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Finance & Banking Consumer Protection Civil Procedure

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Ninth Circuit Revisits Article III Standing For An Alleged FCRA Violation

by Littler on

On August 15, 2017, the U.S. Court of Appeals for the Ninth Circuit issued another opinion in the saga of Robins v. Spokeo, Inc.—a case dealing with the question of what violations of a federal statute are sufficient to...more

CFPB Arbitration Rule Hits a Roadblock

The Consumer Financial Protection Bureau (CFPB) issued a final rule on pre-dispute arbitration agreements on July 10, 2017. The final rule was published in the Federal Register on July 19, 2017, and as such, it is due to...more

CFPB Final Arbitration Rule Bans Class Action Waivers, But Will it Survive?

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule prohibiting the use of class action waivers in certain consumer finance arbitration agreements. The rule has been several years...more

CFPB Final Rule Banning Class Action Waivers in Arbitration Agreements: The Final Front of Opposition as Congress Moves to Nullify...

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule that prohibits the use of class action waivers in certain consumer finance arbitration agreements. This rule banning class...more

Texas Federal Judge Upholds CFPB’s Investigative Authority in Denying Stay Pending Appeal of CFPB CID Dispute

by Dorsey & Whitney LLP on

Burgeoning federal enforcement efforts relating to the consumer data and credit reporting industry have led to another key legal development: a federal court in Dallas ruled in favor of the Consumer Financial Protection...more

The Seventh Circuit Finds No Standing in FCRA Case Based on Job Application Credit Reports

by Fenwick & West LLP on

The U.S. Court of Appeals for the Seventh Circuit held that allegations that prospective employers obtained consumer reports in technical violation of the Fair Credit Reporting Act by themselves do not constitute a concrete...more

District Court Rejects Servicer’s Argument that CFPB is Unconstitutional

by Goodwin on

?On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more

Middle District of Pennsylvania Ignores Key Constitutional Questions in Navient Case

by Ballard Spahr LLP on

As we’ve discussed before, the CFPB sued Navient over its student loan servicing practices in the Middle District of Pennsylvania. In doing so, the CFPB followed its strategy of announcing new legal standards by enforcement...more

House Financial Services Committee details case for contempt proceedings against Director Cordray for failing to comply with...

by Ballard Spahr LLP on

A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more

DOJ invited to participate in Ocwen’s challenge to CFPB’s constitutionality

by Ballard Spahr LLP on

A Florida federal district court has granted the motion filed by Ocwen Financial Corporation to invite the U.S. Attorney General to express the AG’s views on the CFPB’s constitutionality....more

FDCPA Bona Fide Error Defense Did Not Protect Debt Collector Despite Following Controlling Precedent, En Banc Seventh Circuit...

by Ballard Spahr LLP on

In a 7-4 en banc decision, the U.S. Court of Appeals for the Seventh Circuit ruled that the bona fide error defense in the Fair Debt Collection Practices Act (FDCPA) did not protect a debt collector who complied with...more

OCC files renewed motion to dismiss state regulators’ challenge to fintech company special purpose national bank charter proposal

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to...more

On the Chopping Block: The Effort to Repeal the CFPB’s New Rule on Consumer Class Actions

On July 19, 2017, the Consumer Financial Protection Bureau (“CFPB”) published a new rule that has the potential to significantly increase the number of class action lawsuits brought by consumers against their financial...more

State AGs urge Senate rejection of CRA resolution to disapprove CFPB arbitration rule

by Ballard Spahr LLP on

A group of 19 state attorneys general and the District of Columbia attorney general have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer expressing the AGs’ “strong...more

Debt Collector Ordered to Pay $25 Million to State of Texas for Illegal Debt Collection Practices

by Goodwin on

On July 11, 2017, Texas Attorney General Ken Paxton secured a $25 million judgment and permanent injunction against a portfolio management company and a small law office for violations of the Texas Debt Collection Act, Texas...more

SCOTUS Limits Reach of Fair Debt Collection Practices Act

In a unanimous decision, the Supreme Court narrowly interpreted “debt collector” under the Fair Debt Collection Practices Act to exclude debt purchasers engaging in collection efforts for their own accounts....more

House Financial Services Committee Democratic staff report on CFPB assails Republicans, defends CFPB and arbitration rule

by Ballard Spahr LLP on

A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more

CFPB Issues Final Rule Banning Class Action Waivers in Arbitration Clauses

by Stinson Leonard Street on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released its long-awaited and controversial final rule on arbitration agreements in contracts for financial products and services. The rule, which takes effect...more

Trade associations urge Congress to disapprove CFPB arbitration rule

by Ballard Spahr LLP on

A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more

House passes H.J. Res. 111 to override CFPB arbitration rule

by Ballard Spahr LLP on

Yesterday afternoon, the House of Representatives, by a 231-190 partisan vote, passed H.J. Res. 111 which provides for Congressional disapproval under the Congressional Review Act (CRA) of the CFPB’s final arbitration rule...more

House likely to pass H.J. Res. 111 today to override CFPB Arbitration Rule

by Ballard Spahr LLP on

Yesterday at 5:00 p.m., the House Rules Committee, by a 9-4 partisan vote, reported a rule on H.J. Res. 111 with a recommendation that the resolution be adopted. H.J. Res. 111 provides for Congressional disapproval under the...more

CFPB Issues Final Arbitration Rule: Who Is Covered and How Does It Affect Your Business

The CFPB, after entertaining numerous comments, issued its final arbitration rule on Monday, July 10. The rule prohibits specified providers of certain consumer financial products and services (loans, credit cards, and other...more

CFPB Loses Borders Case: the Court Construes RESPA’s Statutory ABA Exemption according to its Plain Language

by Foley & Lardner LLP on

On July 12, 2017, a federal district court in Kentucky issued a summary judgment ruling for the defense in the ongoing Borders & Borders case brought by the Consumer Financial Protection Bureau (CFPB or Bureau). In this...more

Supreme Court Issues Two Rulings Interpreting FDCPA

by Tucker Arensberg, P.C. on

The Supreme Court recently issued two rulings interpreting various sections of the Fair Debt Collection Practices Act (FDCPA) in favor of creditors and certain debt buyers. The FDCPA protects debtors from unfair collection...more

CFPB Suffers Setback in RESPA Lawsuit

by Dorsey & Whitney LLP on

A District Court in Kentucky recently rejected the Consumer Financial Protection Bureau’s (“CFPB”) claim against a law firm brought under the Real Estate Settlement Procedures Act (“RESPA”), granting the law firm summary...more

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