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Class Actions over Background Checks Continue

As previously reported in an earlier blog post, retailers are under attack in a wave of class actions alleging violations of the Fair Credit Reporting Act. The allegations are essentially the same in all of these suits: that...more

SCOTUS to Consider Whether FCRA Violation Confers Article III Standing on Individual

On April 27, 2015 the Supreme Court of the United States granted certiorari on a petition filed by Spokeo, Inc., asking the court to review the Ninth Circuit opinion in Robins v. Spokeo, Inc., 742 F.3d 409 (9th Cir. 2014). ...more

Financial Services Weekly News Roundup - May 2015

In This Issue – More on the SEC Whistleblower Program. In the April 8 issue of the Roundup we reported on the SEC’s administrative proceedings based on findings that restrictive language in a form confidentiality...more

When is a Background Search not a Background Search?

The Fair Credit Reporting Act (FCRA) was enacted to insure that consumer reporting agencies act with “fairness, impartiality, and respect for the consumer’s right to privacy.” But one federal court held recently that...more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

Employment Law - April 2015 #2

LinkedIn Search Doesn’t Implicate FCRA, California Court Rules - Why it matters: Granting LinkedIn’s motion to dismiss, a federal court judge in California held that LinkedIn users could not sue the site for...more

CFPB Fines Military Allotment Processor $3.1 Million

Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members...more

CFPB, Virginia Attorney General Target Payday and Auto Title Lenders

Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) authorizes the Consumer Financial Protection Bureau (“CFPB”) to issue rules to prevent unfair, deceptive, or abusive acts or...more

Proposed MLA expansion in limbo

Despite the CFPB’s efforts to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, it now appears that the proposal may be put on hold. The DoD proposal would revise the...more

Hiring Without Employment Law Headaches: Five Tips for Employers

On Friday, I had the opportunity to speak to the Human Resource Association of Greater New Haven. My sincere thanks to them for the invitation. The group asked me to talk about various legal traps employers face in the...more

Rule Expanding Military Lending Act Protections In Limbo

The Department of Defense's (DoD) proposed rule to revise and expand the coverage of its rule implementing the Military Lending Act (MLA) may be put on hold. The House Committee on Armed Services Subcommittee for Military...more

New Fiduciary Regulations Require Retirement Investment Advisers to Act in Clients’ Best Interests

On April 14, 2015, the U.S. Department of Labor (DOL) issued new proposed regulations that changed the definition of “fiduciary investment advice” as currently found in DOL Regulation 2510.3-21(c). These proposed rules also...more

California District Court Holds That LinkedIn’s “Reference Searches” Function Not a Consumer Report under the Fair Credit...

A Magistrate Judge in the Northern District of California recently handed down an important decision regarding the application of the Fair Credit Reporting Act to one of LinkedIn’s search products. The decision in Sweet v....more

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

California Teams-Up with Internet Search Engines to Block Unlicensed Payday Lender Advertising

On April 7, the California Department of Business Oversight announced a new initiative to prevent unlicensed payday lenders from advertising on major Internet search engines, including Microsoft, Google, and Yahoo....more

CFPB Proposes New Rules for Payday Loans

On March 26, 2015, the Consumer Financial Protection Bureau (the Bureau) proposed new regulations on short-term loans, commonly known as "payday loans," which are typically issued by non-depository institutions. The Bureau...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

South Dakota Amends Money Lending Regulations

On March 12, Gov. Dennis Daugaard signed HB 1027, amending the regulations governing the South Dakota Money Lending License. Under existing law, a license is required for any person that “engages in the business of lending...more

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine. A case involving a series...more

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City. The session addressed recent developments and upcoming...more

CFPB issues No FEAR Act report

The CFPB has issued its No FEAR Act Annual Report for FY 2014. The “No FEAR Act” is the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002. It requires federal agencies to submit an annual report...more

FCRA Class Actions

Hyping The “Hyper-technical” - The slowly rising waves of Fair Credit Reporting Act (FCRA) class-action litigation are beginning to crash against employers. And if you thought that the FCRA only applied to credit...more

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our...more

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar,...more

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