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A District Court judge in Maryland has denied a defendant’s motion to compel arbitration in a Fair Debt Collection Practices Act (FDCPA) case, ruling that the defendant waived its right to arbitrate by engaging in prior litigation. The background: In August 2016, the plaintiff took out a personal loan that was sold and transferred through several financial entities, ultimately landing in the hands of the defendant.
The CFPB today published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements.
In a new report from Capgemini Research Institute, non-cash transaction volumes in North America are projected to increase by 6.4% this year, reaching $252.6 billion, with global growth expected to rise even faster at 16.6%. By 2028, the North American figure will grow by 7.3% to $338.3 billion. The report highlights that credit and debit cards will dominate global cashless payments by 2028, with instant payments gaining momentum as the second-largest category.
Over the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren’t banks or credit unions. These firms want the public benefits of being a bank or credit union, without the public obligations.
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
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Judge Rules Debt Collection Lawsuit Waives Arbitration Clause CFPB Sues Card Company & Its CEO for Baiting Consumers Into High-Fee Products Instant Payments and Digital Wallets Gaining Momentum in the Payments Space: Report Compliance Digest – September 16 WORTH NOTING: Takeaways from last night’s Emmy Awards … Be careful what you post online.
A Texas federal court recently granted summary judgment for the defendant in a TCPA putative class action, finding that prerecorded calls to schedule a pest inspection were informational rather than telemarketing. Bradford v. Sovereign Pest Control of TX, Inc., No. 4:23-cv-00675, 2024 WL 3851229 (S.D. Tex. Aug. 10, 2024).
The Consumer Financial Protection Bureau has filed a lawsuit against Horizon Card Services and its CEO, Robert Kane, for allegedly engaging in deceptive and abusive practices targeting financially vulnerable consumers. The CFPB claims that Horizon lured consumers into signing up for a costly membership program under the false pretense of offering a general-purpose credit card.
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