In an unpublished case, the U.S. Court of Appeals for the Third Circuit held that actions to obtain a judgment and enforce that judgment in a collection lawsuit filed outside the statute of limitations do not create a continuing violation under the Fair Debt Collections Practices Act (FDCPA).
On October 6, the OCC announced five actions intended to reduce the regulatory burden on community banks. The actions included two bulletins revising examination procedures for community banks by (i) replacing fixed examination requirements with risk-based supervisory activity, and (ii) indicating the OCC will rely solely on the core assessment standards found in the “Community Bank Supervision” booklet of the comptroller’s handbook to examine for retail nondeposit investment products.
Last week, the U.S. District Court for the Northern District of California denied Empower Finance’s motion to compel arbitration in a class action lawsuit concerning its earned wage access (EWA) product, Cash Advance. In Vickery v. Empower Finance, Inc., the court found that Empower’s Cash Advance product was “credit” under the Military Lending Act (MLA) making Empower’s arbitration agreement unenforceable under the MLA, which prohibits arbitration agreements for consumer credit extended to active-duty service members and their dependents.
Saying that the federal government shutdown makes it impossible for them to work on the case, Justice Department attorneys are asking a federal appeals court to delay its response to a request for an en banc hearing in the lawsuit challenging mass firings at the CFPB.
Late last month, California Attorney General Rob Bonta, along with Democrat attorneys general from 18 other states and the District of Columbia, sent multiple letters to the Consumer Protection Financial Bureau opposing advanced notices of proposed rulemakings that would shrink the CFPB’s oversight of the automobile finance, consumer reporting, debt collection, and international money transfer services markets. In August, the Bureau issued four ANPRs inviting comments on whether it should reduce the Bureau’s “Larger Participant” supervisory authority in these four markets by increasing the transaction threshold that determines when a company becomes subject to CFPB supervision.
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