During these challenging times, Severson & Werson remains open and in full operation, consistent with the firm’s previously established contingency planning. While many of our attorneys and staff will be working remotely, as a firm, we continue in full operation. We are here to help, as always.
AB 1864 has now passed California’s legislature and is another California fire with which Governor Newsom must deal. This Bill seeks to rename the Department of Business Oversight as the Department of Financial Protection and Innovation (“DFPI”), and is expected to be signed by Governor Newsom. Earlier, Governor Newsom proposed the CFPL in his 2020-2021 budget frame-work. The goal, according to Newsom,… Read More
The Federal Trade Commission announced that it is seeking comment on proposed changes that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In separate Notices of Proposed Rule Making (NPRMs), which will be published in the Federal Register shortly, the FTC… Read More
The California Legislature passed a budget by its annual deadline to do so--June 15, 2020—but the budget did not include Governor Gavin Newsom’s proposed mini-CFPB. Earlier, Governor Newsom’s January 2020 proposed budget included the California Consumer Financial Protection Law, which sought to overhaul the California Department of Business Oversight (“DBO”) and remake it into a more powerful Department of Financial… Read More
In a recent weblog post, the CFPB warned against creditors undertaking unfair and discriminatory servicing of debts during the COVID-19 crisis. The CFPB explained: We are monitoring the marketplace in real time and coordinating on an ongoing basis with fellow Federal and State regulators who are committed to stopping COVID-19-related malfeasance. We are taking, and will continue to take, swift… Read More
They used to write the Official Staff Commentary, and give "Informal Staff Opinion" letters to industry to assist industry in complying with the FDCPA. Now, the FTC has filed a Comment in response to the CFPB's Notice of Proposed Rulemaking that can be found at https://www.ftc.gov/system/files/documents/advocacy_documents/comment-staff-federal-trade-commissions-bureau-consumer-protection-matter-proposed-rule-request/final_-_cfpb_debt_coll_draft_comment_9-13_v2_1pm_ver_to_comm.pdf The FTC devotes almost half of their comment to reminding the CFPB that the… Read More
As a reminder that the promises you make on your website must align with your data privacy practices,the FTC announced that it just reached reached a settlement with a background screening company over allegations it falsely claimed to be a participant in the EU-U.S. Privacy Shield program. In separate actions, the FTC also sent warning letters to more than a… Read More
As FY 2015 came to a close, the FTC asked for commentary on its Holder Rule for assignee liability. Consumers and Industry responded in early 2016. Three years in the making, the FTC finally responded, issuing its commentary today in the Federal Register, and it's first official commentary since the Rule was promulgated in 1975. FTC Commentary on Holder Rule 5-2-19. … Read More
Today, the FCC issued its 2018 Privacy and Data Security Update, a compendium for attorneys, business executives, and others who are long on interest, but short on time. It summarizes the seven zones that were central to the FTC’s 360° approach in 2018. The Report can be found in embedded links with the FCC’s press release today. https://www.ftc.gov/news-events/blogs/business-blog/2019/03/ftcs-2018-privacy-data-security-update-what-it-means-your?utm_source=govdelivery Read More
The CFPB just issued it’s Supervisory Highlights, paying particular attention to automobile finance and issues regarding ancillary products. The Bureau continues to examine auto loan servicing activities, primarily to assess whether servicers have engaged in unfair, deceptive, or abusive acts or practices (UDAAPs) prohibited by the Consumer Financial Protection Act of 2010 (CFPA). Recent auto loan servicing examinations identified unfair… Read More
The Federal Trade Commission is seeking comment on proposed amendments to two rules that protect the privacy and security of customer information held by financial institutions. In separate notices to be published in the Federal Register, the FTC is seeking comment on proposed changes to the Safeguards Rule and the Privacy Rule under GLBA. The Safeguards Rule requires a financial… Read More
