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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
Federal Activities:
On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. For more information, click
On April 22, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly two million payments in the sixth batch of American Rescue Plan Economic Impact Payments. For more information, click
Congress Looks to Judicial Overrides to Strengthen Consumer Protections
The under-utilized tool would allow Congress to reverse SCOTUS rulings that insulate lenders and corporations from regulation.
Graeme Sloan/Sipa USA via AP Images
An important check on judicial power, statutory overrides have fallen by the wayside in recent years.
This piece has been co-published with
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In a unanimous decision last Thursday, the U.S. Supreme Court issued a ruling that would limit the ability of the Federal Trade Commission to seek monetary relief for customers who have been defrauded by corporate lenders. Under the new ruling, the FTC would only be allowed to pursue restitution in the form of injunctions, not cash payments, for customers who fell victim to deceptive practices like short-term or payday loans.Â
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The U.S. Court of Appeals for the Eleventh Circuit has delivered a novel and highly consequential interpretation of the Fair Debt Collection Practices Act that is potentially transformative for debt collectors and their third-party service providers.
On April 21, 2021, in
Hunstein v. Preferred Collection and Management Services, Inc., F.3d – (2021), the U.S. Court of Appeals for the Eleventh Circuit issued a decision on a case of first impression, finding that a debt collector’s transmittal of a consumer’s personal information to its letter vendor constituted a prohibited third-party communication “in connection with the collection of any debt” within the meaning of section 1692c(b) of the Fair Debt Collection Practices Act (“FDCPA”). As discussed below, this ruling has broad ranging ramifications for the accounts receivable management industry and will likely foster a new wave of litigation under the FD
Congress Looks to Judicial Overrides to Strengthen Consumer Protections theintercept.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theintercept.com Daily Mail and Mail on Sunday newspapers.