Today, the Consumer Financial Protection Bureau (CFPB) released two reports looking at national rental payment data from September 2021 to November 2024. The percentage of renters who paid late fees in the last year reached 23% in February 2023. While the rate declined to slightly less than 14% in November 2024, the CFPB’s analysis found that the median outstanding rental balance rose 60% between September 2021 and November 2024, suggesting increased financial distress among affected households.
The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks, savings and loan associations, credit unions and investment companies.
On January 27, a three-judge panel of the U.S. Court of Appeals for the Fourth Circuit issued a significant opinion holding that the Servicemembers Civil Relief Act (SCRA) does not prohibit the enforcement of arbitration agreements in credit card contracts under the Federal Arbitration Act (FAA).
Tomorrow is International Data Privacy Day, so a happy day to all!
More seriously, data privacy concerns and legislation continue to rapidly increase. It has been estimated that by the end of 2024 more than 75 percent of the world’s population would be covered by at least one privacy regulation. In the United States this year, eight new state privacy laws are scheduled to take effect, covering approximately 150 million Americans.
On Monday, January 27, 2025, the One-to-One Consent Rule (“the Rule”) promulgated by the Federal Communications Commission (the “Commission”) a year ago, on December 18, 2023, was set to go into effect.[1] Under this Rule, a consumer could not consent to a telemarketing or advertising robocall unless (1) he consents to calls from only one seller at a time, (2) he receives a clear and conspicuous disclosure that he will receive telemarketing calls or texts using an automatic telephone dialing system or an artificial or prerecorded voice, and (3) he consents only to calls whose subject matter is “logically and topically associated with the interaction that prompted the consent.”
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