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An Amazon exec told CNBC that the company has invested $751 million in new technology over the last five years and that AI is enhancing jobs. 04/18/2024 2:15 P.M. 1.5 minute read Amazon is continuously investing in technology, and recently a top executive downplayed the myth that AI and bots take jobs away from people. [...] Read More... The post From the Web: Robots Will Not Steal Jobs appeared first on ACA International.
The amendments from Gov. Glenn Youngkin update the statute of limitations to be within three years of the due date on the final invoice for a health care service, not the first invoice. 04/18/2024 2:15 P.M. 2.5 minute read Virginia resumed its legislative session this week to consider bill amendments from Gov. Glenn Youngkin, including [...] Read More... The post Virginia Legislature Approves Amendments to Statute of Limitations Bill appeared first on ACA International.
CoreLogic Credco was accused of listing consumers as dead on credit reports despite them still being very much alive. The takeaway, especially considering the significant numbers involved, is clear: Data furnishers must make sure that their furnished information is accurate. 04/17/2024 3:00 P.M. 2 minute read A recent case puts data accuracy in the spotlight, [...] Read More... The post CRA to Pay $5.695M in FCRA Class-Action Settlement appeared first on ACA International.
The financial services giant was hit with a proposed class-action lawsuit last month over card fees. Elements of the AmEx case share similarities with the ongoing Visa/Mastercard antitrust settlement, which our Alliance ACA partner can help members navigate. 04/17/2024 2:25 P.M. 2 minute read American Express is part of a proposed class-action lawsuit in Rhode [...] Read More... The post AmEx Swipe Fee Allegations Mirror Visa/MasterCard Case appeared first on ACA International.
Suit Accuses Collector of Contacting Plaintiff’s Brother Appeals Court Affirms Ruling for Defendants in FDCPA Case Appeals Court Affirms Arbitration Ruling in FDCPA Class Action Against Debt Buyer Ringleader of Student Loan Debt Relief Scam Settles with FTC WORTH NOTING: The cost of buying a home just hit another record high … The seven best
The Federal Trade Commission has announced a settlement with the final defendant and “ringleader” of a student loan debt relief scam that bilked consumers out of nearly $9 million that will see the individual permanently banned from the debt relief industry and required to turn over assets to satisfy a $7.4 million judgment. The Background:
The Court of Appeals for the Ninth Circuit has upheld a lower court’s order compelling arbitration in a Fair Debt Collection Practices Act class-action case, ruling that the defendant purchased the rights of the contract governing the underlying debt as well as purchasing the debt itself. The Background: The defendant purchased the underlying debt from
The Court of Appeals for the Third Circuit has upheld a summary judgment ruling in favor of the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s claims were outside the FDCPA’s one year statute of limitations and his attempt to request verification of the debt “was untimely by many years.”
Our special guest is Ian Moloney, Senior Vice President and Head of Policy and Regulatory Affairs with the American Fintech Council (AFC). After reviewing how EWA products are used by consumers and the differences between employer- and provider-based products, we discuss the regulatory challenges faced by the EWA industry, the regulatory approaches states have taken to EWA, actions taken by the Consumer Financial Protection Bureau related to EWA, and proposed federal legislation dealing with EWA. … Continue Reading Continue Reading…
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their lawsuit challenging the CFPB’s final credit card late fee rule (Rule). Last Friday, pursuant to a directive issued by the Clerk of the Fifth Circuit, the trade group plaintiffs and the CFPB filed letter briefs with the Fifth Circuit regarding whether an ownership interest in a nonparty large credit card issuer would be substantially affected by the outcome of the case. … Continue Reading Continue Reading…
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024. Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act.… Continue Reading Continue Reading…
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The termination occurred after the Texas court entered an order reopening the case and providing notice to D.D.C.… Continue Reading Continue Reading…
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that complies with the statute [Tex. Civil Practice and Remedies Code Section 16.038] resets limitations even if it is combined with a notice of reacceleration.” Moore v. Wells Fargo Bank, N.A., No. 23-0525, 2024 Tex. LEXIS 156, at *2 (Feb. 23, 2024). More › Tags: Compliance, Corporate Compliance, Mortgage, Mortgage Acceleration, Mortgage Debt, Mortgage Foreclosure, Mortgage Loan Acceleration, Mortgage Loans, Mortgage Servicers, Mortgage Servicing, Regulatory Compliance, Reverse Mortgage, Statute of Limitations, Texas
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More › Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Financial Regulatory
On January 18, 2024, the United States Supreme Court heard oral arguments in two cases challenging the Chevron doctrine of statutory interpretation, Loper Bright Enterprises, et al., v. Gina Raimondo, Secretary of Commerce (Loper-Bright) and Relentless, Inc. v. Department of Commerce (Relentless). Under the Chevron doctrine, courts are supposed to grant deference to an agency's reasonable interpretation of an ambiguous statute. More › Tags: Financial Regulatory, Regulation, Regulatory, Statutory Interpretation
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More › Tags: Department of Education, Education, Education Debt, Financial Registration, Louisiana, Private Colleges and Universities, Private Student Loans, Student Loans
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