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Ninth Circuit Rejects Director Cordray's Recess Appointment as Defense to CFPB Enforcement Action; Dissenting Judge Disagrees

Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more

7th Circuit Court of Appeals finds Article III Standing for P.F. Chang’s Plaintiffs

On April 14, 2016, the Court of Appeals for 7th Circuit reinstated plaintiffs’ action against P.F. Chang’s restaurant chain that arose out of the well-reported breach of payment card information. The action was previously...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

D.C. Circuit Appears Poised to Overturn First CFPB Enforcement Action to Reach the Court: Five Key Takeaways From Yesterday’s Oral...

Major financial firms almost never litigate with their regulators. As a result, regulators often take aggressive enforcement positions with little fear of judicial scrutiny. That’s been especially true for the Consumer...more

D.C. Circuit Judge Expresses Concern That CFPB Concentrates “Huge Power” in Single Director

Yesterday’s oral argument in the CFPB v. PHH Corporation appeal included sharp questioning about the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure, which the parties agreed...more

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more

Increased Regulations Spawn New Trade Associations

The 1st Amendment of the Constitution provides for the right of the people to peaceably assemble. Embedded in that right is the freedom of association; the right or ability of people to come together and collectively express,...more

Proactive Protection of Consumers or Premature Penalty? Consumer Financial Protection Bureau Bucks the Trend in Data Security...

Data breaches and cybersecurity attacks appear to be growing in frequency. Despite the increase in the number of such attacks, plaintiffs have found it difficult to establish a legal foothold for data breach claims, as...more

CFPB Poised to Continue Focused Scrutiny of Indirect Auto Lenders

Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the Department of Justice (DOJ) against Toyota Motor Credit Corporation (TMCC), an indirect auto lender, which,...more

Supreme Court Vacancy Leaves Spokeo Outcome Even More Uncertain

The consumer financial services industry is wondering how the sudden passing of United States Supreme Court Justice Antonin Scalia will affect the pending Spokeo, Inc. v. Thomas Robins case. Spokeo is a key case dealing with...more

Florida District Court Holds That Successor and Assign of Original Lender Has Standing to Enforce Jury Trial Waiver While Loan...

While California does not permit pre-dispute jury trial waivers, jury trial waivers are enforceable in many states. The U.S. District Court for the Southern District of Florida recently held in Thompson v. Caliber Home Loans,...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

Eleventh Circuit's Surcharge Ruling Sets up Possible Supreme Court Showdown

Why it matters - Setting the stage for a possible visit to the U.S. Supreme Court, the Eleventh Circuit Court of Appeals ruled that Florida's prohibition on imposing a surcharge on credit card purchases while...more

California Law and Background Screening

Happy post-Thanksgiving! News flash for the background screening industry as well as users of background checks in California. The California Supreme Court has agreed to consider whether the Investigative Consumer Reporting...more

Eleventh Circuit Strikes Down Florida’s No-Surcharge Law

On November 4, 2015, the Eleventh Circuit struck down Florida’s no credit-card surcharge statute as unconstitutional under the First Amendment. See Dana’s Railroad Supply v. Attorney General, Florida, No. 14-14426, 2015 WL...more

Supreme Court Hears Argument in Spokeo, a Case That Could Impact Many Statutory-Damages Class Actions

Article III of the U.S. Constitution extends the federal judicial power only to “Cases” and “Controversies.” The Supreme Court has long held that no case or controversy exists unless the party invoking federal jurisdiction...more

Supreme Court Conducts Oral Argument On Spokeo Case

On November 2, 2015, the United States Supreme Court conducted oral argument in a case that will decide the question of whether violation of a statute alone, without other “concrete” injury, can give a plaintiff access to...more

Supreme Court Hears Oral Argument In Spokeo

Last Monday, the Supreme Court heard argument in Spokeo, Inc. v. Robins, one of this Term’s closest-watched cases, especially in the data-privacy field. While attempting to “read the tea leaves” from oral argument can be...more

Florida “No Credit Card Surcharge” Law Unconstitutional, 11th Circuit Rules

A Florida law that prohibits merchants from imposing a surcharge on credit card purchases but allows a discount for cash purchases violates the First Amendment, a divided panel of the U.S. Court of Appeals for the 11th...more

Banking & Financial Services E- Note - October 2015

Last week the Federal Trade Commission ("FTC") issued its muchanticipated Staff Guidance on what sort of supervision states should provide to regulatory boards in order for those boards to qualify for antitrust...more

Risky times for some Internet lenders

A recent decision by the Minnesota Supreme Court serves as a painful reminder to Internet lenders of the perils of relying on choice-of-law provisions or arguments citing the Commerce Clause of the U.S. Constitution to avoid...more

Commerce Clause Does Not Prevent Minnesota from Regulating Internet Loans Made to State Residents, Minnesota Supreme Court Rules

The Minnesota Supreme Court has ruled that the Commerce Clause of the U.S. Constitution does not preclude Minnesota from applying its payday lending law to loans consummated in Delaware that are made to Minnesota residents...more

Keeping the Data-Breach Headlines In Perspective

From the Sony Pictures settlement, to the Ashley Madison debacle, data breaches are making big headlines of late. And when it comes to one case in particular — the data breach at luxury retailer Neiman Marcus (Remijas v....more

Second Circuit Rejects Constitutional Challenge to New York “No Credit Card Surcharge” Law

A New York state law that prohibits merchants from imposing a surcharge on credit card purchases does not violate the First Amendment or the Due Process Clause, the U.S. Court of Appeals for the Second Circuit recently ruled....more

D.C. Circuit Upholds Bank’s Standing to Challenge Constitutionality of CFPB

The D.C. Circuit Court of Appeals reversed a district court decision dismissing a bank’s challenge to the constitutionality of the CFPB based on lack of standing. The district court had previously concluded that compliance...more

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