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Your Daily Dose of Financial News

We now know what all of that law-enforcement activity around Caterpillar HQ in past weeks. A government report out this week reveals that investigators are targeting CAT for tax and accounting fraud, though no charges have...more

Nutter Bank Report, February 2017

CFPB Fines Mortgage Lender for Violating the RESPA Anti-Kickback Rule The Consumer Financial Protection Bureau (“CFPB”) has taken enforcement action in the form of a consent order against a mortgage lender, including...more

Northern District of Illinois Strikes TCPA Class Allegations

Earlier this month, the Northern District of Illinois struck the class allegations in Cholly v. Uptain Group, Inc., a single-count TCPA case filed against a medical services provider and a debt collector based on allegedly...more

Community Banks Should Be Wary of ADA Claims

A number of community banks have recently received an unpleasant delivery: a demand letter from a law firm stating the bank is not in compliance with the Americans with Disabilities Act (the ADA) and suggesting a proposed...more

Magistrate Judge Had Authority To Enter Final Judgment Without Consent Of Absent Class Members But Abused Discretion In Approving...

The Ninth Circuit held that a magistrate judge was not required to obtain the consent of absent class members to approve a settlement in a Fair Debt Collection Practices Act (FDCPA) case and to enter a final judgment after...more

Class Action Against Lending Club and WebBank Headed to Defeat

On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...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

California Supreme Court Declines to Extend Tribal Sovereign Immunity to Payday Lending Businesses

On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...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

Sixth Circuit Reverses Defendant’s TCPA Class Action Win

This case is more than merely an appellate adjudication of a TCPA case. It’s an announcement of class certification law by the Sixth Circuit Court of Appeals....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

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

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

Central District of California Subjects CFPB Telemarketing Sales Rule Claims to Rule 9(b)’s Heightened Pleading Standards

In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries...more

TCPA Update - November 2016

D.C. Circuit Hears Argument on FCC Petitions - On October 19, Judges Srinivasan and Pillard and Senior Judge Edwards of the D.C. Circuit heard argument in ACA International v. FCC, which addressed several consolidated...more

Georgia Supreme Court Rejects Attempts to Narrow State Payday Lending Act

Last week, in Western Sky Financial v. State of Georgia, the Georgia Supreme Court issued a decision rejecting challenges to the state's Payday Lending Act (the "Act") and affirming the denial of a motion to dismiss claims...more

Spokeo Gets Lyft Off

The Northern District of California dismissed a Fair Credit Reporting Act case against Lyft upon finding that plaintiff lacked Article III standing based on the Supreme Court’s decision in Spokeo, Inc. v. Robins, 136 S. Ct....more

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Consumer Financial Services Newsletter - October 2016

Courts Are Giving "Standing" Teeth After Spokeo - Since the U.S. Supreme Court ruling in Spokeo, Inc., v. Robins, courts have further clarified and interpreted the Spokeo decision. Spokeo held that (i) in order to...more

Second Circuit Upholds Refusal To Compel Arbitration Due To Unavailable Forum, Recognizing Split In Federal Circuits

A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more

Key TCPA Ruling Rejects Plaintiff for Lack of Standing

In a positive development for financial institutions and other businesses looking to communicate with customers via phone, a federal district court dismissed a Telephone Consumer Protection Act (TCPA) suit based on the...more

Arguing that CashCall was the "True Lender", CFPB Successfully Challenges High Interest Loan Program

On August 31, a federal district court in California ruled in favor of the U.S. Consumer Financial Protection Bureau (CFPB) on the application of "true lender" principles in the context of a tribal lending arrangement. The...more

The Solicitor General Weighs in on Madden v. Midland

The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

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