Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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Midland Has Appealed to the U.S. Supreme Court

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court. We have been following the Madden v. Midland Funding case as it makes its way through the court system....more

11/19/2015 - Lenders Madden v Midland Funding Midland Funding Online Marketplace Lending SCOTUS

CFPB Rushes to Aid of RushCard Customers; Will Industry Face Fallout?

Why it matters - A recent technical glitch for a major prepaid card could result in greater oversight for the industry as a whole. In October, consumers using prepaid RushCards were suddenly unable to access their funds....more

11/17/2015 - CFPB Late Fees Payment Processors Prepaid Payment Products Putative Class Actions

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more

11/3/2015 - CFPB Covered Entities Data Collection Dodd-Frank Fair Lending FFIEC Final Rules Financial Institutions HMDA HUD Mortgages Personal Data Public Disclosure Reporting Requirements Training

CFPB Launches New Battle: Proposal to Ban Arbitration Clauses Blocking Group Action

Why it matters - The Consumer Financial Protection Bureau (CFPB) has picked its next battle: a proposal to limit the terms of mandatory pre-dispute arbitration agreements in contracts involving consumer financial...more

10/30/2015 - Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Dodd-Frank Financial Institutions Mandatory Arbitration Clauses Proposed Regulation

CFPB Brings Another Auto Lender Action, This Time for $48M

Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more

10/21/2015 - Attorney Generals Automotive Loans Borrowers CFPB Civil Monetary Penalty Consent Order Debt Collection Dodd-Frank Enforcement Actions False Advertising FDCPA Final Rules FTC Material Disclosures Non-Bank Lenders Redress Payments Restitution Third-Party Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

"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 Institutions 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

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