Finance & Banking Consumer Protection

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Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more

No deference for CFPB amicus brief from Ninth Circuit

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

6th Circuit Rules Prior Express Consent Defeats Mortgagor TCPA Claim Against Lender

On August 21, the Cincinnati-based United States Court of Appeal for the Sixth Circuit issued its ruling in Hill v. Homeward Residential, Inc., 2015 WL 4978464 (6th Cir. August 21, 2015), and affirmed a jury verdict...more

Real Estate News - August 2015

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

CFPB issues second monthly complaint report

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more

Second Circuit: Transfer of Mortgage Servicing Rights Triggers FDCPA Disclosure Requirement

A federal appeals court has ruled that a nonbank mortgage servicer’s notice of servicing rights transfer sent pursuant to RESPA constitutes debt collection and thus triggers mandatory FDCPA disclosures. The Second Circuit...more

United States District Court: Mortgagor Lacks Standing to Bring RESPA Claim

On August 11, the U.S. District Court for the District of New Hampshire rejected the addition of a potential RESPA claim to plaintiff’s complaint due to lack of standing, and the court dismissed the remaining counts for...more

Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam

On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more

Sixth Circuit Holds that a Business Entity Is a "Person" for Purposes of FDCPA's Enforcement Provision

The Sixth Circuit Court of Appeals recently held that a limited liability company (“LLC”) constitutes a “person” within the meaning of the Fair Debt Collection Practices Act (FDCPA or the “Act”), in Anarion Investments LLC v....more

Banks’ Class Certification Motion Trumpets Target Data Security Failings, Ignores Impact of Card Association Settlements

Card-issuing banks are forging ahead with their lawsuit against Target arising from the 2013 holiday shopping season data breach. Their July 1 motion for class certification has just been unsealed, allowing a glimpse at...more

What is a Stipulated Judgment?

When a debt is legitimately owed I have found that most people simply want to negotiate a settlement with the creditor and get it behind them. And while creditors will usually agree to settle a debt, if a court case has...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

Target Reaches $67 Million Settlement with Visa over Data Breach Claims

More than a year-and-a-half after Target’s December 2013 announcement of a massive data breach, the retailer has reached an agreement with Visa, whereby it will reimburse Visa and certain affected card issuers up to $67...more

Noted Scholars Critique the CFPB’s Arbitration Study and Find It Lacking

We have previously blogged about the comment letter concerning the CFPB’s March 10, 2015 Study on consumer arbitration that we submitted to the CFPB on behalf of the American Bankers Association, the Consumer Bankers...more

US Treasury Eyes Online Marketplace Lending

In an interesting and unusual development, the Treasury Department has issued a notice seeking public input on the online marketplace lending business for small businesses and consumers (“Notice”), setting forth 14 questions...more

The Consumer Financial Protection Bureau's case against Citibank for violations relating to credit card add-on products

Today we’re taking a look at the CFPB’s recent enforcement case against Citibank, N.A. (“Citibank”) and two of Citibank’s subsidiaries, Department Stores National Bank (“DSNB”) and Citicorp Credit Services, Inc. (USA) (“CCSI...more

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection...more

A Summary of Comments From the DOL Hearing on the Proposed Conflict of Interest Rule

On August 13, 2015, the Department of Labor (the “DOL”) concluded a four day public hearing on its proposed conflict of interest rule (the “Proposed Rule”). The approximately 75 witnesses generally fell into two groups: the...more

Ninth Circuit Finds CFPB Interpretation of RESPA Provision Not Entitled to Deference

On August 24, 2015, the Ninth Circuit found that the CFPB’s interpretation offered in an amicus brief of 12 U.S.C. § 2607(c)(2) of the Real Estate Settlement Procedures Act (RESPA) was not entitled to Chevron deference...more

Servicers Beware: RESPA Transfer of Servicing Letter May Trigger FDCPA Initial Debtor Communication Disclosure Requirement

In Hart v. FCI Lender Services, Inc., the Second Circuit made it clear that servicers should pay close attention to initial communications with borrowers upon commencing loan servicing when it determined in an August 12, 2015...more

Eleventh Circuit: Entity Collecting Debt Acquired After Default Is Not Necessarily “Debt Collector” Under FDCPA

In Davidson v. Capital One Bank (USA), N.A., a case closely followed by the financial services industry and handled by Burr & Forman, LLP, the Eleventh Circuit held that an entity collecting a debt that was acquired after...more

CFPB lawsuit against pension advance companies could have broader implications

A new lawsuit, filed by the CFPB and the New York Department of Financial Services(NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again...more

CFPB Orders Subsidiary of Peer-to Peer Lending Company to Provide $700,000 in Restitution over Practices Related to its Health...

On August 19, the CFPB announced a consent order against a subsidiary of an online lending company, ordering the subsidiary to provide $700,000 in monetary relief to affected consumers. According to the CFPB, the subsidiary...more

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