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Finance & Banking Civil Procedure Consumer Protection

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TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

by Ballard Spahr LLP on

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

You Can’t Ignore RESPA Section 8(c)

by Foley & Lardner LLP on

It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real...more

Unusual procedural development in CFPB/NY AG lawsuit against RD Legal Funding

by Ballard Spahr LLP on

In an unusual procedural move last week in the RD Legal Funding case about which we have previously blogged, SDNY Judge Loretta Preska (the judge presiding over the CFPB’s lawsuit against RD Legal Funding) has referred to...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

by Ballard Spahr LLP on

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

CFPB Secures $7.9 Million Trial Verdict Against Mortgage Loan Servicer

by Goodwin on

On September 8, a federal judge in California ordered a national mortgage services company to pay a $7.9 million civil penalty based on false or misleading marketing statements it allegedly made to consumers about its...more

Senator Warren’s Numbers Don’t Add Up

by Ballard Spahr LLP on

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

The difficulties in challenging a FOS decision by way of judicial review

by DLA Piper on

In Full Circle Asset Management Ltd v Financial Ombudsman Service Ltd [2017] EWHC 323 (Admin) the Administrative Court refused to quash a decision of the Financial Ombudsman Service Ltd (FOS) following allegations that the...more

CFPB Secures Stipulated Final Judgment Against Credit Repair Company

by Goodwin on

?On August 30, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a stipulated proposed final judgment in the U.S. District Court for the Central District of California in a case against a...more

Appellate court upholds creditors’ ability to charge interest on written off accounts

by Thompson Coburn LLP on

Creditors frequently continue to assess contractual interest on delinquent accounts after the creditors have charged off the accounts and stopped sending periodic account statements to the borrowers. On August 29, 2017, the...more

Still Standing: Ninth Circuit Again Finds Standing in Spokeo Remand

by Carlton Fields on

The Ninth Circuit recently issued its latest opinion in Spokeo, Inc. v. Robins, the closely-watched putative class action dating back to 2010. The plaintiff initiated the lawsuit against Spokeo, which aggregates publicly...more

Recent Massachusetts AG consent order places new requirements on debt collection law firm

by Ballard Spahr LLP on

In a recent consent order with a legal collection law firm, the Massachusetts Attorney General imposed significant restrictions on legal collection that go beyond previous CFPB consent orders, which we covered here. We...more

If the CFPB is Remiss, the Court Must Dismiss: CFPB Must Provide Facts to Support Its Claims

by Clark Hill PLC on

On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more

Spokeo—Round 3: The Ninth Circuit Finds Alleged Statutory Violation Sufficiently “Concrete” To Satisfy Article III Standing

The Ninth Circuit recently issued its long-awaited opinion in Robins v. Spokeo, Inc., — F.3d —-, 2017 WL 3480695 (9th Cir. Aug. 15, 2017), on remand from the United States Supreme Court. Once again, the Ninth Circuit reversed...more

Concrete Enough to Stand: Ninth Circuit Upholds FCRA Claims in Spokeo

On August 15, 2017, the Ninth Circuit delivered the latest episode in the Robins v. Spokeo saga, reaffirming on remand from the Supreme Court that plaintiff Robins had alleged an injury in fact sufficient for Article III...more

Federal district court sanctions CFPB for deposition conduct; strikes four counts from complaint and dismisses defendants

by Ballard Spahr LLP on

A federal district court in Atlanta has granted the defendants’ motions for Rule 37 sanctions against the CFPB for its conduct in connection with the defendants’ depositions of CFPB witnesses. To sanction the CFPB, the court...more

Ninth Circuit Revisits Standing Analysis for Statutory Claims in Spokeo

by Dechert LLP on

On remand from the Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held for the second time that the plaintiff in Robins v. Spokeo, Inc. has standing to proceed in federal court with claims under the Fair...more

Minnesota AG Sues Lending Firms for Scamming Seniors and Veterans

by Goodwin on

On August 17, 2017, the Associated Press announced that Minnesota’s Attorney General is suing two lending firms (with the same Nevada address) for allegedly pressuring veterans and senior citizens into signing over large...more

Eleventh Circuit Affirms Dismissal of FCRA Claim Finding that Interpretation of Act Was Objectively Reasonable

by Burr & Forman on

In Pedro v. Equifax, Inc., — F.3d —, 2017 WL 3623926 (11th Cir. 2017), the Eleventh Circuit held that it was not objectively unreasonable for TransUnion, LLC to interpret section 1681e(b) of the Fair Credit Report Act...more

CFPB Issues Final Rule Prohibiting Class Action Waiver Arbitration Agreements In Certain Consumer Financial Contracts

by Carlton Fields on

The Consumer Financial Protection Bureau issued a final rule on July 10, 2017, prohibiting providers of certain consumer financial products and services from including within consumer agreements a requirement that any future...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

OCC moves to dismiss NYDFS lawsuit challenging special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank...more

Update on CFPB/NY AG lawsuit against RD Legal Funding

by Ballard Spahr LLP on

RD Legal Funding, LLC is seeking to dismiss the lawsuit filed against it, two of its affiliates, and their individual principal in February 2017 by the CFPB and the New York Attorney General in a NY federal district court...more

Financial Services Weekly News - August 2017 #4

by Goodwin on

Editor's Note - DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

by Ballard Spahr LLP on

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

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