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Top 5 Things the Financial Industry Needs to do in Response to the CFPB’s Proposed Arbitration Rule

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more

CFPB’s Proposed Rule Banning Use of Pre-Dispute Arbitration Agreements to Block Consumer Class Actions Signals New Wave of Class...

On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule which would prohibit application of pre-dispute arbitration agreements to class litigation involving a broad range of consumer...more

Implications of Madden v. Midland Funding

In earlier client OnPoints, we have provided a comprehensive review of recent developments in the U.S. affecting the marketplace lending industry, including the potentially far-reaching Madden v. Midland Funding, LLC case...more

Will Madden v Midland Disrupt Loan Sales and Platform Lending?

Where do marketplace lenders and secondary loan market participants find themselves on the issue of preemption of state usury laws after the June 27 denial of the petition for a writ of certiorari in Madden v. Midland by the...more

Debt Buyers Should Exhaust All Avenues When Investigating Credit Report Disputes

Last week, the 11th Circuit issued an opinion reversing and remanding a prior decision from the United States District Court for the Southern District of Georgia related to the proper verification of debts when a consumer...more

Controversial New Jersey Consumer Protection Law Creates a Potential “Gotcha” for E-Commerce Companies

If your company is involved in selling products or services to consumers in New Jersey over the web or through mobile apps, you’ll want to read this blog post....more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

A right in Germany to sell through online marketplaces?

On 18 July 2016, Germany moved another step closer to enshrining a right for distributors in selective distribution systems to sell over online marketplaces. This is not sudden move by the German courts, in fact we have...more

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

ABA to sponsor July 20 program on CFPB arbitration proposal

On July 20, 2016, from 11:00 AM – 12:00 PM ET, the American Bar Association is sponsoring a program, “CFPB’s Proposed Arbitration Ban — What You Need To Know.” The panelists will discuss the pros and cons of the CFPB’s...more

Madden Uncertainty Remains for Secondary Loan Market

The US Supreme Court last week delivered another blow to the unsteady secondary loan market industry by denying a request for certiorari in an important case for banks and buyers and sellers of loans and other debt...more

Mobilising competition class actions in the UK

On 25 May 2016, the National Pensioners Convention (NPC) issued formal proceedings at the Competition Appeals Tribunal (CAT) in London against Pride Mobility Products (Pride) on the grounds of anticompetitive conduct. This is...more

Banks and Marketplace Lenders Absorb a Blow

In a blow to banks and the marketplace lending industry, on June 27, 2016, the U.S. Supreme Court denied the petition by Midland Funding to hear the case Midland Funding, LLC v. Madden (No. 15-610). That case involves a...more

The Best Defense is a Good Strategy: Planning for the Arbitration Rule

On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) held its fourth field hearing on Arbitration and issued a proposed Rule that would prohibit the use of arbitration clauses that block consumers’ participation...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

NC Attorney General Reaches $9 Milllion Settlement With "American Indian Business" Western Sky Over Usurious Loans

You will remember the North Carolina Attorney General's lawsuit against Western Sky Fin'l, LLC. It generated an opinion from the Business Court last year in which Judge McGuire enjoined the Defendants from making further high...more

Another Road Bump for Consumer Arbitration Clauses in New Jersey

On June 14, 2016, the New Jersey Supreme Court issued yet another consumer friendly decision that further impedes the ability to enforce an arbitration agreement under New Jersey law. In a 5-1 decision, the Court in Dever v....more

Narrowing the Gap for the Price-Cost Test: Lessons From Eisai v. Sanofi-Aventis

For companies that rely on price discounting as a sales and marketing tool, navigating antitrust risk can be difficult. Lower prices always benefit customers in the short run, but economic theory creates room for plaintiffs...more

Third Circuit: The Repossession of Your Car as Collateral on a Usurious Loan is Not an FDCPA Violation

The U.S. Court of Appeals for the Third Circuit recently held that a repossession company did not violate the Fair Debt Collection Practices Act (“FDCPA”) when it repossessed the defaulting debtor’s car, even though the loan...more

Supreme Court of Texas; Recent Texas Home Equity Lending Decisions

On May 20, 2016, the Supreme Court of Texas (the "Court") issued its opinions in two cases involving Texas home equity lending – Garofolo v. Ocwen Loan Servicing and Wood v. HSBC Bank USA. The decisions are important for the...more

Trump University Playbooks Get Trumped By Trade Secrets Law

Chances are over the last several days you’ve heard presidential-hopeful Donald J. Trump express his displeasure with a certain federal judge sitting on the bench in the U.S. District Court for the Southern District of...more

New CFPB Rules Threaten More Consumer Class Actions Against Financial Institutions

Recently, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on proposed rules that would significantly change two aspects of consumer finance dispute resolution. ...more

Update: Midland Funding v. Madden

In an amicus curiae brief, the US Solicitor General recommends that the petition for certiorari in Madden be denied, but agrees that the Second Circuit’s decision is incorrect and emphasizes the importance of banks being able...more

Justice Department Sides With Financial Industry on Madden Case

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

SCOTUS decides FDCPA case

On May 16, 2016, the U.S. Supreme Court unanimously held in Sheriff v. Gillie that an independent contractor to the Ohio Attorney General (OAG) did not mislead consumers in violation of the Fair Debt Collection Practices Act...more

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