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CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

Statutory Class Actions: Developments and Strategies

In this Newsletter: - An Aspect Of Adequacy: Do Traditional Standing Requirements Apply To Statutory Class Actions? - The Fair Debt Collection Practices Act: A Constantly Shifting Battlefield. - Telephone...more

Director Cordray speaks to the National Association of Attorneys General

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more

CFPB Takes Action Against Mortgage Companies for Deceptive Advertising

On February 12, the CFPB announced a civil suit against a Maryland-based mortgage company and consent orders with two additional mortgage companies headquartered in Utah and California for allegedly misleading consumers with...more

Saving to Win Big: Prize-Linked Savings Accounts Are the Newest Promotional Trend

It’s a lottery where you can’t lose, but is it legal? A growing promotional trend being utilized by financial institutions such as banks and credit unions is the offering of prize-linked savings (PLS) products, which provide...more

Time for an Updated Cyber Risk Approach; BPI Data Breach

Our traditional approach to cyber risk and security has been focused on privacy and financial data. The data breach or loss concerns that typically rank high on our risk ratings are private and confidential data like names...more

They’re Watching You. How Debt Collectors Use Facebook and Your Credit Report to Keep Tabs on You

It is almost as if they are watching you. Debt collectors seem to appear out of nowhere anytime something positive happens. While you may believe you are just unlucky and that you can’t seem to shake that grey cloud hanging...more

CFPB takes action on misleading advertisements

Late last week, on February 12, the CFPB announced actions against three mortgage companies for alleged violations of Regulation N, the Mortgage Acts and Practices Advertising Rule. Among other restrictions, Regulation N bars...more

Call Me, Maybe

Uncertainty Remains for Financial Institutions’ Client Communications Under the TCPA - There has been an increase in lawsuits against financial institutions under the Telephone Consumer Protection Act (TCPA), and...more

FTC Takes First Action Against Car Title Lenders

Why it matters - In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more

CFPB Orders Nonbank Mortgage Lender to Pay $2 Million Penalty for Deceptive Advertising and Kickbacks

On February 10, the CFPB announced a consent order with a Maryland-based nonbank mortgage lender, ordering the lender to pay a $2 million civil money penalty for allegedly failing to disclose its financial relationship with a...more

UDAAP Round Up: 2014 Year in Review

In this issue: - A. UDAP/UDAAP Actions - 1. Auto Lending - 2. Banking Products - 3. Credit Card Add-On Products - 4. Credit Card Advertising - 5. Credit Reporting and...more

How to Stop Robo-Debt Collection Calls to Your Cell Phone

The phone rings…long pause…click…then automated voice comes on to give you a message. Whether it is a telemarketer, a debt collector, or who knows what, we have likely experienced being robo-called by a computerized system....more

Redial: 2014 TCPA Year In Review – Analysis Of Critical Issues And Trends

In this Analysis: - New TCPA Rules Take Effect for Telemarketing Calls - Just the Fax: Recent TCPA Developments on Liability for Unsolicited Faxes and Fax Opt-Out Notices - TCPA Best Practices: Consent,...more

Fail-Safe Class Fails in the Eastern District of Pennsylvania

In Zarichny v. Complete Payment Recovery Servs., Civ. No. 14-3197, 2015 U.S. Dist. LEXIS 6556 (Jan. 21, 2015), Plaintiff Sandra Zarichny attempted to bring a class action on behalf of two classes against defendants Fidelity...more

Bill C-13: Cyberbullying Bill Introduces New Lawful Access Measures

On December 9, 2014, Bill C-13, An Act to amend the Criminal Code, the Canada Evidence Act, the Competition Act and the Mutual Legal Assistance in Criminal Matters Act, also known as the Protecting Canadians from Online Crime...more

Debt Collector’s TCPA Violation Does Not Establish FDCPA Violation, Pa. Federal Court Rules

The U.S. District Court for the Middle District of Pennsylvania recently ruled that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) because it failed to identify itself at the beginning of a...more

You Still Can’t Violate the FDCPA by Complying With It…

In Gomez v. Oxford Law, 3:14-cv-00477, 2015 U.S. Dist. LEXIS 345, * 3 (M.D. Pa. Jan. 5, 2014), Ninouska Gomez filed suit under the Fair Debt Collection Practices Act (the “FDCPA”) after receiving a message from Oxford Law,...more

Eleventh Circuit Reverses Mais

In what promises to have significant implications for litigation under the Telephone Consumer Protection Act (TCPA), the Eleventh Circuit Court of Appeals reversed the decision issued by Judge Robert Scola of the Southern...more

Consumer Financial Protection Bureau Attempts to Regulate Telecom

Since it opened in 2011, the Consumer Financial Protection Bureau ("the Bureau" or "CFPB") has issued thousands of pages of regulations, mostly directed at the home mortgage industry, and aggressively exercised its authority...more

FTC Charges Data Broker With Facilitating Theft Of Millions From Consumer Accounts

On December 23, 2014, the Federal Trade Commission ("FTC") announced the filing of a complaint charging a data broker with selling the sensitive personal information of hundreds of thousands of consumers to third parties that...more

CFPB Announces Enforcement Action Against Telecommunications Company for Alleged Unauthorized Third-Party Charges

On December 17, the CFPB filed a complaint in the Southern District of New York against a telephone company for allegedly charging its customers tens of millions of dollars in unauthorized third-party charges. ...more

District Court Awards Florida Couple Over $1 Million In Robocalls Suit

Recently, the U.S. District Court for the District of Florida denied a major bank’s motions to vacate and modify a judgment that awarded a Florida couple a total of $1,051,000 – approximately $1,500 per unauthorized call....more

FTC $19 Million Settlement with Google: Unauthorized In-App Charges Are Not Child’s Play

The FTC recently approved a final Order resolving allegations that Google unfairly billed customers millions of dollars for unauthorized charges made by children using mobile apps downloaded from the Google Play app store....more

CFPB announces lawsuits against student loan debt relief companies

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free....more

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