Compliance

CFPB Proposes Rule to Cap Credit Card Late Fees

The Consumer Financial Protection Bureau yesterday issued a proposed rule seeking to lower credit card late fees at $8, bring an end to the automatic inflation adjustment that occurs annually, and cap late fees at 25% of the minimum payment owed by the cardholder. The proposal would save consumers as …

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Robot Lawyer Pivots to Consumer Rights Areas

A company that built what it billed as the world’s first robot lawyer is now pivoting away from that following threats of jail time for the company’s owner and is instead focusing its technology on other areas, including a couple that involve the accounts receivable management industry. When I mention …

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Judge Dismisses FDCPA Class Action for Lack of Standing

A District Court judge in New Jersey has dismissed a Fair Debt Collection Practices Act class-action, ruling the plaintiffs lack standing to sue because they did not suffer a concrete injury when the defendant left voicemails using its official company name after sending letters to the plaintiffs using a different …

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