Thank you for inviting me to be here with you in Iowa to talk about consumer protection in the digital world. The pandemic accelerated the digitization of our daily lives. Health, transportation, education, and much more have been transformed.
Articles
CFPB and DOJ Caution Auto Industry on SCRA Protections
Auto finance companies and others in the auto space should take note of a recent joint letter issued by the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) about the legal protections under the Servicemembers Civil Relief Act (SCRA). In the letter, CFPB Director Rohit Chopra set out that “[t]he CFPB is closely monitoring the auto finance industry to ensure that servicemembers and their families are being treated fairly.”
U.S. FORECLOSURE ACTIVITY DROPS 4 PERCENT IN JULY 2022
IRVINE, Calif., Aug. 9, 2022 /PRNewswire/ — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its July 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,358 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago but up 143 percent from a year ago.
CoreLogic: National Mortgage Delinquencies Reach Another New Low in May
IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for May 2022. For the month of May, 2.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2 percentage point decrease compared to 4.7% in May 2021.
CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on its mistakes, and pocketed a portion of the interest that should have gone to consumers. Today’s order requires Hello Digit to pay redress to its harmed customers. It also fines the company $2.7 million for its actions.
CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or selection of prospective customers or the selection or placement of content to affect consumer behavior are typically service providers for purposes of the law. Digital marketers acting as service providers can be held liable by the CFPB or other law enforcers for committing unfair, deceptive, or abusive acts or practices as well as other consumer financial protection violations.
AG Ferguson: Providence’s collection agencies broke the law while collecting medical debts
SEATTLE — Attorney General Bob Ferguson announced that he expanded his lawsuit against 14 Providence-affiliated hospitals, including five Swedish hospitals, by adding two collection agencies that worked for the hospitals. The Attorney General’s underlying consumer protection lawsuit stems from Providence’s charity care and collections practices impacting tens of thousands of patients and hundreds of millions of dollars in medical debt.
A Virtual Technical Readiness Session: Regulatory Data Collection at CFPB, HMDA and the road ahead
This event will be a technical conversation about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking (referred to as 1071). The CFPB 1071 technical team will share insights into how the CFPB generally builds regulatory compliance systems for the intake of submitted information from financial institutions, such as Home Mortgage Disclosure Act (HMDA) reporting system.
CFPB to hold technical implementation meetings on 1071 reporting
Because the CFPB continues work on its Dodd Frank Act Part 1071 rulemaking—which pertains to the gathering of small enterprise lending information—the bureau will maintain two occasions within the coming weeks to debate technical implementation of the rule’s reporting necessities. In keeping with the CFPB’s spring rulemaking agenda that was launched earlier this summer season, a remaining rule is anticipated in March 2023
Trade groups petition CFPB to adopt larger participant rule for data aggregators
Eight national trade groups have filed a petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for data aggregation services. The trade groups are the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Housing Policy Counsel, Independent Community Bankers of America, National Association of Federally Insured Credit Unions, National Bankers Association, and Clearing House Association. The petition has been docketed by the CFPB pursuant to the new procedure that the CFPB established in February 2022 for members of the public to submit petitions for rulemaking (including amendments to or repeals of existing rules).