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Andrew Owens

Andrew Owens

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Posts by Andrew Owens

The Consumer Credit Market: A Report from the CFPB

Posted in Regulatory and Compliance
PLA today posts “The Consumer Credit Card Market,” the Consumer Financial Protection Bureau’s biennial report on the consumer credit card market.  The CFPB’s report, required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), provides significant data on the credit card market, including the use, costs… Read the rest

Overview of the Fair Credit Reporting Act

Posted in Regulatory and Compliance
At the American Bar Association’s (ABA) recent annual national meeting from August 8-13 in San Francisco, DWT partner Andy Owens offered attendees a presentation on the overview of the Fair Credit Reporting Act. The presentation covered a range of topics, including: What is a Consumer Report? What is a Consumer Reporting Agency? Obligations CR… Read the rest

Federal Reserve Bank of Philadelphia Sponsors Small-Dollar Credit Conference

Posted in Regulatory and Compliance
On July 11-12, 2013, DWT partner Andy Owens attended a conference organized by the Federal Reserve Bank of Philadelphia (Federal Reserve) entitled Small-Dollar Credit: Products, Economics, and Regulation. The purpose of the conference was to explore the historical background of small-dollar credit, the evolution of small-dollar credit products an… Read the rest

CFPB Files Complaint Against Debt-Relief Company; First Time Reliance on “Abusive” Acts and Practices Prohibition

Posted in Financial Services Litigation and Enforcement, Regulatory and Compliance
On May 30, 2013, the Bureau of Consumer Financial Protection (“CFPB”) filed a complaint in federal district court against American Debt Settlement Solutions, Inc. (“ADSS”), a Florida debt-relief company, and its owner. The complaint alleges that ADSS and its owner violated the Federal Trade Commission’s Telemarketing Sales Rule, as well a… Read the rest

Bureau Proposes Further Revisions to Remittance Transfer Rules

Posted in Regulatory and Compliance
On December 31, 2012, the Consumer Financial Protection Bureau (“Bureau”) published in the Federal Register revisions (“Proposal”) to rules on international remittance transfers that the agency published in February 2012 and amended and expanded in August 2012 (“2012 Rules”). (Previous paymentlawadvisor articles on the 2012 Rules ca… Read the rest

CFPB Updates Remittance Transfer Rules

Posted in Regulatory and Compliance
On August 7, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published certain updates (“August Updates”) to the remittance transfer rules that it finalized and published in the Federal Register in February (“February Final Rule”). Specifically, the August Updates state that providing remittance transfers “in th… Read the rest

CFPB Issues Final Remittance Transfer Regulations Under Dodd-Frank Act

Posted in Regulatory and Compliance
On Jan. 20, 2011, the Consumer Financial Protection Bureau (CFPB or Bureau) released its long-anticipated rules governing certain electronic money transfers or “remittance transfers.” 1  The new “remittance transfer” rules implement provisions of Dodd-Frank 2  by imposing—for the first time—federally mandated disclosure, error… Read the rest

Recent UK Study Suggests that “Nudge” Disclosures Don’t Work

Posted in Regulatory and Compliance
A recent academic study published in the United Kingdom, entitled “Minimum Required Payment and Supplemental Information Disclosure Effects on Consumer Debt Repayment Decisions,” concluded that requiring a minimum monthly payment on credit card accounts discourages many consumers who otherwise would make a larger payment.  Moreover, the… Read the rest