Michael Thurman

Michael Thurman

Loeb & Loeb LLP

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CFPB Sues For-Profit College Giant ITT, Alleging Strategy of Abusive Lending Practices

After signaling its intention to crack down on deceptive marketing and predatory lending practices by for-profit colleges, the Consumer Financial Protection Bureau has filed its first enforcement action in this arena. The...more

3/14/2014 - CFPB Dodd-Frank Fair Lending Paying For College Predatory Lending Regulation Z Student Loans Unfair or Deceptive Trade Practices

Justice Department and CFPB Announce $98 Million Settlement of Auto Lending Discrimination Allegations

The U.S. Department of Justice and the Consumer Financial Protection Bureau recently announced a $98 million settlement - the largest auto loan discrimination settlement to date - resulting from a nearly yearlong...more

1/13/2014 - Automotive Loans CFPB Discrimination DOJ

Back to the Future: The CFPB’s Arbitration Report Could Signal a Return to the Days Before Concepcion

The “preliminary” report on consumer arbitration issued late last year by the Consumer Financial Protection Bureau appears to be another marker along the road leading to the end of alternative dispute resolution as a primary...more

1/7/2014 - Arbitration Arbitration Agreements AT&T Mobility v Concepcion CFPB Class Action Arbitration Waivers SCOTUS

Hold the Phone: Dramatic Increase in California "Illegal Recording" Class Actions

We have recently observed a dramatic uptick in California consumer class actions alleging that businesses have illegally recorded telephone conversations between consumers and customer service, telemarketing and/or...more

8/13/2013 - Audio Recording Cell Phones Class Action Fourth Amendment Right to Privacy Tape Recordings

CFPB Will Apply FDCPA Rules to Businesses That Collect Their Own Debts

Congress enacted the Fair Debt Collection Practices Act (FDCPA) in 1977 to protect consumers from unfair debt collection practices by third parties that were hired to collect debts on behalf of others. ...more

7/25/2013 - CFPB Debt Debt Collection Debtors FDCPA Harassment UDAAP

California Enacts Fair Debt Buying Practices Act, Imposing New Documentation Requirements in Actions to Collect on Debts

Following unanimous votes in the State Assembly and Senate, California Governor Jerry Brown approved the enactment of the state’s Fair Debt Buying Practices Act (S.B. 233). The Act, which will apply to debt sold or resold on...more

7/23/2013 - Consumer Fraud Debt Debt Collection Fair Debt Buying Practices Act Jerry Brown Required Documentation

California Court Denies Defendant's Challenge to CFPB Enforcement Authority

A California district court judge has denied a defendant's challenge to the authority of the Consumer Financial Protection Bureau to bring a civil enforcement action against the defendant in federal court. Judge Percy...more

7/22/2013 - CFPB Enforcement Actions Loan Modifications Recess Appointments Waivers

Confirmation of Director Cordray Could Substantially Increase CFPB Enforcement Activity

This week's Senate confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau could have immediate consequences for the CFPB's Enforcement Division and for businesses that have been accused of...more

7/18/2013 - CFPB Compliance Enforcement Actions Recess Appointments Richard Cordray

CFPB Discloses Use of "Proxy Data" in Identifying Discriminatory Auto Lending Practices

Consumer Financial Protection Bureau Director Richard Cordray recently provided a letter response to an inquiry from Democratic members of the House Committee on Financial Services requesting information about the Bureau's...more

7/18/2013 - Automotive Loans CFPB Discrimination Lending Racial Discrimination Richard Cordray

Supreme Court Will Resolve Questions About Obama Recess Appointments and CFPB Authority

As anticipated, the United States Supreme Court has granted certiorari in National Labor Relations Board v. Noel Canning, signaling the next chapter in the challenges that have been raised as to the legitimacy of certain...more

7/9/2013 - Barack Obama Canning v NLRB Certiorari CFPB FTC NLRB Recess Appointments Richard Cordray SCOTUS

CFPB Issues Rule for Supervising Nonbanks That Allegedly Pose Risks to Consumers

The Consumer Financial Protection Bureau has issued a new rule outlining procedures for notifying nonbanks that they are being considered for CFPB supervision. The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

7/5/2013 - CFPB Consumer Protection Act Dodd-Frank Financial Products Liability Notice Requirements SEC

CFPB Issues Guidance to Businesses for Possibly Avoiding or Reducing Enforcement Liability

The Consumer Financial Protection Bureau has issued the bulletin “Responsible Business Conduct”, providing guidance to individuals and businesses within its enforcement authority on four categories of “responsible conduct”...more

7/2/2013 - CFPB DOJ Enforcement Actions Responsible Business Conduct SEC

Supreme Court Enforces Arbitration Provision Barring Merchants From Bringing Class Action Antitrust Claims Against American...

The United States Supreme Court has issued a divided (5-3) decision in American Express Co. v. Italian Colors Restaurant, reaffirming the Court’s long-standing inclination to enforce contractual arbitration agreements....more

7/2/2013 - American Express American Express v Italian Colors Restaurant Arbitration Arbitration Agreements Class Action Class Action Arbitration Waivers Federal Arbitration Act SCOTUS Sherman Act The Clayton Act

CFPB Investigation Leads to First Criminal Referral to DOJ

Following the Consumer Financial Protection Bureau's investigation into the alleged fraudulent practices of a debt relief company, the CFPB and the U.S. Attorney's Office for the Southern District of New York announced the...more

5/24/2013

CFPB Issues Rules Governing Use of Civil Penalty Funds

One of the most intriguing aspects of the new Consumer Financial Protection Bureau is the agency's novel power not only to assess civil penalties against those entities that violate its rules and federal consumer laws, but...more

5/22/2013 - CFPB Civil Monetary Penalty Dodd-Frank

Third Circuit Holds Another Recess Appointment Unconstitutional: Implications for the CFPB

Just two months after the District of Columbia Circuit Court of Appeals ruled in Canning v. National Labor Relations Board that President Barack Obama's January 2012 appointment of three new members of the National Labor...more

5/20/2013 - Canning v NLRB NLRB Recess Appointments

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

4/16/2013 - CFPB Consent Order Enforcement Actions Insurance Companies Investigations Lenders Mortgages RESPA Settlement

CFPB Announces Plans to Hold Auto Lenders Liable for Discriminatory Loans

The Consumer Financial Protection Bureau issued a guidance bulletin announcing that it will treat indirect auto lenders as creditors subject to the Equal Credit Opportunity Act (ECOA). The March 21 bulletin follows the CFPB's...more

4/3/2013 - Automotive Industry Car Dealerships CFPB Discrimination Disparate Impact ECOA Fair Lending Interest Rates Regulation B

Your Complaints Just Went Public! The CFPB Expands Online Access to Consumer Complaint Data

Keeping its promise to make consumer complaints available for all the consumer financial products and services it oversees, the Consumer Financial Protection Bureau yesterday announced that it has added some 90,000 additional...more

4/1/2013 - CFPB Consumer Complaint System Credit Cards Mortgages Student Loans

House Financial Services Committee Chair Challenges CFPB Funding

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) sent a letter March 8 to Federal Reserve Board Chairman Ben Bernanke challenging the Fed's funding of the Consumer Financial Protection Bureau. Hensarling's...more

3/27/2013 - Ben Bernanke Canning v NLRB CFPB Federal Funding Funding Richard Cordray

High Court Rules Pre-Certification Damages Stipulation Cannot Defeat Federal Jurisdiction Arising Under the Class Action Fairness...

In a much-anticipated ruling that could significantly restrict the efforts of class action plaintiffs and their lawyers to avoid litigating in federal court, the United States Supreme Court unanimously ruled that a named...more

3/27/2013 - Amount in Controversy CAFA Class Action Class Certification Damages Jurisdiction SCOTUS

Better Business Bureau Shuts Down Southern California Chapter

The Better Business Bureau has announced that it has expelled its Southern California chapter following years of allegations that the local unit fostered a "pay for play" environment, requiring businesses to pay membership...more

3/27/2013 - Better Business Bureau Fraud Pay-To-Play

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

The Consumer Financial Protection Bureau has announced its intention to oversee the nation's largest nonbank loan servicers, which service more than one million accounts each year, in the higher education loan market. While...more

3/27/2013 - CFPB Dodd-Frank Loan Servicing Student Loans

Follow-On Shareholder Suits After CFPB Settlements - From the Experts

Originally published in Corporate Counsel on March 4, 2013. Federal regulators landed the first blow: Several major credit card companies paid more than half a billion dollars in customer restitution and fines as part of...more

3/21/2013

FTC Releases Annual List of Top Consumer Complaints: Identity Theft, Debt Collection, Banks and Lenders, and Credit Cards Make Top...

The Federal Trade Commission has released its annual report listing the top consumer complaint categories for 2012. Identity theft once again topped the list, representing 18 percent of consumer complaints. The overall number...more

3/11/2013 - Credit Cards Debt Collection Fraud FTC Identity Theft

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