A&B ABstract: What does the increased use of emojis in business communications mean for consumer finance companies, and how can risks be mitigated? Discussion As emojis increasingly make their way into business communications, their use is creating unanticipated and problematic legal exposure for companies and their employees. Roughly 200 published court decisions since 2004 have […]
CFPB Deputy Director Brian Johnson to Join Alston & Bird as Partner in Washington, D.C.
Alston & Bird is expanding its consumer financial services and public policy capabilities with the addition of Brian Johnson, deputy director of the U.S. Consumer Financial Protection Bureau (CFPB), who will join the firm in March as partner in Washington, D.C. “Brian’s impressive combination of experience and leadership in government regulation and oversight in the […]
Seventh Circuit Declines to Adopt FDCPA “Benign Language” Exception
A&B ABstract: The Seventh Circuit’s ruling in Preston v. Midland Credit Mgmt. departs from other circuits that have considered whether there is a “benign language” exception under the Fair Debt Collection Practices Act (“FDCPA”). The Seventh Circuit, ruled, as the Consumer Financial Protection Bureau (“CFPB”) urged in an amicus brief, that the FDCPA does not […]
New York Proposes Licensing Consumer Debt Collectors
A&B ABstract: On January 21, 2020, New York Governor Andrew Cuomo proposed a measure to license consumer debt collectors as part of his budget bill. If enacted, the measure would require any person acting as a “consumer debt collector” in New York to obtain a license from the New York Banking Superintendent. Effective October 1, […]
Puerto Rico Office of the Commissioner of Financial Institutions Announces Mandatory Mortgage Servicer Reporting in Response to Recent Earthquakes
A&B ABstract: In the wake of the recent earthquakes in Puerto Rico, the Puerto Rico Office of the Commissioner of Financial Institutions (“OCFI”) released Circular Letter No. CFI-2020-01 (the “Circular Letter”). The Circular Letter imposes weekly and monthly reporting requirements on all Puerto Rico licensed mortgage lenders, mortgage servicers, Home Equity Conversion Mortgage servicers, reverse […]