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Consumer Protection Finance & Banking Communications & Media

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

Financial Services Weekly News - April 2017 #3

by Goodwin on

Editor's Note - Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more

Blog: Avoiding Common Legal Issues at Coding Schools: Marketing

by Cooley LLP on

This is the first of a series of posts on common legal and regulatory pitfalls that alternative education providers must proactively avoid. Today’s topic is avoiding sloppy or overly aggressive marketing....more

ISO Marketing Ensnares Sponsor Bank in Litigation: The Importance of Third-Party Compliance Monitoring

A recent federal court decision highlights the need for financial institutions and payments companies to implement strong compliance programs that include third party policies, procedures, and audits. In the case, the...more

Cross River Bank Fights Back in True Lender Case, Suing Colorado Credit Code Administrator

by Pepper Hamilton LLP on

As we reported in our earlier Client Alert, the Colorado Attorney General recently filed complaints in state court against Marlette Funding LLC and Avant of Colorado LLC on behalf of the administrator of Colorado’s Uniform...more

FTC Issues Order Against Debt Relief Company for Alleged Misrepresentations

by Goodwin on

On February 27, 2017, the Federal Trade Commission (FTC) entered into a stipulated order for permanent injunction and monetary judgment with defendants United Debt Counselors, LLC, a debt relief company, and its principals,...more

Indonesia Implements a Safe Harbor Policy for E-Commerce (Marketplace) Platforms

by White & Case LLP on

In light of rapid developments in the e-commerce industry in Indonesia, the Ministry of Communication and Informatics ("MOCI") issued Circular Letter No. 5 of 2016 on the Limitations and Responsibilities of Platform Providers...more

National Debt Relief Provider Reaches $9 Million Settlement with FTC for Deceptive Solicitations

by Goodwin on

On March 7, the Federal Trade Commission (FTC) announced that the United States District Court for the Eastern District of Texas entered a stipulated order prohibiting a national debt relief provider from making misleading...more

Autodialing and Pre-Recorded Messages: the TCPA’s Trap for Unwary Lenders and Debt Collectors

by Ruder Ware on

In February 2015, a federal judge approved a $75 million Telephone Consumer Protection Act (“TCPA”) class settlement involving Capital One and three debt collectors.[1] The plaintiffs (debtors) alleged that Capital One and...more

Your Cyber Minute: Importance of the GDPR to the global business community [Video]

by Hogan Lovells on

Ambitious and broad-reaching, the Global Data Protection Regulation is impacting companies around the world. Listen as Partner Harriet Pearson and Head of our Privacy and Cybersecurity practice in Europe Eduardo Ustaran talk...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

Your Cyber Minute: Current GDPR regulatory and enforcement landscape  [Video]

by Hogan Lovells on

The conversation continues with Partner Harriet Pearson and Head of our Privacy and Cybersecurity practice in Europe Eduardo Ustaran as they go deeper into what clients need to know when it comes to compliance around the...more

CFPB January 2017 complaint report highlights mortgage complaints, complaints from Tennessee consumers

by Ballard Spahr LLP on

The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more

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

by Carlton Fields on

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The CFPB has ordered UniRush (purveyor of the RushCard prepaid debit card) and its payment processor, MasterCard, to fork over $13 million in fines after a breakdown last year that blocked thousands of customers from...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

by Ballard Spahr LLP on

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

CFPB Again Challenges Meaningful Attorney Involvement

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) has entered into its latest consent order targeting consumer debt collection law firms. Once again, the CFPB challenges the lack of “meaningful attorney involvement” it deems...more

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

by Ballard Spahr LLP on

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

by Ballard Spahr LLP on

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

CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more

State AGs seek to intervene in CFPB enforcement action to modify settlement terms

by Ballard Spahr LLP on

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

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

by Ballard Spahr LLP on

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

FCC Denies TCPA Exemption for Mortgage Servicing Calls

by Ballard Spahr LLP on

The Federal Communications Commission (FCC) has denied the petition filed by the Mortgage Bankers Association (MBA) seeking an exemption from the prior express consent requirement of the Telephone Consumer Protection Act...more

CFPB Consent Orders Serve as a Reminder to Mortgage Industry on Advertising Practices

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more

CFPB Acts Against Three Reverse Mortgage Companies

The Consumer Financial Protection Bureau entered into consent orders with three reverse mortgage companies alleging each committed deceptive advertising in connection with the marketing of their products....more

CFPB enters into consent order with lender to settle claims alleging deceptive advertising and collection letters, unauthorized...

by Ballard Spahr LLP on

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

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