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Former Debt Collection Company VP Ordered to Pay Penalty and Stop Deceptive Debt Collection Practices

On September 21, the Department of Justice (DOJ) announced that the U.S. District Court for the Eastern District of Texas entered a stipulated order for a permanent injunction and civil penalty judgment against the vice...more

CFPB Sues Credit Repair Company for Misleading Claims and Illegal Fees

On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly making misleading...more

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces

Late last year, the Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”) brought a joint action against Hudson City Savings Bank (“Hudson Bank”) for redlining. Hudson Bank, based in New Jersey,...more

Massachusetts AG Settles With Insurance Company Over Allegedly Improper Force-Placed Insurance

On September 7, 2016, the Massachusetts Attorney General announced a settlement with an insurance company requiring “refunds for Massachusetts homeowners whose mortgage lenders wrongly force-placed the consumers with [the...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

CFPB Levies Largest Civil Money Penalty in Agency History, Alleges “Abusive” Conduct

On September 8, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”), the Office of the Comptroller of the Currency (OCC), and the City and County of Los Angeles entered into a Consent Order with Wells Fargo...more

CFPB Wins Judgment Against Online Payday Lender in Lawsuit Alleging “Rent-a-Tribe” Scheme and Violations of State Usury Laws

On August 31, 2016, the Consumer Financial Protection Bureau (CFPB) obtained summary judgment against a California-based online payday lender, its individual owner, its subsidiary, and a servicer of its loans, which allegedly...more

Eleventh Circuit Invalidates Another Western Sky Arbitration Clause

On August 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia decision invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509). Defendant National Bank...more

Consumer Financial Services Newsletter - August 2016

Seventh Circuit Rules: Filing a Proof of Claim for Old Debt Is Okay — Circuits Split - Owens et al. v. LVNV Funding LLC et al., Nos. 15-2044, 15-2082, 15-2109 (7th Cir. Aug.10, 2016) - In Owens v. LVNV Funding LLC,...more

DOJ Files Suit Against California Lenders Alleging Discriminatory Loan Modification Scheme

On August 23, 2016, the Department of Justice (DOJ) announced the filing of a lawsuit in the United States District Court for the Northern District of California against several California-based mortgage loan modification...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

TCPA Connect - August 2016

FCC Issues Report and Order on Budget Act Exemptions - On August 11, 2016, the Federal Communications Commission issued a Report and Order implementing Section 301 of the Bipartisan Budget Act of 2015, which amended the...more

Eleventh Circuit Court of Appeals Clarifies Standing Requirements for FDCPA Plaintiffs

The Eleventh Circuit Court of Appeals has clarified the type of injury that must be alleged by a plaintiff suing under the Fair Debt Collection Practices Act (FDCPA). This decision, in Church v. Accretive Health, Inc., is the...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

Yet Another Bank Reaches Multimillion-Dollar TCPA Deal

Following the lead of other banks facing putative class actions under the Telephone Consumer Protection Act (TCPA), JPMorgan Chase Bank agreed to pay recipients of unwanted phone calls $3.75 million....more

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

Online Fast Cash Lenders to Pay $9 Million to Settle Claims of Illegal Lending to North Carolina Consumers

On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers. The...more

NC Attorney General Reaches $9 Milllion Settlement With "American Indian Business" Western Sky Over Usurious Loans

You will remember the North Carolina Attorney General's lawsuit against Western Sky Fin'l, LLC. It generated an opinion from the Business Court last year in which Judge McGuire enjoined the Defendants from making further high...more

Dorsey’s TCPA Team Earns First-of-Its-Kind Order Staying Individual TCPA Case Pending D.C. Circuit’s Ruling on Consolidated Appeal...

On June 14, 2016, Dorsey’s Telephone Consumer Protection Act (“TCPA”) litigation team secured a stay in an individual TCPA case in the Northern District of Georgia pending the D.C. Circuit’s decision in ACA Int’l, et al. v....more

RushCard Settles Service Disruption Suit for $20.5M

RushCard will pay a total of $20.5 million to settle a lawsuit over an incident that resulted in thousands of consumers being shut out of their prepaid card accounts last October....more

OCC Imposes $70 Million Fine Against National Bank for Allegedly Violating Mortgage Servicing Consent Order

On May 25, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2011 consent order concerning its mortgage servicing related...more

CFPB Enters Consent Order with Loan Officer Over Alleged Mortgage Fee-Shifting Scheme

On May 26, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a former loan officer of a national bank, whom the CFPB alleges increased the number of loans he sold by...more

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