Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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Latest Publications


"Phantom" Debt Collectors Actually Sued by FTC, Banned From Business

Why it matters - The operators of a scam that processed more than $5.2 million in payments from consumers for payday loans that were not owed to the operators are now banned from the debt collection business, the Federal...more

10/6/2015 - Criminal Prosecution Debt Collection Debt Collectors DOJ Enforcement Actions FTC FTCA Guilty Pleas Mail Fraud Misrepresentation Payday Loans Personally Identifiable Information Prison Redress Payments Scams Section 5 Wire Fraud

Deferred-Interest Loan Products Cost Issuer $700,000 in CFPB Deal

Why it matters - Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more

9/25/2015 - CFPB Credit Cards Creditors Deferred Interest Products Dodd-Frank Enforcement Actions Loans Settlement Agreements Terms and Conditions Third-Party Unfair or Deceptive Trade Practices

DoD Releases Final Military Lending Act Regulations

The Department of Defense (DoD) released its final rule amending the implementing regulations of the Military Lending Act (MLA), incorporating a broader range of credit products under its coverage and potentially implicating...more

8/20/2015 - CFPB Credit Cards DOD Final Rules FTC Loans Military Lending Act

Something Else to Complain About: CFPB to Share Monthly "Snapshot" of Consumer Complaints

Why it matters - Already unhappy with the Consumer Financial Protection Bureau's (CFPB) creation of a public database of complaints featuring consumer narratives, financial institutions now have even more to worry about:...more

8/17/2015 - CFPB Consumer Complaint System Credit Cards Databases Debt Collection Mortgages

Treasury Department: Tell Us More About Online Marketplace Lending

Why it matters - Raising the possibility of regulation, the Department of the Treasury has published a Request for Information (RFI) regarding online marketplace lending (also called peer-to-peer lending), seeking...more

7/31/2015 - Corporate Counsel Credit Agreements Financial Services Industry Loans Online Marketplace Lending Request For Information Treasury Young Lawyers

CFPB Releases Final Rule for Nonbank Auto Lenders Oversight

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its final rule providing oversight of larger participants in the nonbank auto-financing ecosystem, along with examination procedures for covered...more

7/7/2015 - Automotive Loans CFPB Nonbank Firms

NBA Doesn’t Preempt State Usury Claims Against Assignee of National Bank, Second Circuit Rule

Why it matters - In a potentially troubling ruling, the Second Circuit Court of Appeals refused to find the National Bank Act (NBA) preempted state law usury claims against an assignee of a national bank. In a putative...more

6/19/2015 - Banks Credit Cards Debt Collection Debt Collectors National Bank Act Preemption Usury

PayPal to Pay $25M to Resolve CFPB Allegations of “Abusive” Conduct in First Action Against Online Payments Company

Why it matters - In a not-unexpected announcement, the Consumer Financial Protection Bureau (CFPB) revealed a $25 million settlement with PayPal resolving allegations that the company illegally signed consumers up for...more

6/10/2015 - CFPB Consumer Credit Protection Deferred Interest Products Dodd-Frank Financial Institutions Late Fees PayPal Popular

Financial Services Weekly News Roundup - May 2015 #4

CFPB Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress - Why it matters: In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5...more

5/29/2015 - Banks CFPB Choke Point Department of Financial Services FinCEN Overdraft Fees Preemption UK Virtual Currency Whistleblowers

CFPB: Military Allotment Processor to Pay More Than $3M

Why it matters - A military allotment processor will pay $3.065 million for charging servicemembers millions of dollars in hidden, recurring fees, the Consumer Financial Protection Bureau (CFPB) has announced. Fort...more

5/13/2015 - CFPB Enforcement Actions Hidden Fees Military Allotments Military Service Members

California’s DBO Targets Payday Lenders, With a Little Help From Search Engines

Why it matters - At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more

5/8/2015 - Advertising Department of Business Oversight Lenders Online Advertisements Payday Loans

eBay Facing Possible CFPB Lawsuit

Why it matters - A recent filing by eBay with the Securities and Exchange Commission (SEC) included some litigation news: the company may be facing a lawsuit from the Consumer Financial Protection Bureau (CFPB) over...more

4/30/2015 - CFPB Civil Investigation Demand eBay PayPal Popular SEC

CFPB Proposes Regulation of Small Loans

Why it matters - The Consumer Financial Protection Bureau (CFPB) introduced a new proposal that would increase regulation of not only payday loans but also vehicle title loans and some types of installment loans. The...more

4/28/2015 - CFPB Debt Collection Payday Loans

Financial Services Law - April 2015

This special edition of the Financial Services Law Newsletter includes a series of blog posts written by Peer-to-Peer Lending and Crowdfunding partner Brian S. Korn for the LendItUSA 2015 conference to be held April 13-15 in...more

4/14/2015 - Blue Sky Laws Crowdfunding IPO JOBS Act Peer-to-Peer Personal Guaranties Preemption Real Estate Investments Regulation A Small Business

CFPB Releases Arbitration Study; Is Regulation Far Behind

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its long-awaited study of arbitration clauses in consumer finance agreements, reporting that based on its research, such provisions have the...more

4/6/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Financial Products Consumer Lenders Mandatory Arbitration Clauses

CFPB Leaders Discuss Bureau’s Approach To Enforcement

Why it matters: In recent weeks, both Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Deputy Director Steven Antonakes have provided insight about the Bureau’s operations. Antonakes discussed the...more

3/13/2015 - CFPB Enforcement Enforcement Actions

CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

3/3/2015 - CFPB Consumer Financial Products Enforcement Actions Military Service Members Mortgage Lenders Veterans Administration

Subprime Credit Card Company Ordered to Pay $3M by CFPB

Why it matters - Pursuant to a consent order entered into with the Consumer Financial Protection Bureau (CFPB), Continental Finance Company must refund $2.7 million to approximately 98,000 customers and pay a $250,000...more

3/2/2015 - CARD Act CFPB Consent Order Consumer Financial Products Credit Cards Excessive Fees Misrepresentation

FTC Takes First Action Against Car Title Lenders

Why it matters - In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more

2/17/2015 - Advertising CFPB Enforcement Actions False Advertising FTC Payday Loans Title Lender

First State Regulator Case Under Dodd-Frank Yields $12M Deal in New York

Why it matters - The first case brought by a state regulator under Section 1042 of the Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in a consent judgment, with an auto lender agreeing to pay up to...more

2/5/2015 - Automotive Industry Automotive Loans Civil Monetary Penalty Consent Order Dodd-Frank NYDFS TILA

Pass Or Fail? CFPB Seeks to Grade Financial Institutions Working With Schools

Why it matters - Under a new proposal from the Consumer Financial Protection Bureau (CFPB), financial companies would be graded on a “scorecard” for their offerings to students. The “Safe Student Account Scorecard”...more

2/3/2015 - Banking Sector CFPB Educational Institutions Financial Institutions

CFPB Releases Proposed Prepaid Product Rule

Why it matters - The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more

12/17/2014 - American Express CFPB Credit Cards Prepaid Payment Products Savings Plans

CFPB’s Supervisory Highlights Document Mortgage, Student Loan Violations

Why it matters In the latest edition of The Bureau of Consumer Financial Protection (CFPB) Supervisory Highlights, the Bureau reported continuing violations in several markets. The Fall 2014 report, which covers...more

11/26/2014 - Audits CFPB Debt Collection Electronic Fund Transfer Act FCRA Information Reports Mortgage Servicers Popular Regulation E

Beware of Civil Copycat Suits Following Agency Enforcement Actions

Why it matters - Over the years, companies and individuals that have been the subject of enforcement actions by the Federal Trade Commission, state attorneys general, or other agencies have often found themselves on...more

11/13/2014 - CFPB Corporate Counsel Enforcement Actions FTC Mortgage Loan Originators Popular Putative Class Actions RESPA TILA

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