On September 14, 2021, the United States Court of Appeals for the Fifth Circuit held that One Technologies, L.P. (One Tech) did not waive its right to compel arbitration of plaintiff’s federal claim under the Credit Repair...more
9/30/2021
/ Appeals ,
Arbitration ,
Binding Arbitration ,
Contract Terms ,
Credit Reports ,
Jurisdiction ,
Motion to Compel ,
Motion to Dismiss ,
Remand ,
Reversal ,
State Law Claims
On June 25, 2021, the United States Supreme Court issued a decision in Transunion v. Ramirez that provides further guidance on the thorny issue of class member standing. The case involved a class of 8,185 individuals whose...more
7/6/2021
/ Article III ,
Class Action ,
Class Members ,
Credit Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Injury-in-Fact ,
SCOTUS ,
Standing ,
TransUnion ,
TransUnion LLC v Ramirez
On May 14, 2021, the Seventh Circuit United States Court of Appeals issued a decision reaffirming the rule from “a slew of cases” that, without injury, a Fair Debt Collection Practices Act (FDCPA) claim alleging a bare...more
6/2/2021
/ Appeals ,
Article III ,
Corporate Counsel ,
Debt Collection ,
Debt Collectors ,
Dismissals ,
FDCPA ,
Financial Services Industry ,
Injury-in-Fact ,
Spokeo v Robins ,
Standing
On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release and proposed rule requesting public comment on proposed amendments to Regulation X which “would establish a temporary COVID-19 emergency...more
4/20/2021
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Foreclosure ,
Loan Modifications ,
Mortgage Servicers ,
Mortgages ,
Proposed Rules ,
Public Comment ,
Regulation X
On February 25, 2021, the United States District Court for the District of Kansas issued an opinion granting summary judgment in favor of CardX, LLC (CardX), and found unconstitutional “a Kansas law that prohibits sellers...more
In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more
1/29/2021
/ Anti-Money Laundering ,
Appeals ,
Banking Sector ,
Biden Administration ,
Borrowers ,
Carried Interest ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Debt Relief ,
Debtors ,
Digital Assets ,
Enforcement Actions ,
Fair Access to Credit ,
FDIC ,
Fees ,
Final Report ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Internal Revenue Code (IRC) ,
Lenders ,
Misrepresentation ,
Mortgage Lenders ,
New Rules ,
OCC ,
Popular ,
Public Comment ,
Regulatory Freeze ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Student Loans ,
Supervisory Guidance ,
Suspicious Activity Reports (SARs) ,
Unlawful Practices ,
Unregistered Securities ,
Virtual Currency
On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA). According the CFPB’s press release, the purpose of the new final rule...more
In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited purpose national bank could be organized...more
1/15/2021
/ Banking Sector ,
Capital Rules ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Instruments ,
Disclosure Requirements ,
Employee Stock Purchase Plans ,
Federal Trade Commission (FTC) ,
Filing Deadlines ,
Incentive Stock Options ,
Interpretive Letters ,
MD&A Statements ,
New Guidance ,
OCC ,
Paycheck Protection Program (PPP) ,
SBA ,
TCPA ,
Terms of Service ,
U.S. Treasury
On December 8, 2020, the United States Supreme Court held oral argument in the case of Facebook, Inc. v. Duguid, No. 19-511, concerning the circuit split over what type of equipment qualifies as an “automatic telephone...more
In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more
11/12/2020
/ Banking Sector ,
Banks ,
Blockchain ,
Board of Directors ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Settlement Services ,
Disclosure ,
Diversity ,
Enforcement Actions ,
FDCPA ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Interest Rates ,
Joint Statements ,
Libor ,
Loans ,
New Guidance ,
New Rules ,
No-Action Letters ,
OCC ,
Payday Loans ,
PayPal ,
Publicly-Traded Companies ,
Real Estate Transactions ,
Shareholders ,
Small Dollar Lenders ,
Student Loans ,
Telemarketing Sales Rule ,
Title Insurance
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA). According the CFPB’s press release, the new final rule is designed “to...more
In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more
10/22/2020
/ Asset Management ,
Auditor Independence ,
Audits ,
Bank Holding Company ,
Banking Sector ,
Brokers ,
Capital Rules ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Depository Institutions ,
Enforcement Actions ,
Executive Orders ,
Exemptions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Stimulus ,
FinCEN ,
Finders ,
Fund of Funds ,
Gifts ,
GSE ,
Insurance Fraud ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Liquidity ,
Marketing Services Agreements ,
Net Stable Funding Ratio (NSFR) ,
OCC ,
Promotional Items ,
Regulation S-X ,
Regulation X ,
Relief Measures ,
Reporting Requirements ,
RESPA ,
Robocalling ,
Rule 12d1-4 ,
Section 8 ,
Securities and Exchange Commission (SEC) ,
TCPA ,
TLAC ,
Trump Administration ,
UDAAP ,
Unemployment Insurance ,
Unfair or Deceptive Trade Practices
On September 28, 2020, Judge Martin C. Feldman of the United States District Court for the Eastern District of Louisiana issued an important decision that could impact Telephone Consumer Protection Act (TCPA) litigation...more
On September 27, 2016, the Kentucky Attorney General announced that on September 15, 2016, a Franklin Circuit Judge ordered a Florida-based student loan company to cease all operations in Kentucky. The Attorney General’s...more
On August 19, 2016, the Kansas Attorney General announced a settlement with a Michigan-based auto credit company for “improperly disclaiming warranties in contracts with Kansas consumers in violation of the Kansas Consumer...more
On September 21, 2016, a mortgage lender settled an action brought by the Massachusetts Commissioner of Banks by stipulating to the entry of a consent order to resolve claims of “alleged non-compliance with applicable...more
On September 7, 2016, the Massachusetts Attorney General announced a settlement with an insurance company requiring “refunds for Massachusetts homeowners whose mortgage lenders wrongly force-placed the consumers with [the...more
On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, pursuant to a Consent Order, a national bank agreed to make full restitution to consumers and pay the CFPB a $100 million fine because many...more
On June 21, the Attorney General for the District of Columbia announced a settlement with a debt collector for alleged violations of the District’s debt collection and consumer protection laws. Specifically, the District...more
On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers. The...more
The regulatory authority of the U.S. Commodity Futures Trading Commission (“CFTC”) covers “options” which are adroitly defined as “transaction(s) . . . held out to be of the character of, or . . . commonly known to the trade...more
Sterling Suffolk Racecourse, LLC (“Sterling Suffolk”), Wynn MA, LLC (“Wynn”), and Crossroads Massachusetts, LLC (“Crossroads”) are the three applicants competing for one resort casino license in Eastern Massachusetts. All...more