer Protection Laws In Rental Property Management

The Federal Trade Commission (FTC) announced a groundbreaking settlement with Invitation Homes, a large single-family rental home owner/operator, on September 24…more

Compliance, Compliance Monitoring, Consumer Financial Protection Bureau (CFPB), Credit Reports, Enforcement Actions

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David Hicks

No U-Turns

Interstate 70 is a 2,100-mile highway that begins in the mountains of Cove Fort, Utah, and ends just outside Baltimore. Parts of I-70 in Kansas and Missouri were among the first sections of interstate highway ever built, and the…more

Arbitration, Arbitration Agreements, Consumer Financial Products, Counterclaims, Creditors

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Justin Hosie

Pay to Play? CFPB Warns Consumers about Risks of Video Game Currency and In-Game Purchases

The Consumer Financial Protection Bureau (CFPB) has turned its attention to in-game currencies and purchases (commonly referred to as "microtransactions or "downloadable content"). On August 28, 2024, the CFPB followed up its…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Services Industry, Gaming, Loot Boxes

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Thomas Hudson

'Everything but the Kitchen Sink' Complaints

Some plaintiffs' lawyers operate on the theory that if you fling enough bovine byproduct against the barn wall, some of it will stick. They include in their complaints every possible claim, regardless of how tenuously those…more

Automotive Loans, Breach of Contract, Car Dealerships, Covenant of Good Faith and Fair Dealing, Credit Reports

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Eric Johnson

CFPB Bites of the Month - September 2024 - Wake Me Up When September Ends, CFPB

In this month's article, we share some of our top "bites" for the prior and current month covered during the September 2024 webinar…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Debt Collection, Financial Institutions, Financial Services Industry

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Erik Kosa

CFPB Sues Credit Card Issuer and its Owner and CEO for Alleged Deceptive Marketing and Improper Fees

On September 13, 2024, the CFPB filed a lawsuit against the company and its owner and CEO, alleging deceptive and abusive acts and practices in violation of the CFPA and violations of TILA and its implementing regulation…more

Consumer Financial Products, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Credit Cards, Enforcement Actions

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Erica A.N. Kramer

CFPB Bites of the Month - 2023 Annual Review - Nondiscrimination and Military Protection Law

In this article, we share a timeline of our monthly "bites" for 2023 applicable to consumers protected by nondiscrimination and military protection laws…more

Appraisal, Artificial Intelligence, Banking Sector, Banks, Consumer Contracts

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Taylor Krowitz

CFPB Fines Wall Street Bank and Big Tech Company for Alleged Violations of the CFPA and TILA in Connection with Credit Card Marketing and Transaction Disputes

On October 23, 2024, the CFPB filed two separate consent orders, one against the Tech Company and the other against the Bank, alleging violations of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act…more

Consumer Financial Products, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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Rebecca Kuehn

CFPB Bites of the Month - 2022 Annual Review - Credit Reporting

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the credit reporting industry. Credit reporting remains a high priority for the CFPB, as credit reporting impacts consumers in a number of…more

Consumer Financial Protection Bureau (CFPB), Consumer Reporting Agencies, Credit Reporting Agencies, Credit Reports, New Guidance

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Daniel Laudicina

Illinois Requires Repossession Agents to Clear Personal Data from Vehicles

A new Illinois data privacy law specifically tailored to motor vehicle-secured financing transactions becomes effective on January 1, 2024, and is likely to lead to similar laws in other states…more

Data Deletion, Data Privacy, Data Protection, Health Insurance Portability and Accountability Act (HIPAA), Identity Theft

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Wingrove Lynton

Business Law Today April Month-in-Brief Posts

Maryland Commissioner of Financial Regulation Asserts Action against Non-Maryland State Bank for Lending Without State License - On January 21, 2021, the Maryland Commissioner of Financial Regulation filed an administrative…more

AMG Capital Management LLC v FTC, Facebook, Facebook Inc v Duguid, Financial Regulatory Agencies, Financial Services Industry

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Joseph (Jed) Mayk

CFPB Bites of the Month - 2023 Annual Review - Mortgage

In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information…more

Appraisal, Civil Monetary Penalty, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Lenders

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Webb McArthur

2023 to Bring Major Changes to Consumer Data Privacy Regulation

One month remains for businesses to prepare for significant chances to consumer data privacy laws in the US. The nation's first comprehensive consumer data privacy law, the California Consumer Privacy Act (CCPA), is set to…more

Consumer Financial Protection Bureau (CFPB), Data Privacy, Dodd-Frank, Federal Trade Commission (FTC), Financial Institutions

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Mark Metrey

CFPB and DOJ "Combating Redlining Initiative" Finds National Mortgage Company in the Crosshairs for Alleged Lending Discrimination

On October 15, 2024, the CFPB and DOJ filed a complaint and proposed consent order against the Company, alleging violations of the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA) and its implementing Regulation B,…more

Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Discriminatory Lending Practices, ECOA, Fair Housing Act (FHA)

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Lucy Morris

CFPB Fines Wall Street Bank and Big Tech Company for Alleged Violations of the CFPA and TILA in Connection with Credit Card Marketing and Transaction Disputes

On October 23, 2024, the CFPB filed two separate consent orders, one against the Tech Company and the other against the Bank, alleging violations of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act…more

Consumer Financial Products, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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Eric Mulligan

Bill Under Consideration in California Would Apply Collections Law to Commercial Financing Providers

California's Senate Bill 1286 is under consideration in the Legislature. The bill, if passed, would expand the scope of the Rosenthal Fair Debt Collection Practices Act to cover the collection of certain commercial-purpose…more

Commercial Loans, Debt Collection, Debt Collectors, Lenders, Pending Litigation

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Nicole Munro

Time to Pull Out the Trusty Old Crystal Ball

Eric Johnson, Patty Covington, and Nikki Munro located the old crystal ball, dusted it off, and looked intently at it to come up with auto sales, finance, and lease predictions for this year. Here's what they saw. Originally…more

Banking Sector, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Lenders, Consumer Privacy Rights

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Megan Nicholls

Lessons Learned from Dun & Bradstreet

In January 2022, The Federal Trade Commission ("FTC") reached a settlement with Dun & Bradstreet resolving alleged violations of the Federal Trade Commission Act ("FTC Act"), 15 U.S.C. §§ 41, et seq., arising out of the…more

Consumer Financial Protection Bureau (CFPB), Consumer Lenders, Consumer Reporting Agencies, Fair Credit Reporting Act (FCRA), Federal Trade Commission (FTC)

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L. Jean Noonan

Is Different Pricing for Non-Credit Products and Services Illegal Discrimination? Yes, Says the CFPB, Massachusetts, and the FTC

The Consumer Financial Protection Bureau made news this year when it announced that it considered discrimination to be illegal as an "unfair" practice, including in situations where fair lending laws do not apply. In March, the…more

Car Dealerships, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Lenders, Discrimination

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Thomas Quinn, Jr.

New York Financing Arrangements Bill Would Have Major Implications for Commercial Financing

A bill before the New York State Assembly would, if passed, have major implications for a variety of financing transactions in the Empire State. Titled the End Loan Sharking Act, Assembly Bill 9585 would subject a variety of…more

Commercial Loans, Consumer Financial Products, Consumer Lenders, Corporate Financing, Financial Institutions

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Mark Rooney

CFPB and DOJ "Combating Redlining Initiative" Finds National Mortgage Company in the Crosshairs for Alleged Lending Discrimination

On October 15, 2024, the CFPB and DOJ filed a complaint and proposed consent order against the Company, alleging violations of the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA) and its implementing Regulation B,…more

Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Discriminatory Lending Practices, ECOA, Fair Housing Act (FHA)

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Jennifer Sarvadi

Why You Need a Website Privacy Policy

Privacy is a growing area of regulation in the United States, and not just for large institutions like national banks. If you do business in the United States, it is becoming increasingly likely that you are covered by a law…more

Consumer Privacy Rights, Data Protection, Financial Services Industry, Internet, Privacy Policy

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H. Blake Sims

The CFPB 4.0 - A Year of Changes: New Director, New Developments, New Directions

We've recently seen en unprecedented level of change at the Consumer Financial Protection Bureau (CFPB) including new leadership (twice), new activity, and a new take on the agency's small dollar lending rules. Nothing may be…more

Consumer Financial Protection Bureau (CFPB), Director Kraninger, Director Mulvaney, Rescission, Small Dollar Lenders

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Ryan Stinneford

New York Amends Credit Card Surcharge Statute

As the Kansas City Chiefs were winning the big game, New York made a big change to its law governing credit card surcharges. While definitions of the term may vary, a "surcharge" is generally understood to mean a higher…more

Compliance, Consumer Financial Products, Credit Card Surcharges, Credit Cards, Enforcement Authority

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Clayton Swears

State Licensing Pitfalls Mortgage Servicers Must Beware

In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to…more

Code of Federal Regulations (CFR), Consent Order, Enforcement Actions, Financial Services Industry, Licensing Rules

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Robert Tilley

National Bank Reaches Settlement with the CFPB for Alleged Credit Reporting Violations

On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher Rule…more

Banks, Civil Monetary Penalty, Consent Order, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB)

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Tracy Wang

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,…more

Article III, Compliance, Consumer Financial Protection Bureau (CFPB), Creditors, Debt Collection

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Julia Whitelock

Pay to Play? CFPB Warns Consumers about Risks of Video Game Currency and In-Game Purchases

The Consumer Financial Protection Bureau (CFPB) has turned its attention to in-game currencies and purchases (commonly referred to as "microtransactions or "downloadable content"). On August 28, 2024, the CFPB followed up its…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Services Industry, Gaming, Loot Boxes

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K. Dailey Wilson

Data Security Déjà Vu: FTC Finalizes Notification Event Amendment to Safeguards Rule

Does anyone else feel like Bill Murray in Groundhog Day, where his character keeps experiencing the same day over and over and over again? It seems like the Federal Trade Commission just amended the Safeguards Rule yesterday,…more

Amended Rules, Data Breach, Data Security, Federal Trade Commission (FTC), Financial Services Industry

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Kristen Yarows

CFPB Bites of the Month - September 2024 - Wake Me Up When September Ends, CFPB

In this month's article, we share some of our top "bites" for the prior and current month covered during the September 2024 webinar…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Debt Collection, Financial Institutions, Financial Services Industry

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Latif Zaman

Government Accountability Office Annual Report Weighs Benefits and Risks of Consumer Fintech Products

Fintech is increasingly prevalent in the financial services marketplace, allowing providers to offer myriad innovative products and services that are dramatically changing how consumers can interact with financial service…more

Annual Reports, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Services Industry, FinTech

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