In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios. These lenders consisted of banks, finance companies, and captive lenders (manufacturer-owned finance companies that generally provide below-market interest rate auto financing to consumers).
In a recent ruling, a U.S. District Court for the Central District of California granted a defendant’s motion to dismiss a complaint brought under the Telephone Consumer Protection Act (TCPA). The complaint alleged that the plaintiff received multiple communications from the defendant despite not having provided prior consent and being on the National Do-Not-Call Registry.
The Consumer Financial Protection Bureau (CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle. A federal judge rejected a banking industry-backed challenge that argued that the rule’s data collection method was flawed, Reuters reported Monday (Aug. 26).
Anton Ewing is making a ton of noise in TCPAWorld right now. Fresh off a huge $78k default judgment win last week, Ewing is back again to start this week with a smaller–but still significant– $31k+ victory in a suit involving just 6 phone calls.
As we move into the second half of the year, executives may brace for the unexpected. Recent years have brought significant market swings, pandemics and geopolitical instability, each posing unique challenges and opportunities. As CEO of Amount, a software as a service (SaaS) deposit origination, lending and decisioning platform partnering with banks and credit unions, I understand the wild cards that could impact our industry. It’s crucial for Amount and other FinTechs to stay vigilant, dynamic and innovative to best serve financial institutions.
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