A panel of judges in the Fourth Circuit Court of Appeals has held that the federal Bankruptcy Code doesn’t preempt state law claims arising from alleged improper collection attempts of a discharged debt.
The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.
The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism.
According to Dan Smith, president and CEO of the Consumer Data Industry Association, the CFPB’s potential data broker rule could lead to companies exiting the data business.
The DOJ has settled redlining charges brought against American Bank of Oklahoma. HSBC Bank also disclosed recently that it’s under investigation by the Department of Housing and Urban Development for alleged redlining.
The bureau has accused South Carolina-based Heights Finance of targeting borrowers for their likelihood to refinance and using coercive practices to drive them into fee-laden refinancing cycles.
The firms, which include Lexington Law and CreditRepair.com, were accused of misrepresenting to consumers that an upfront fee was necessary to begin the credit repair process.
RSS