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CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New

Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more

The UDAAP Trap: How Financial Institutions can Avoid Penalties when Using Third Party Services

In Part 1, we noted that financial institutions could find themselves potentially liable for committing an alleged Unfair, Deceptive, or Abusive Act or Practice (UDAAP) as a result of the actions of certain types of external...more

The Law Of Unfair Trade Practices

“The ACC” stands for more than a sports league. It’s also the Association of Corporate Counsel. In February of this year, I gave a talk to the RTP Chapter of the organization on the law of unfair trade practices. The...more

Individual Liability in CFPB Enforcement Proceedings

To date, the CFPB has brought 12 cases—out of more than three dozen total CFPB enforcement cases—in which it named individuals as defendants or respondents liable for violations of consumer protection statutes. Below, we...more

New York Department of Financial Services Takes Action Against Auto Lender for UDAAP Violations

Following an “unscheduled special examination” into the practices of a licensed auto lender, the New York Department of Financial Services filed a complaint in the United States District Court for the Southern District of New...more

Vermont Federal Court Rules In Favor Of Vermont And Against Alleged Patent Troll In Preliminary Decision

Vermont Attorney General William Sorrell won a major victory in his groundbreaking effort to use state law to crack down on “patent trolls.” In State of Vermont v. MPHJ, LLC, the Vermont federal court has rejected the...more

CFPB Enforcement Uses UDAAP to Put Focus on State Law Compliance

The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has put state law compliance front and center in a case filed in federal court against an online payday lender, related companies, and their principal for...more

Case Study of a CFPB Enforcement Action: In re JPMorgan Chase Bank, N.A.; and Chase Bank USA, N.A.

The Consumer Financial Protection Bureau (CFPB) brought an enforcement action against JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. (collectively, the Bank), pursuant to 12 U.S.C. §§ 5563 and 5565 with regard to their...more

CFPB Takes Enforcement Action Against Payday Lender

The CFPB announced its first public enforcement action against a payday lender—a consent order alleging, among other things, unfair and deceptive acts or practices in connection with affidavits. According to the consent...more

Court Certifies TILA Class Action Lead by Familiar Plaintiff/Counsel Team

A New York Federal court has certified a class action against Ann Taylor LOFT for violations of the Truth in Lending Act (see Opinion & Order in Kelen v. World Financial Network National Bank, Case No. 12-CIV-5024). ...more

Indiana Supreme Court Determines “Sporty Car at a Great Value Price” Does Not Mean “It is Safe to Operate”

This week's discussion focuses on the puffery defense and the Indiana Supreme Court's partial reversal in the case of Kesling v. Hubler Nissan, Inc. thereby finding that "Sporty Car at a Great Value Price" was mere puffery...more

New York Announces Mortgage Discount Fees Enforcement Action

On October 23, New York Governor Andrew Cuomo announced a $3 million penalty against a mortgage lender that the New York State Department of Financial Services (DFS) determined engaged in deceptive practices concerning...more

CFPB Files Complaint Alleging Violations of RESPA

Based on an investigation by HUD beginning more than two years ago, the CFPB filed a complaint in the United States District Court for the Western District of Kentucky against a law firm that provides settlement services...more

CFPB Files Suit under RESPA for Alleged Kickbacks to Affiliated Businesses

Last week, the Consumer Financial Protection Bureau announced that it filed suit against a Kentucky law firm, Borders & Borders, PLC, and its principals, alleging that the defendants violated Section 8 of the Real Estate...more

CFPB Sues Law Firm Over Alleged RESPA Violations

On October 24, the CFPB announced the filing of a lawsuit against a Kentucky law firm and its principals for allegedly violating Section 8 of RESPA by operating a network of affiliated companies in order to pay “kickbacks”...more

Best Practices for Choosing and Using Experts

A presentation examining Best Practices for Choosing and Using Experts....more

Third-Party Risk Management: Busting Myths and Telling Truths

A presentation for the American Conference Institute's 12th National Forum on Residential Mortgage Litigation & Regulatory Enforcement examining increased scrutiny by government regulators of third party vendor management...more

CFPB and OCC Issue Joint Enforcement Action Related to Credit Card Practices

The CFPB announced that it and the OCC have issued a consent order against two affiliated banks alleging violations of federal consumer protection laws for deceptive marketing of their add-on products (i.e., payment...more

Alleged Patent Troll Targeted By Vermont Attorney General

Previously, we posted about Governor Peter Shumlin signing into law Vermont’s first-in-the-nation (and so far only-in-the-nation) patent troll legislation helping Vermont businesses protect themselves from bad faith patent...more

Bad Faith Sentinel - August 2013

In This Issue: - Eastern District of Pennsylvania: Insurer’s “Paid When Incurred” Practice is Not Bad Faith or a Violation of Pennsylvania’s Unfair Trade Practices and Consumer Protection Law - California Court...more

From Insurer's Shield to Insured's Sword: California Supreme Court Authorizes Policyholder Unfair Competition Law Claims for...

On August 1, 2013, the California Supreme Court ruled in Zhang v. The Superior Court of San Bernardino County, No. S178542 (Cal. Aug. 1, 2013) that insurance practices violating the state’s Unfair Insurance Practices Act...more

Third Circuit Vacates Class Certification, Reaffirms Plaintiff's Burden To Prove Readily Ascertainable Class

In Hayes v. Wal-Mart Stores, Inc., plaintiff alleged that Wal-Mart, through its retail warehouse Sam’s Club, violated the New Jersey Consumer Fraud Act, breached its contracts with consumers, and was unjustly enriched by...more

Florida District Court Orders Disgorgement Of Profits From Unfair, Deceptive Online Payday Loan Referral Practices

On July 18, the U.S. District Court for the Middle District of Florida held that an online payday loan referral business engaged in unfair and deceptive billing practices and failed to provide adequate disclosures to its...more

Court of Appeals Holds No Recognized Cause of Action Exists Under Missouri Law Against Gun Shop Owners for Sale of a Non-Defective...

In an opinion issued July 16, 2013, the Western District of the Missouri Court of Appeals declined to extend what would have amounted to dram shop-type liability to a gun shop that sold ammuition and magazines to a purchaser...more

CFPB Puts Creditors, Third-Party Collectors On Notice Regarding Unfair, Deceptive, And Abusive Debt Collection Practices

On July 10th, the CFPB issued new debt collection guidance that, among other things, seeks to hold CFPB-supervised creditors accountable for engaging in acts or practices the CFPB considers to be unfair, deceptive, and/or...more

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