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Protection of servicemembers, Equifax data breach provide mistaken justifications for CFPB arbitration rule

In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more

TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

Senator Warren’s Numbers Don’t Add Up

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

ETA To Hold Annual Fintech Policy Forum

The Electronic Transactions Association (ETA) will hold its Annual FinTech Policy Forum on September 14, 2017 at Google’s DC offices.  ...more

Upcoming Programs On CFPB Arbitration Rule

In July, the CFPB issued its Final Arbitration Rule on the use of arbitration provisions in consumer financial services products and services.  I will be participating in two upcoming programs related to the Rule....more

NAFCU-Hosted Credit Union Conference

The National Association of Federally-Insured Credit Unions (NAFCU) is hosting its annual conference in Washington, D.C. today through September 13....more

9/12/2017  /  Banks , Credit Unions

Senate Committee On Banking, Housing, And Urban Affairs To Hold Fintech Hearing

On September 12, 2018 at 10:00am EDT, The Senate Committee on Banking, Housing, and Urban Affairs will hold an open session hearing entitled “Examining the Fintech Landscape.” ...more

Equifax And The CFPB Arbitration Rule: A Tempest In A Teapot

The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. They are portraying this...more

Director Cordray praises his work at CFPB at Cincinnati AFL-CIO Labor Day picnic but does not resign and launch his campaign for...

Ever since it was announced that Richard Cordray would be delivering a speech at the annual Cincinnati AFL-CIO Labor Day picnic, there was wide speculation that he would use that occasion to launch his campaign to run for...more

Issuance of Part I of CFPB Debt Collection Rule is imminent

Much attention has been devoted to the issuance very soon of the CFPB’s small-dollar lending rule. I thought that once that rule was issued, Richard Cordray would soon thereafter resign as Director to return to Ohio to run...more

Dancer's Claims Against Club Not Subject to Arbitration Clause, Third Circuit Rules

Employers should take note of a recent ruling by the U.S. Court of Appeals for the Third Circuit in a case involving the arbitration clause in an independent contractor agreement....more

"Modest" Overstatements of Amount Due and Interest Rate Actionable Under FDCPA, Ninth Circuit Rules

A debt-collection law firm's overstatements in a state court complaint of $3,000 in the principal amount due and 0.315 percent in the interest rate were actionable under the Fair Debt Collection Practices Act (FDCPA) as...more

CFPB may narrow coverage of final payday loan rule

According to a Wall Street Journal article published this past weekend, “people familiar with the matter” are reporting that the CFPB’s final payday loan rule will be narrower in its coverage than the CFPB’s proposed rule....more

Another sign that Richard Cordray will resign soon, perhaps next week?

We have previously blogged about two upcoming events that have led to speculation that Richard Cordray is about to resign as Director of the CFPB. The first event is a speech he is giving in Cincinnati, Ohio at a Labor Day...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

Alleged FCRA Violation Sufficiently Concrete for Article III Standing, Ninth Circuit Holds in Spokeo II

On remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held in Spokeo v. Robins that an alleged Fair Credit Reporting Act (FCRA) violation was sufficiently concrete to support Article III...more

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

CFPB warns consumers about debt relief/settlement companies

Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency. We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies. ...more

More speculation about Director Cordray’s resignation

On July 20, we reported that Director Cordray is scheduled to give a speech at the September 4 Cincinnati AFL-CIO Labor Day picnic.  Assuming the speculation that Director Cordray plans to run for Ohio governor is accurate,...more

Sixth Circuit: Firm's Post-Foreclosure Conduct Does Not Violate FDCPA

Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more

FDCPA Bona Fide Error Defense Did Not Protect Debt Collector Despite Following Controlling Precedent, En Banc Seventh Circuit...

In a 7-4 en banc decision, the U.S. Court of Appeals for the Seventh Circuit ruled that the bona fide error defense in the Fair Debt Collection Practices Act (FDCPA) did not protect a debt collector who complied with...more

Why David Silberman, the CFPB’s Acting Deputy Director, will not succeed Richard Cordray (if and when he resigns)

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates,...more

Senate bill introduced to override Madden decision

Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more

State AGs urge Senate rejection of CRA resolution to disapprove CFPB arbitration rule

A group of 19 state attorneys general and the District of Columbia attorney general have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer expressing the AGs’ “strong...more

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