Consumer data, UDAAP, debt collection, and fintech licensing are at the forefront of the March 30 edition of Venable’s Consumer Financial Services Digest.
In this issue, we discuss the importance of the Federal Trade Commission’s activities in the consumer finance world and the big changes on the horizon for credit reporting of public records data.
We analyze the Eastern District of North Dakota’s dismissal of the Bureau’s complaint against Intercept Corp. and its implications for enforcement actions against payment processors, and the “abusive” prong of UDAAP.
As the constitutionality of the structure of the CFPB continues to be debated, we provide an update on the PHH Corp. v. Consumer Financial Protection Bureau case, with the Trump administration weighing in through a briefing filed by Department of Justice.
Regarding debt collection, we highlight an upcoming FDCPA case that could eliminate a significant source of consumer class action litigation against many consumer finance companies. This issue also features an article from the March 2017 issue of Collector magazine on the importance of compliance management systems.
Finally, we discuss the expansion of New York’s licensing laws and the rejection of “Part EE” by the state legislature, a speed bump in the New York Department of Financial Services path to regulating many forms of fintech.
Continue reading to review the Digest. You will also find a list of upcoming industry events you may be interested in attending.