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DOJ, reversing course, opposes NLRB ban on class action waivers

In an unusual turn-about, the U.S. Justice Department has reconsidered its earlier position in a set of closely watched arbitration cases that the Supreme Court will decide next term and filed an amicus brief supporting the...more

West Virginia Supreme Court Sides with Debt Collector

The West Virginia Supreme Court recently ruled in favor of a debt collector in an action alleging a violation of West Virginia’s Consumer Credit and Protection Act. In its June 12 decision, the court held that call volume,...more

Defaulted Debt Buyer Does Not Collect Debts “Due Another” Under FDCPA, SCOTUS Rules

The U.S. Supreme Court has unanimously ruled that a purchaser of defaulted debt did not qualify as a debt collector under the Fair Debt Collection Practices Act (FDCPA) because it did not collect debts "due another", but...more

Colorado Modifies and Extends Its Fair Debt Collection Practices Act Through September 1, 2028; Extends Scope to Cover "Debt...

Governor John Hickenlooper recently signed a bill extending until September 1, 2028, the Colorado Fair Debt Collection Practices Act (CFDCPA), which prohibits harassment, misleading, and unfair practices in the collection of...more

Federal Court Dismisses Class Action Alleging Solicitation for Payments on Time-Barred Debt is "Misleading" Under FDCPA

A federal district court in New Jersey dismissed a putative class-action lawsuit against Total Card, Inc. (TCI), a South Dakota-based debt collector. The plaintiff alleged that TCI violated the Fair Debt Collection Practices...more

An important educational blog from the CFPB

While our blog tends to focus primarily on regulatory, supervisory and enforcement developments at the CFPB, the CFPB also performs an important function in educating consumers about scams. ...more

6/9/2017  /  CFPB , IRS , Tax Scams

Proposed Consumer Contracts Restatement Critiqued at ALI Annual Meeting

At the American Law Institute (ALI) annual meeting in Washington, DC on May 22-24th, members had the opportunity to review a discussion draft of the Restatement of the Law Third, Consumer Contracts. The draft is the result...more

Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

Financial Choice Act slated for House floor vote during week of June 5

On May 26, the House of Representatives Committee on Rules announced that House members have until June 2 to propose amendments to the Financial Choice Act bill. The Chairman of the House Financial Services Committee, Jeb...more

GAO to opine on whether CFPB indirect auto finance guidance is a rule subject to disapproval under the Congressional Review Act

American Banker has reported that the Government Accountability Office has accepted a request from Senator Pat Toomey on whether the CFPB’s indirect auto finance guidance issued in March 2013 is a “rule” under the...more

Dish Network Liable for $61 Million in Treble Damages for Service Provider's TCPA Violations

A recent federal court ruling provides a potent reminder that companies can be held liable for consumer protection law violations committed by third-party vendors—and underscores the importance of maintaining strong vendor...more

Trump’s FY 2018 Budget Subjects CFPB to Congressional Appropriations Process

Tuesday, President Trump released an outline of his FY 2018 Budget entitled “A New Foundation for American Greatness”. There is good news and bad news for the CFPB, although most of it is bad news. The good news for the...more

FCRA Class Plaintiff Lacked Injury Needed for Standing Under Spokeo, 4th Circuit Holds

An $11.7 million judgment awarded against credit reporting company Experian in a 69,000-member class action brought under the federal Fair Credit Reporting Act (FCRA) was vacated by the Fourth Circuit in Dreher v. Experian...more

Bankruptcy Proof of Claim on Time-Barred Debt Does Not Violate FDCPA, SCOTUS Rules

Filing a proof of claim in a debtor's Chapter 13 bankruptcy case on a debt that is "obviously time barred" does not violate the Fair Debt Collection Practices Act (FDCPA), the U.S. Supreme Court has ruled in a 5-3 decision....more

CFPB and FTC confirm scrutiny of ancillary products

At the Auto Finance Risk and Compliance Summit held this week, Calvin Hagins, CFPB Deputy Assistant Director for Originations, stated that the CFPB is increasingly asking lenders about ancillary product programs during...more

U.S. Supreme Court Reaffirms FAA Preemption Over Discriminatory State Laws

Emphasizing that the Federal Arbitration Act (FAA) preempts state laws that "single out arbitration agreements for disfavored treatment," the U.S. Supreme Court has overturned the Kentucky Supreme Court's refusal to enforce...more

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

Ninth Circuit rejects interlocutory appeal in CFPB lawsuit against CashCall

On April 20, the United States Court of Appeals for the Ninth Circuit declined to hear an interlocutory appeal  by CashCall of the district court’s order granting the CFPB’s partial summary judgment motion and denying...more

Richard Cordray’s tenure as CFPB Director is uncertain

Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more

Additional CHOICE Act changes proposed by Chairman Hensarling would further reduce CFPB’s power

On February 6, House Financial Services Committee Chairman Hensarling circulated a memorandum to the House Financial Services Committee Leadership Team describing key revisions to the Financial Choice Act. Last week, he...more

PLI 22nd Annual Consumer Financial Services Institute, Chicago session – 25% discount available

The second presentation of the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place in Chicago on May 4-5, 2017. I am co-chairing the event, as I have for the past 21...more

Senior CFPB representatives chime in from audience to defend enforcement initiatives

Last Friday in New Orleans, the ABA Business Law Section Consumer Financial Services Committee hosted a fascinating program about CFPB enforcement at the Section’s 2017 Spring Meeting. The program was entitled: “Too Much or...more

Regular CFPB service providers examinations have begun; more service providers to face examinations

At the program held on April 7 entitled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

Two Banks Fight Back Against Colorado Regulator in Bank-Model Dispute

Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie...more

Director Cordray rehashes history behind CFPB’s creation and its final regulations

On March 30, Director Cordray gave his annual speech to the United States Chamber of Commerce’s 11th Annual Capital Markets Summit.  His prepared remarks focused on the CFPB’s role in adopting regulations....more

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