Eighth Circuit Finds that Class-Action FCRA Plaintiff Lacks Article III Standing Under Spokeo

The Eighth Circuit reiterated in a decision last month that trial courts must distinguish between FCRA plaintiffs who have suffered concrete harm and plaintiffs who merely seek to collect statutorily allowed damages as a way to ensure compliance with the law.  Under the Supreme Court’s decision in Spokeo, the former have Article III standing to assert FCRA claims but the latter do not.

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Provana Partners with The iA Institute to Address Needs of Credit & Collections Industry

WASHINGTON, DC -- The iA Institute, publisher of insideARM, the premier publication for the credit & collections industry, and Provana, provider of the industry’s first unified platform for compliance and performance management, today announced a broad partnership to enhance the support both firms deliver to industry participants. As part of the partnership, Provana is making significant investments into iA Institute programs, including Research Assistant, Innovation Council, Consumer Relations Consortium, and Women in Consumer Finance, with a goal of bringing additional value to its members and expanding the membership.

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CFPB Focuses on Innovation; Creates New Office and Hints at Future Rulemaking

On May 24, 2022, the Consumer Financial Protection Bureau announced that it is opening a new office called the Office of Competition and Innovation in order to spur innovation in financial services through competition. This new office will replace the Office of Innovation which primarily processed company and product-specific applications for No-Action Letters and Sandboxes.

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CFPB Launches New System to Promote Consistency Among Enforcers

On May 16, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will launch a new initiative to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce “Federal consumer financial law.” 12 U.S.C § 5481(14).

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NCLC Tells FCC “Callers Can Easily Avoid Making Calls to Telephone Numbers That Have Been Reassigned….”–But is it That Simple?

In response to the Department of Health and Human Services’ (HHS) recent letter to the FCC seeking clarity on whether the TCPA applies to texts it would like to make to alert Americans of certain medical benefits, the National Consumer Law Center (NCLC)–an organization that nominally represents consumers, but really seems to represent the interests of the plaintiff’s bar–has filed a comment.

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Senate Banking Subcommittee Holds Hearing on Overdraft Fees and Their Effects on Working Families

On May 4, 2022, the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection held a hearing entitled “Examining Overdraft Fees and Their Effects on Working Families.”  A recording of the hearing is available here.

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The Vendor Management Masterclass Part I

8 June 2022 at 02:00 p.m.

Customer behavior and spending is changing. 

The CFPB is hyper-interested in data collection, use, and privacy. 

We're likely on the edge of a credit downturn, which will result in higher delinquency and charge off rates.

New (and old!) agency partners and technology companies are promising to solve your problems. How can you be sure your vendors are compliant, efficient, and that you’re getting what you paid for?

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