News & Analysis as of

Finance & Banking Communications & Media Civil Procedure

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Revocation of Consent Under TCPA: Not So Fast

In a recent case under the Telephone Consumer Protection Act (TCPA), the U.S. Court of Appeals for the Second Circuit held that the TCPA does not permit a consumer to revoke prior consent to be contacted by telephone when...more

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

by Ballard Spahr LLP on

On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

District of New Jersey Grants Summary Judgment and Strikes Class Allegations in TCPA Case

by Goodwin on

Last week, the District of New Jersey issued a noteworthy opinion in a putative TCPA class action against TD Bank and Target. In Martinez v. TD Bank USA, N.A. et al., 2017 WL 2829601 (D.N.J. June 30, 2017), the court held...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

THIS CHANGES EVERYTHING—Second Circuit Holds that Contractual Consent Provisions Cannot be Revoked

by Dorsey & Whitney LLP on

This is the biggest TCPA news since the Omnibus—a silver bullet to defeat most revocation cases was hiding in plain sight the entire time. It seems so obvious now. ...more

Fifth Circuit Finds Payday Lender’s Submission Of False Worthless Check Affidavits Equates To Waiver Of Arbitration

by Carlton Fields on

Plaintiffs-Appellees brought suit against short-term lender PLS Financial Services, Inc., and PLS Loan Store of Texas, Inc. (collectively “PLS”), alleging the following scheme. First, as part of the application process, PLS...more

Judge Denies Motion to Dismiss in Case Filed by CFPB Against Debt Relief Attorneys

by Goodwin on

On May 30, 2017, the Honorable Josephine Staton, of the Central District of California, denied? a Motion to Dismiss filed by three law firms, and their principals, in a case filed by the Consumer Financial Protection Bureau...more

Judge Bumb Answers Key Question That No One Asked: TCPA Plaintiff Lacks Standing to Recover on Unanswered Calls

by Dorsey & Whitney LLP on

In Watkins v. Wells Fargo Bank, N.A., No. 15-cv-5712 (RMB)(KMW), 2017 U.S. Dist. LEXIS 84503 (D.N.J. June 2, 2017), the defendant challenged a plaintiff’s TCPA claim on MSJ, arguing that the plaintiff could not have revoked...more

Fourth Circuit Affirms Finding That Arbitration Agreement In Payday Loan Obtained Over The Internet Is Unenforceable

by Carlton Fields on

Plaintiff electronically signed a contract which contained: (1) terms governing the loan; (2) an agreement to submit disputes to arbitration; and (3) a choice of law provision which required the application of Otoe-Missouria...more

Protection of Vendor Report and Documents as Work Product is Big Win for Experian

When assisting clients with emergency data breach response, and preparing and implementing a data privacy and security plan, it often becomes efficient, cost effective and necessary to hire outside vendors to assist with...more

CFPB and DOJ file submissions opposing state AGs’ proposal to redirect unused settlement funds to NAAG

by Ballard Spahr LLP on

We previously reported that the Connecticut Attorney General, on behalf of the Attorneys General of Indiana, Kansas and Vermont, (the “state AGs”) had filed a joint motion to intervene in a CFPB enforcement action against...more

Advertising Litigation Report: Vol. 2, No. 2 - Consumer Privacy and Data Security

Judge Trims Proposed Class Action Over Wendy’s Data Breach - Torres v. Wendy’s Int’l, LLC, No. 16-cv-0210 (PGB) (DCI) (M.D. Fla. Mar. 21, 2017). A U.S. district court judge in Florida trimmed a proposed class action...more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

Ninth Circuit rejects interlocutory appeal in CFPB lawsuit against CashCall

by Ballard Spahr LLP on

On April 20, the United States Court of Appeals for the Ninth Circuit declined to hear an interlocutory appeal  by CashCall of the district court’s order granting the CFPB’s partial summary judgment motion and denying...more

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

When Confidential is Not Confidential - Identities of Confidential Sources of Distressed Debt Reporter are Not Subject to NY...

by Dechert LLP on

There is the general expectation that when a source discloses information to a reporter on a confidential basis, the source will be protected and their identity and communications cannot be forced to be disclosed. This is...more

Banks Seek Judgment That Loans Facilitated By Online Platforms Are Exempt From Colorado Lending Laws

In the last two weeks, WebBank and Cross River Bank—federally insured banks chartered in Utah and New Jersey, respectively—filed separate federal court actions (WebBank Complaint; Cross River Bank Complaint) against 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

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

by Ballard Spahr LLP on

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

Colorado Attorney General Pursues 'True Lender' and 'Madden' Actions Against Major Non-Bank Online Lenders

by Pepper Hamilton LLP on

On February 15, the Colorado Attorney General filed substantially similar, separate amended complaints in the U.S. District Court of Colorado against Marlette Funding LLC and Avant of Colorado LLC, alleging violations of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We now know what all of that law-enforcement activity around Caterpillar HQ in past weeks. A government report out this week reveals that investigators are targeting CAT for tax and accounting fraud, though no charges have...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

Northern District of Illinois Strikes TCPA Class Allegations

by Goodwin on

Earlier this month, the Northern District of Illinois struck the class allegations in Cholly v. Uptain Group, Inc., a single-count TCPA case filed against a medical services provider and a debt collector based on allegedly...more

Community Banks Should Be Wary of ADA Claims

by Hogan Lovells on

A number of community banks have recently received an unpleasant delivery: a demand letter from a law firm stating the bank is not in compliance with the Americans with Disabilities Act (the ADA) and suggesting a proposed...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

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