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Feds investigating Bank of America for possible unauthorized accounts

CHARLOTTE, N.C. – Charlotte-based Bank of America Corp. is under investigation to determine whether it opened unauthorized customer accounts, according to information released on Tuesday by the Consumer Financial Protection Bureau. The CFPB issued a CID, or civil investigative demand, in March requesting documents from BofA in regards to potentially “unlawful acts or practices in connection with unauthorized consumer bank, credit card, and other accounts.” The accounts in question go back to at least 2014.

CFPB and FTC to Host December Workshop on Accuracy in Consumer Reporting

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). will host a public workshop on December 10, 2019 to discuss issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports.  

Director Kraninger’s Speech at CFPB Symposium on Behavioral Economics

Good morning. I am excited to welcome everyone to today’s symposium on “Behavioral Economics and Consumer Financial Services Policy.”  I’d like to take a brief moment to thank all of our panelists for participating today. They will be further introduced at the start of each panel so I won’t go into details now except to say they are experts. I also want to thank our moderators, Melissa and Jason, as well as the members of the working group for all of their work developing today’s program.

FTC Staff Submits Comment to CFPB on Proposed Debt Collection Rules

In a comment to the Consumer Financial Protection Bureau (CFPB), staff of the Federal Trade Commission provided feedback on a number of proposed rules that implement the Fair Debt Collection Practices Act (FDCPA).   In the comment, FTC staff notes that the Commission has long advocated for amendments and clarifications to existing laws to account for changes both in the debt collection marketplace and consumer technology since the FDCPA was passed in 1977. The comment also describes the Commission’s law enforcement, policy, and education efforts to protect consumers from unlawful debt collection practices.

Brownstein Attorneys Advise on Updates to 40-Year-Old FDCPA

On Tuesday evening, Sept. 17, ACA International filed a 155-page comment to the Consumer Financial Protection Bureau’s (“Bureau”) proposed debt collection rule. The comment advocates for consumers, creditors and a stable U.S. credit economy—as well as its 2,500 members of the accounts receivables management industry. A copy of the full comment is available here. Brownstein’s consumer finance attorneys worked alongside ACA to craft the comment based on several months of research, conversations with consumers and industry, and legal analysis. The proposed “Regulation F” will implement and interpret the Fair Debt Collection Practices Act (FDCPA), which became law in 1977 and has not been modified since.

AG James: Pennsylvania Addition To T-Mobile/sprint Lawsuit Keeps States’ Momentum Moving Forward

NEW YORK – New York Attorney General Letitia James today announced that the Commonwealth of Pennsylvania is joining the multistate lawsuit blocking the anticompetitive megamerger of telecommunications giants T-Mobile and Sprint, becoming the 18th plaintiff to join the lawsuit and add to the states’ momentum.   “Pennsylvania’s addition to our lawsuit adds to the states’ momentum against this megamerger that continues to be bad for consumers, bad for workers, and bad for innovation,” said Attorney General James. “We welcome Pennsylvania and Attorney General Shapiro to our multistate coalition that continues to build strength, and now includes every region of the nation.”

Consumer Financial Protection Bureau to Enhance Consumer Complaint Database

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the information available to users of the database. The enhancements include: modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions. Additionally, the Bureau will work to provide enhanced features for the database that include dynamic visualization tools on recent complaint data.

The head of the CFPB now believes that the financial regulator is unconstitutionally structured

The head of the Consumer Financial Protection Bureau now believes that the financial regulator she leads is unconstitutionally structured.    CFPB Director Kathleen Kraninger notified senior lawmakers on Tuesday that the bureau had determined that the law that established the agency in the wake of the financial crisis gave her too much independence. That brings her position in line with the one adopted by the Department of Justice in March 2017.

PayThink Fintechs give small business more choice for credit than just banks

It’s no secret working capital is the lifeblood of all small businesses. It’s the fuel that keeps them running, helps them grow and take on new opportunities.  And yet, so many small businesses struggle with cash flow. In fact, according to a recent study from Intuit QuickBooks, 61% of small businesses have had cash flow issues in the past year.   A very common step business owners take when experiencing a cash flow crunch is seeking external resources to help bring some quick capital in the door. Until very recently, many business owners marched straight to their bank to apply for a traditional business loan. While bank loans on the national or local level are a tried and true way of securing additional funds, they are no longer the only way of obtaining capital.

California Consumer Privacy Act (CCPA) – Amendment Update

The dust has finally settled in the California State Legislature and the big winner for amendments to the CCPA is AB-25, which started out as carving out employees from the definition of consumer for the purpose of CCPA. The bill ended up narrower with respect to employees but broader in other respects by absorbing a few other proposed bills as well. The status of AB-25 is that it passed unanimously in both chambers and will become law when signed by the governor, who has a deadline of October 13 to sign.