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California Court of Appeal Lowers the Bar on Ascertainability Requirement in Consumer Class Actions

In Aguirre v. Amscan Holdings, Inc., Case No. 073059, 2015 Cal. App. LEXIS 214 (Cal. Ct. App. Feb. 11, 2015), a California Court of Appeal reversed the denial of certification of a putative class alleging violation of Civil...more

CFPB Casts Doubt on Pre-dispute Consumer Arbitration Clauses

Earlier this month, the Consumer Financial Protection Bureau (CFPB), a bureau of the Federal Trade Commission, released its Arbitration Study Report to Congress. The report suggests that pre-dispute arbitration clauses and...more

Director Cordray Conducts First Ever CFPB Enforcement Appeal Hearing

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held oral arguments in the first appeal of a CFPB administrative enforcement action. Both counsel for the CFPB and Respondents PHH...more

Financial Institutions File Class Action Suit In Response to Data Breach

On March 13, a federal credit union filed a class action suit against a national retailer and parent company, alleging their actions during a September 2014 data breach injured credit unions, banks, and other financial...more

CFPB Releases Final Study on Arbitration

On March 10, the CFPB announced the release of its final arbitration study, accompanied by a fact sheet, to coincide with its field hearing held in Newark, NJ. The study examined approximately 850 consumer financial...more

CFPB’s Claims under CFPA Survive Legal Challenges, but TILA Claim Is Time-Barred

In a civil action brought by the Consumer Financial Protection Bureau involving student loans, an Indiana federal court recently granted in part and denied in part a motion to dismiss by ITT Educational Services, Inc. The...more

CFPB’s claims under CFPA survive challenge by for-profit education company but TILA claim held to be time-barred

An Indiana federal court recently granted in part and denied in part the motion of ITT Educational Services, Inc. to dismiss the CFPB’s complaint. As we previously reported, the CFPB’s complaint alleged that ITT engaged in...more

Financial Services Weekly News Roundup - March 2015 #3

SEC Focus on Disqualification Waivers. When negotiating a settlement of an SEC enforcement action against a registered financial services firm – or one that hopes one day to become registered – it is vital to consider the...more

UDAAP Council Weekly UDAAP Standards Report - 3/18/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

The CFPB’s Final Report on Pre-Dispute Arbitration Clauses

On March 10, 2015, the CFPB issued its long-awaited Arbitration Study analyzing the use of pre-dispute arbitration provisions in connection with consumer financial products or services. In the 728-page report, as well as...more

Illinois Federal Court Allows FCRA Lawsuit Against Credit Reporting Company to Move Forward

On February 5, the U.S. District Court for the Northern District of Illinois denied a credit reporting company’s motion to compel arbitration in a putative class action which alleged that the company sold credit scores to...more

UDAAP Council Weekly UDAAP Standards Report - 3/11/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

CFPB Says Arbitration Agreements Limit Consumer Relief in Class Actions; New Regulations on the Horizon?

The Supreme Court’s 2011 decision in AT&T Mobility LLC v. Concepcion upheld an arbitration clause requiring arbitration of claims individually, thereby effectively preventing class actions. While the consumer finance industry...more

Beyond the Headlines Part II: What The New CFPB Report Teaches Us About Arbitration v. Litigation

In my last post, I shared some of the highlights from the first half of the new CFPB Arbitration Study.  This post covers the second half of the report, with juicy information gleaned from CFPB’s analysis of almost...more

CFPB Updates - March 2015

CFPB Report Claims Arbitration “Less Beneficial To Consumers” than Individual or Class Litigation, Foreshadows Attempt to Impose Restrictions in Future - On March 10, Director Richard Cordray of the Consumer Financial...more

CFPB Schedules Arbitration Field Hearing

The CFPB announced on February 23 that it plans to host a field hearing on the issue of arbitration provisions within various consumer financial contracts. According to the CFPB’s blog post, the hearing will take place on...more

Illinois Federal Court Leaves AMEX to Defend TCPA Claims Based on Third Party Actions

Recently, an Illinois federal court denied American Express’ (“AMEX”) motion for partial summary judgment, finding that AMEX can be directly liable under the Telephone Consumer Protection Act (“TCPA”) for debt collection and...more

CW04: 3 Biggest Mistakes When Drafting an Answer to a Debt Collection Lawsuit

T.M.I. – Too Much Information. People often put way too much unnecessary, and potentially harmful, information in their Answers. This is one of the biggest mistakes I see consumers make when they decide to draft their own...more

Eleventh Circuit Ruling Gives Large Bank Another Chance at Arbitration

On an appeal of five putative class actions alleging the unlawful charging of overdraft fees on consumer checking accounts, On February 10, the U.S. Court of Appeals for the Eleventh Circuit vacated a lower court order...more

Cases We’re Watching: CFPB v. Morgan Drexen

We don’t know about you, but we’ve been following the contentious litigation between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen pretty closely. The CFPB filed its lawsuit in...more

An “Applicant” By Any Other Name – The U.S. Supreme Court Jumps in on ECOA and Guarantors

As the Bard’s Juliet famously mused, “What’s in a name? That which we call a rose by any other name would smell as sweet.” One might similarly wonder at the U.S. Supreme Court’s decision yesterday (March 2, 2015) to grant...more

NY Attorney General, FTC Bring Joint Enforcement Actions against Debt Collectors

The New York Attorney General and Federal Trade Commission recently announced they had filed two joint federal court lawsuits against debt collectors in the Western District of New York. The Attorney General and FTC are...more

Statutory Class Actions: Developments and Strategies

In this Newsletter: - An Aspect Of Adequacy: Do Traditional Standing Requirements Apply To Statutory Class Actions? - The Fair Debt Collection Practices Act: A Constantly Shifting Battlefield. - Telephone...more

Banking & Financial Services E-Note - February 2015

In This Issue - - Coquina Investments v. TD Bank: Examining a Non-Party’s Invocation of the Fifth Amendment - SideBAR - Dodd-Frank Act Update Financial Fraud Law Report - Post-Crawford FDCPA Claim...more

UDAAP Council Weekly UDAAP Standards Report - 2/25/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

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