Civil Procedure Finance & Banking Consumer Protection

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Stage Set for Ninth Circuit to Weigh in on “True Lender” Test

On January 3, 2017, the Central District of California issued an order in CFPB v. CashCall, Inc., No. 2:15-cv-07522 (C.D. Cal.) allowing the defendants to request an interlocutory appeal of its August 31, 2016, decision...more

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

The Intersection of Bankruptcy, Debt Collection and the Supreme Court

For years the interplay between the Bankruptcy Code and the Fair Debt Collection Practices Act (FDCPA) has vexed creditors and courts alike, leading to a split among the circuits as to whether the Bankruptcy Code preempts the...more

D.C. Circuit grants PHH’s motion for leave to file supplemental response

Last Friday, the D.C. Circuit entered an order granting PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the...more

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

CFPB settles FDCPA claims against debt collection law firms

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that...more

Allegedly Time-Barred Foreclosures Do Not Form Basis for FDCPA/FCCPA Lawsuits Outside Bankruptcy Context

In an order issued yesterday, Judge Dalton of the Middle District of Florida held that in a non-bankruptcy context, allegations that collection of a mortgage debt is barred by the statute of limitations do not form a...more

Call Volume Alone Does Not Necessitate a Violation of the FDCPA

A decision from a New Jersey district court serves as a reminder that call volume alone will not support a violation of the FDCPA. In Chisholm v. Afni, Inc., the issue before the court was “whether a series of 18 telephone...more

NAIC Draws Line In CFPB Sand Box

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban of “mandatory arbitration” clauses that make financial product consumers waive their right...more

State AGs seek to intervene in CFPB enforcement action to modify settlement terms

The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action....more

NAIC Draws Line in CFPB Sandbox

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban on "mandatory arbitration" clauses that make financial product consumers waive their right...more

CFPB files SCOTUS amicus brief in FDCPA case on filing bankruptcy proof of claim on time-barred debt

The CFPB has filed an amicus brief in the U.S. Supreme Court in support of the respondent/consumer in Midland Funding, LLC v. Aleida Johnson, a decision of the Eleventh Circuit that held Midland’s alleged filing of an...more

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s...more

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s petition with the...more

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more

Middle District of Florida Defines Settlement Communications Allowed Under the FDCPA

On November 18, 2016, the United States District Court for the Middle District of Florida held that the communication of an unequivocal and non-coercive settlement offer does not violate the Fair Debt Collection Practices Act...more

Decision of U.S. Appeals Court and Election of Donald Trump Could Spell Doom for Power of CFPB

The power and independence of the Consumer Financial Protection Bureau (“CFPB”), the federal agency created by the Dodd-Frank Act to facilitate reform in the financial services sector, may be threatened as a result of two...more

CFPB enters into consent order with lender to settle claims alleging deceptive advertising and collection letters, unauthorized...

The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written...more

Seller Beware? Rise of Consumer Class Actions Under New Jersey’s TCCWNA Statute 

Nearly 35 years ago, New Jersey enacted the Truth-in-Consumer Contract Warranty and Notice Act (TCCWNA, pronounced “tic-wun-uh”), which provides additional protection for individual consumers who suffer harm as a result of...more

Non-profit group files FOIA action against CFPB for access to arbitration rule records

The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule. In its complaint filed in D.C. federal...more

Court Applies Heightened Pleading Standard to CFPB Complaint Alleging Deceptive Practices

On November 15, 2016, the Central District of California issued a ruling (subscription required) in CFPB v. Prime Marketing Holdings, LLC dismissing without prejudice four out of five claims on grounds that plaintiff CFPB had...more

D.C. Circuit to hold Feb. 2 argument on CFPB authority to issue CID to college accrediting organization

The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more

Financial Services Weekly News - December 2016 #2

Editor's Note - In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more

D.C. Circuit: Solicitor General and PHH can respond by Dec. 22 to CFPB’s petition for rehearing en banc

The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016.  The order also provides that PHH can file its response by...more

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more

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