On October 1, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion aimed at debt collectors and emphasizing their obligations under the Fair Debt Collection Practices Act (FDCPA) and Regulation F. The opinion specifically emphasizes the prohibitions on false, deceptive, or misleading representations, and unfair or unconscionable means to collect or attempt to collect medical debts.
On October 1, 2024, Truist Bank filed a notice of data breach with the Attorney General of California after discovering that an incident at Financial Business and Consumer Solutions, Inc. (“FBCS”) resulted in Truist data being exposed to unauthorized access.
The Federal Reserve plays a pivotal role in influencing the economy through its monetary policy decisions, particularly in setting the federal interest rates. Changes in these rates have far-reaching implications on consumers, businesses, and financial institutions.
In today’s podcast, which repurposes a recent webinar, we examine the impact, if any, of a landmark opinion rendered by Judge Daniel Domenico of the Federal District Court for the District of Colorado in a case challenging recently enacted Colorado legislation on interstate loans made from outside Colorado to Colorado residents. We also address the effects this decision and the outcome of this litigation may have on interstate rate exportation by state-chartered banks across the country.
Continuing a nationwide trend towards increased regulation of commercial financing, Governor Newsom has signed into law a bill extending the reach of California’s Rosenthal Fair Debt Collection Practices Act (the “Act”) to covered commercial debt (“SB 1286”). The requirements would apply to any debt entered into, renewed, sold, or assigned on or after July 1, 2025.
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