The Consumer Financial Protection Bureau (“CFPB”) recently issued a bulletin on the Fair Credit Reporting Act’s (“FCRA”) requirement that furnishers of credit information investigate disputes and review all relevant information (“Bulletin”).1 Financial institutions are the most prominent “furnishers” covered by the FCRA, and the Bulletin has prompted some banks and […]
Banking Update
Banking: 2013 Nebraska and Iowa Legislative Updates
on Wednesday, 9 October 2013 in
Banking Update
During the 2013 legislative sessions, both Nebraska and Iowa enacted several pieces of legislation that could affect banks and their customers. This article provides brief summaries of several pieces of legislation.
Eighth Circuit’s TILA Decision: Another Catch-22 for Lenders
on Friday, 4 October 2013 in
Banking Update
Recently, the Eighth Circuit Court of Appeals joined a growing number of jurisdictions in holding that a borrower’s written notice of intent to rescind a home mortgage loan is insufficient to preserve the borrower’s right to rescind under the Truth in Lending Act. The reason: the borrower failed to file […]
CFPB Exercises Authority to Censure “Abusive” Practices; More Enforcement Actions Pending
on Tuesday, 6 August 2013 in
Banking Update
The Consumer Federal Protection Bureau (CFPB) recently settled an abusive practices enforcement action with American Debt Settlement Solutions, Inc. (ADSS), a Florida for-profit corporation. The settlement marks the first time the CFPB has exercised its new authority to censure “abusive” practices in addition to those that are deemed unfair or […]
CFPB Issues New Guidance On Debt Collection Practices
on Tuesday, 6 August 2013 in
Banking Update
The Consumer Financial Protection Bureau (“CFPB”) has issued two new bulletins designed to provide guidance on what conduct by creditors and debt buyers (collectively, “debt owners”) and debt collectors may be deemed unfair, deceptive, or abusive acts or practices, and what representations regarding a consumer’s credit score, credit report or […]
