Archive for October 2012

POTUS Laudes CFPB in Weekly Address

In his October 27, 2012 weekly address to the Nation, President Obama praised recent efforts of the Consumer Financial Protection Bureau. Among the highlights: “[The CFPB’s] only mission is to fight for you.” “[The CFPB] recently ordered three big credit card companies to return more than $400 million dollars to folks who were deceived or mislead . . . that’s what Wall Street Reform is

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CFPB Releases Larger Non-Bank Participant Rule – Small Businesses and Law Firms Impacted

Last night, the Consumer Financial Protection Bureau (CFPB) released its Larger Non-Bank Participant Rule. The Rule is available here. In addition to releasing the Rule, the CFPB  released an examination manual and a fact sheet. Some highlights: The Rule is effective January 2, 2013 — 70 days from today. The Rule provides a description of the examination process.

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Gov’t Enforcement Actions Against CFS Industry Heating Up

As Fall brings a chill to early morning weather, a string of federal agency enforcement actions are supplying a lot of unwanted heat for the consumer financial services industry. Today, the Federal Trade Commission announced that it has entered into a Consent Order with Equifax Information Services LLC, over charges that it had allegedly improperly sold lists of consumers

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New York Federal Court Strikes Down NYC Regulation of Attorneys Engaged in Debt Collection

A City of New York regulation that sought to regulate attorneys who practiced debt collection law, was struck down Wednesday by a Federal Court sitting in the Eastern District of New York because it violated New York’s Constitutional separation of powers. In Eric Berman, P.C. v.  City of New York the court found that New York City

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