General Business Finance & Banking Consumer Protection

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Loan Modification Differences Continue to Preclude Class Certification

Last month, the United States District Court for the Eastern District of California issued the latest in a string of decisions denying class certification in cases of alleged misconduct regarding residential mortgage loan...more

Financial Markets Disputes and Regulatory Update - Winter 2015/Spring 2016

In this edition of our Financial Markets Disputes and Regulatory Update, we have considered the key financial markets cases and banking-related regulatory action from the second half of 2015, and distilled them into a list of...more

Fair Lending Year in Review – 2015

2015 was an action-packed year for fair lending, including a long-anticipated Supreme Court decision on disparate-impact claims under the Fair Housing Act (“FHA”), record-breaking redlining settlements, a new round of...more

CFPB and DOJ Enter Fourth Enforcement Order Against Indirect Auto Lender Based On Discriminatory Loan Pricing Policies

On February 2, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) announced entry of a consent order against Toyota Motor Credit (TMC), the U.S. financing arm of Toyota Motors' subsidiary Toyota...more

Another auto finance company agrees to change dealer compensation policy to settle ECOA claims alleged by CFPB and DOJ

The CFPB and Department of Justice (the “Agencies”) announced recently that they have entered into a settlement with Toyota Motor Credit Corporation (TMCC) to resolve charges that TMCC engaged in unlawful discrimination in...more

PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application....more

Changes to the Annual Privacy Notice Delivery Requirement

As a result of recent changes to federal privacy laws, financial institutions—such as registered investment advisers, exempt reporting advisers, commodity trading advisers, registered broker-dealers and private funds—may no...more

Securities Law Considerations in Online Marketplace Lending

Online lending marketplaces have recently emerged as a prominent feature in credit markets. The rapid growth of the marketplace lending industry is reflected in the profusion of names that have been used to describe this type...more

CFPB and DOJ Continue Aggressive and Controversial Enforcement Efforts Against Indirect Auto Lenders with Enforcement Action...

On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit)...more

FinTech Focus: New European Directive on Payment Services (PSD2) Comes into Force

On 12 January 2016, the long-awaited revised Payment Services Directive (“PSD2”) came into force in Europe. This replaces the Payment Services Directive (“PSD”) that has been in place since 2007. The deadline for EU member...more

US Loan Market Adapts to European Bail-In Directive

LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules. European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more

House Financial Services Committee: CFPB Removed Safeguards to Achieve Political Goals

On January 20, Republicans on the House Committee on Financial Services issued a report alleging that the CFPB removed a number of safeguards from the claims process after it secured its first settlement with an auto finance...more

CFPB Takes Action Against Colorado-Based “Buy-Here Pay-Here” Auto Dealer

On January 21, the CFPB filed a consent order to resolve allegations that a Colorado-based subprime auto dealer violated the TILA and the CFPA by engaging in abusive financing and marketing schemes. Specifically, the CFPB...more

Will Assignee Liability Increase as FTC Seeks Comments on the Holder Rule?

The “Adam’s Rib” of assignee liability ? the “Holder Rule” issued by the Federal Trade Commission (“FTC”) in 1976 ? is up for review. Imposing liability on innocent purchasers of consumer credit loans for the legal violations...more

Dodd-Frank News: January 2016: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

House Votes to Protect Indirect Auto Lending Against CFPB

On November 18, 2015, the House of Representatives passed the Reforming CFPB Indirect Auto Financing Guidance Act by a vote of 332 to 96. Although the Act has not received much fanfare, its aim is significant: proponents hope...more

CFPB in 2016

A new year is upon us and what better resolution for the financial services industry than thinking ahead and planning for the CFPB's potential agenda in 2016? After the flurry of mortgage activity in both 2014 and 2015,...more

Your daily dose of financial news The Brief – 1.26.16

Quick recap: another Monday, another rough start to a trading week in what’s turned into an ugly pattern for the year – WSJ... Which, coupled with more pessimism about the Chinese economy, helped drive stocks down in...more

CFPB announces consent order with buy-here pay-here used car dealer

The CFPB has announced that it has entered into a consent order with a Colorado buy-here pay-here used car dealer to settle charges that the dealer’s sales and advertising practices violated the Truth in Lending Act and the...more

Recent Case Law Hints at Possible Additional Defenses for Auto Finance Companies Hit With Debt Collection Lawsuits

According to the Consumer Financial Protection Bureau (CFPB), debt collection is the leading source of consumer complaints. Many debt collection statutes, including the Fair Debt Collection Practices Act (FDCPA), provide for...more

The Moronta Decision in Massachusetts – Determining A Borrower’s Ability To Repay

A recent decision by the Massachusetts Court of Appeals highlights some of the challenges lenders may face when seeking the dismissal of allegations of unfair and deceptive lending practices in connection with a loan that...more

CFPB Compliance Bulletin Outlines Requirements for Automatic Debit Authorization

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin reminding covered entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E to obtain...more

UK Financial Regulatory Developments - January 2016 #5

ESAs correct PRIIPs KID formulae - The European Supervisory Authorities (ESAs – EIOPA, ESMA and EBA jointly) have published corrections to two of the formulae in their consultation on draft regulatory technical standards...more

Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk

The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a...more

Consumer Groups Urge CFPB to Investigate T-Mobile’s ‘No-Contract’ Marketing

In early December, several consumer groups joined in a letter asking the Consumer Financial Protection Bureau (CFPB) to investigate T-Mobile over allegedly misleading advertisements and abusive debt collection practices. The...more

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