On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals...more
The CFPB announced last week that it has entered into a settlement of the lawsuit it filed in September 2020 against Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance...more
The U.S. Court of Appeals for the Seventh Circuit recently ruled in Horia v. Nationwide Credit & Collection, Inc. that a consumer was not precluded from bringing a second FDCPA lawsuit against a debt collector for failing to...more
2/6/2020
/ Abusive Acts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collection ,
Debt Collectors ,
Failure to Notify ,
FDCPA ,
Financial Services Industry ,
Litigation Strategies ,
Subsequent Litigation
The Seventh Circuit held in Koehn v. Delta Outsource Group, Inc., et al. that using the term “current balance” in a collection letter to reference a static amount of debt was not misleading and did not violate the Fair Debt...more
The CFPB has released the Summer 2019 edition of its Supervisory Highlights. The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt...more
9/23/2019
/ Automotive Loans ,
Banking Examinations ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Insurance Products ,
Credit Cards ,
Credit Reporting Agencies ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Popular ,
Regulation Z ,
Reverse Mortgages ,
Supervisory Highlights
In a precedential opinion, the U.S. Court of Appeals for the Third Circuit concluded that a plaintiff in a class action complaint had Article III standing and was properly awarded summary judgment when a debt collector sent...more
Consumer advocates have heavily criticized Director Kraninger and former Acting Director Mick Mulvaney for taking a much less aggressive attitude towards enforcement than former Director Cordray. ...more
6/4/2019
/ Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Enforcement Authority ,
Enforcement Guidance ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Motion to Set Aside the Verdict ,
Small Dollar Lenders ,
Unfair or Deceptive Trade Practices
A law firm hired to pursue a nonjudicial foreclosure under Colorado law was not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA), the U.S. Supreme Court ruled unanimously today in Obduskey v. McCarthy &...more
The parties in Madden v. Midland Funding, LLC. have filed a joint motion with the New York federal district court seeking preliminary approval of a class settlement....more
3/19/2019
/ Charge-Off ,
Class Action ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Settlement Agreements ,
Settlement Negotiations ,
True Lender
Persons or entities that engage third parties to collect consumer debts they acquired when the debts were in default, known as "passive debt buyers," are "debt collectors" subject to the Fair Debt Collection Practices Act...more
The U.S. Supreme Court has agreed to resolve a circuit court split over whether the one-year statute of limitations (SOL) in the Fair Debt Collection Practices Act (FDCPA) runs from the date of the alleged violation or starts...more
2/26/2019
/ Appeals ,
Cause of Action Accrual ,
Certiorari ,
Consumer Protection Laws ,
Debt Collection ,
Default ,
Discovery Rule ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Split of Authority ,
Statute of Limitations
In a matter of first impression, the U.S. Court of Appeals for the Sixth Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) requirement for a debt collector to "cease collection of the debt" after receipt...more
Debt collectors should take note of a recent decision by the U.S. Court of Appeals for the Fifth Circuit holding that a Texas federal district court was justified in relying on "special circumstances"...more
The U.S. Court of Appeals for the Seventh Circuit recently ruled that an auto repossession company's alleged demand that a debtor pay an administrative property retrieval fee to retrieve personal property left in her...more
In Loja v. Main Street Acquisition Corporation, the plaintiff filed a lawsuit in federal district court for alleged FDCPA violations against Main Street Acquisition Corporation and the law firm it retained to file a state...more
In Scheffler v. Gurstel Chargo, P.A., the U.S. Court of Appeals for the Eighth Circuit rejected a career plaintiff’s attempts to manufacture a Fair Debt Collection Practices Act (FDCPA) claim by baiting a debt collector into...more
The U.S. Court of Appeals for the Third Circuit has ruled that although the plaintiffs had plausibly alleged facts stating a claim that a debt collector had violated the Fair Debt Collection Practices Act (FDCPA) by not using...more
Weltman, Weinberg & Reis Co., L.P.A., the law firm that recently defeated the CFPB’s FDCPA lawsuit against it, has filed a motion seeking attorney’s fees of approximately $1.2 million from the CFPB....more
The U.S. Court of Appeals for the Seventh Circuit has ruled that because the plaintiff’s attorney had not yet filed a written appearance or pleading with the Illinois state court where the defendant law firm had filed a...more
The U.S. Court of Appeals for the Third Circuit held in Tepper v. Amos Fin., LLC, that debt buyers (i.e., entities collecting, on their own behalf, consumer debts they acquired when the debts were in default), can qualify as...more
Resolving tension between New York and federal law, the U.S. Court of Appeals for the Second Circuit has ruled that a debtor must show that a debt collector's alleged false representation was material for it to be a "false,...more
8/3/2018
/ Consumer Financial Products ,
Creditors ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Foreclosure ,
Judicial Intervention ,
Misrepresentation ,
Mortgage Servicers ,
Motion to Dismiss ,
Unfair or Deceptive Trade Practices
The U.S. Supreme Court announced on June 28 that it had granted a petition for a writ of certiorari to review the judgment of the U.S. Court of Appeals for the 10th Circuit in Obduskey v. McCarthy & Holthus LLP, et al.,...more
The one-year statute of limitations (SOL) for Fair Debt Collection Practices Act (FDCPA) claims begins to run when the alleged violation occurs and not when it is discovered, the U.S. Court of Appeals for the Third Circuit...more
A company did not violate the Fair Debt Collection Practices Act (FDCPA) by creating a false impression that it was meaningfully involved in a medical center’s debt collection, even though it “did not engage in many of the...more