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Bringing clarity and insight to the consumer protection regulations impacting your business

Dec 06, 2018

Kraninger Confirmed as New Director of the BCFP

The Senate confirmed Kathy Kraninger (50-49) today as the new director of the Bureau of Consumer Financial Protection (BCFP). Kraninger, who has worked as associate director for the Office of Management and Budget (OMB) since March 2017, will serve a five-year term. Kraninger will succeed acting BCFP director Mick Mulvaney. President Trump appointed Mulvaney to [...]

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Sep 24, 2018

California Legislature Passes Amendments to Sweeping Consumer Privacy Act

Yesterday, California Governor Jerry Brown signed SB 1121 into law amending the California Consumer Privacy Act of 2018 (“CCPA”). Since the original CCPA (previously discussed here) was passed in June, interested parties have criticized many aspects of the law and advocated for pre-implementation improvements. SB 1121 is intended to correct many of those issues. CA [...]

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Sep 19, 2018

Additional Consumer Rights Prompt New FCRA Model Disclosures

The Bureau of Consumer Financial Protection (BCFP) has issued an interim final rule updating two model disclosures under the Fair Credit Reporting Act (FCRA). Following the Equifax data breach and consumer concerns about the security of information in their credit reports, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) requiring nationwide [...]

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Sep 14, 2018

Failure to Comply with Servicemembers Civil Relief Act Can Be Costly for Businesses

The U.S. Department of Justice (“DOJ”) filed its first ever Servicemembers Civil Relief Act (“SCRA”) lawsuit against a residential landlord company on September 11, 2018. In its complaint against Twin Creek Apartments, LLC d/b/a Pavilion at Twin Creek  (“Twin Creek”), the Government alleged that Twin Creek illegally charged service members a fee when they terminated [...]

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Jul 27, 2018

Payday Lender Settles Misleading Loan Disclosure Allegations

The Bureau of Consumer Financial Protection (BCFP) has settled with Triton Management Group, Inc. (Triton), a small dollar lender operating under the names “Always Money” and “Quik Pawn Shop.” Triton offers high-cost, short-term loans including payday, auto title pledge, and installment loans primarily to consumers for personal, family, or household purposes. The Consent Order alleges [...]

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Jul 13, 2018

California Enacts Sweeping Data Privacy Law

California recently passed a privacy law requiring businesses to provide greater transparency into their data practices and giving consumers more control over their personal information. The California Consumer Privacy Act of 2018 (CCPA) raced its way through the state legislature without opposition to avoid a November ballot initiative, which was widely viewed as more onerous [...]

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Jul 05, 2018

Vermont Tightens its Grip on Automatic Renewal Contracts

Most states have laws regulating “automatic renewal contracts” (ARC), but Vermont’s new House Bill 593 is one of the strictest. The Act, which updates Vermont’s current ARC laws, became law on May 28, 2018. The new regulatory requirements will take effect on July 1, 2019 and are aimed at protecting consumers from deceptive business practices. [...]

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Jun 27, 2018

More Bad News for Proponents of the BCFP: It May be Unconstitutional

It’s been a tough year for proponents of the Bureau of Consumer Financial Protection (BCFP, formerly CFPB). A judge in the Southern District of New York recently ruled that the structure of the BCFP is unconstitutional (CFPB v. RD Legal Funding, LLC). In 2017, the BCFP filed a lawsuit against RD Legal Funding, a company [...]

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Jun 26, 2018

Supreme Court Upends Sales Tax Collection

A recent Supreme Court case overturning the 1992 Quill Corp. v. North Dakota (“Quill”) decision marks the beginning of a new era for many businesses with an online presence. On June 21, 2018, in South Dakota v. Wayfair, the Court revisited Quill, ruling that the existing standard for determining whether a business has a “physical [...]

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Jun 19, 2018

Trump Nominee for BCFP Director Sparks Controversy

The Bureau of Consumer Financial Protection (BCFP, formerly CFPB) has again found itself embroiled in controversy, with President Donald Trump announcing his plan to nominate Kathy Kraninger to lead the organization and replace Acting Director Mick Mulvaney. Kraninger is currently Associate Director of the Office of Management and Budget (OMB), where Mulvaney also serves as [...]

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