United States: Consumer Credit

Why would Colorado opt out of DIDMCA Section 521 if it doesn't prevent rate exportation by out-of-state banks? This analysis examines Congress's original 1980 intent behind DIDMCA Sections 521 and 525, revealing how the legislation addressed intrastate lending challenges during a period of extreme interest rates rather than interstate rate exportation concerns.

Non-bank lenders operating under the Gramm-Leach-Bliley Act face a critical compliance obligation many overlook: the FTC's Safeguards Rule requires reporting data breaches affecting 500 or more consumers within thirty days of discovery, and every report becomes publicly searchable online. What happens when your incident response plan collides with a mandatory public confession, and how can lenders prepare before the thirty-day clock starts ticking?

New York City's Department of Consumer and Worker Protection has issued comprehensive guidance on its SHIELD Rule through a detailed FAQ, clarifying how the sweeping debt collection regulations will operate when they take effect January 1, 2027. The guidance addresses critical operational questions about contact limits, dispute procedures, verification requirements, and special protections for medical debt that go substantially beyond federal requirements. Companies collecting debts from New York City consu

What makes one state's approach to consumer protection worth watching? This episode explores key takeaways from a webinar with leaders from the Maine Attorney General's Office, examining how the state's unique legislative election of its attorney general, robust citizen ballot initiative process, and needs-driven enforcement strategy are shaping consumer protection priorities. From cryptocurrency kiosk regulation and privacy protections to heightened scrutiny of private equity investments in healthcare and

A newly launched academic institute aims to reshape consumer financial services regulation through a policy framework emphasizing consumer choice, market competition, and innovation. Professors Todd Zywicki and Tom Miller discuss their Institute for Consumer Financial Choice, its research priorities spanning military lending to cryptocurrency, and strategies for influencing legislation and regulatory policy.

Parliament is in its summer recess, and so is the Financial Services and Markets Bill. When the summer is over, the Bill will start its Report stage in the House of Lords.

Automated decision-making tools in consumer lending promise improved efficiency and accuracy, but they also risk embedding historical biases and creating new forms of discrimination. Economic analysis reveals fundamental tradeoffs between predictive precision and fairness that no single metric can resolve, raising critical questions about how lenders should navigate AI bias while maintaining profitability and regulatory compliance.

Federal banking regulators have issued guidance reminding financial institutions of their safety and soundness obligations when lending to individuals not legally authorized to work in the United States. The guidance identifies key underwriting considerations including source of repayment, collateral challenges, documentation requirements, and portfolio concentration risks that institutions must evaluate to ensure borrowers have the capacity to repay loans.

Philadelphia County Court of Common Pleas has launched a Consumer Credit Card Diversion Pilot Program requiring debt collection plaintiffs to certify key information and participate in early conciliation conferences before mandatory arbitration. The program aims to reduce resolution times from over a year to just a few months by addressing the backlog caused by batch-filed credit card debt collection actions that have overwhelmed the court's civil arbitration docket. Similar programs in Lancaster, Butler, a