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Background Check Suits: Whole Foods Class Action to Continue

In a previous blog I discussed the multiple class actions that are pending and which address the issue of the Fair Credit Reporting Act requirements in connection with on-line employment applications....more

CFSA weighs in on CFPB proposed payday regulations

On March 26th, the Community Financial Services Association (“CFSA”) held a press call to address the CFPB’s rulemaking process for developing payday loan regulations. CFSA Chief Executive Officer Dennis Shaul offered brief...more

CFPB Considers Stronger Consumer Protections for Payday Loans and Similar Debt

On March 26, the CFPB announced that it is considering stronger consumer protections relating to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. The...more

CFPB holds hearing on payday and auto title loans in Richmond, VA

On March 26, the CFPB held a public hearing on payday and auto title lending, the same day that it released proposed regulations for short-term small-dollar loans. Virginia Attorney General, Mark Herring gave opening remarks,...more

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of...more

CFPB to Publicly Disclose Consumer Complaint Database Narratives

On March 19, the Consumer Financial Protection Bureau (CFPB or Bureau) adopted a proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database. The Bureau also published its final policy...more

Special Alert: CFPB Releases Outline Of Proposed Rule For Payday, Vehicle Title, And Similar Loans

On March 26, the CFPB announced that it is considering proposing a rule to “end payday debt traps” and released several related documents, including a fact sheet and an outline of the proposal that will be presented to a...more

CFPB shows its hand on payday (and title and longer-term high-rate) lending

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the...more

Another payday loan study finds affordability and rollover limits do not benefit borrowers

We recently wrote about three studies that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement, a payment-to-income (PTI) ratio ceiling, and rollover limits, three potential payday...more

Plenty for firms to think about as the FCA publishes its 2015/2016 Business Plan

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2015/2016, setting out the areas on which it intends to focus over the coming year....more

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

NY Attorney General Enters into Far-Reaching Settlement with Largest Credit Reporting Agencies

New York Attorney General Eric Schneiderman recently announced that his office reached a landmark settlement with the nation’s three leading credit reporting agencies (CRAs) that will require them to significantly reform,...more

CFPB Releases Winter Issue of Supervisory Highlights, Schedules Date for Field Hearing on Payday Lending

On March 11, the CFPB released its seventh issuance of Supervisory Highlights, which highlights the CFPB’s supervision work completed between July 2014 and December 2014, detailing examination findings and observations in...more

OSHA Issues Long-Awaited SOX Whistleblower Rule

On March 5, 2015, OSHA issued a long-awaited Final Rule regarding SOX whistleblower procedures and related matters. The new Final Rule will replace the Interim Final Rule enacted in 2011, after Dodd-Frank amended SOX. The...more

Liberal and minority caucuses press Director Cordray for payday loan limits

The leaders of four liberal and minority Congressional caucuses have written to Director Cordray to urge the CFPB to adopt “strong protections” for payday loans. The letter was signed by the co-chairs of the Congressional...more

Another study raises questions about possible CFPB payday loan limits

We recently wrote about two studies, one by Professor Ronald Mann and the other by Professor Jennifer Lewis Priestley, that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement and...more

Comcast, Superiority, Predominance and Injunctive Relief Addressed in Recent Second Circuit Class Certification Opinions

The Second Circuit recently addressed a panoply of class certification issues in two opinions. Both decisions ruled in favor of the plaintiffs, but will help defendants tailor their arguments in future cases....more

CFPB Hot Topics for 2015

Despite rumblings from the new Congress about reining in the Consumer Finance Protection Bureau (CFPB), the Bureau has indicated a packed agenda for 2015. Following an aggressive push in 2014, the attention of the CFPB...more

Payday Lender Agrees to Refund $8 Million in Settlement with Pennsylvania AG

On February 11, the Pennsylvania AG announced a settlement with a national payday lender that will pay $8 million in restitution to consumers who were allegedly provided illegal payday loans. According to the state AG, the...more

New York DFS Urges CFPB to Adopt ‘Strong’ Payday Loan Rules

On February 4, NY DFS Superintendent Benjamin Lawsky sent a letter to the CFPB urging the agency to adopt strong national rules for the payday loan industry. In his letter, Lawksy highlighted four steps the agency should...more

Studies question value of expected CFPB payday loan limits

The CFPB’s payday loan rulemaking was the subject of a NY Times article this past Sunday which has received considerable attention. According to the article, the CFPB will “soon release” its proposal which is expected to...more

Consumer Financial Product Whistleblower Complaints Up Dramatically, SOX Complaints (with OSHA) Down

Since the enactment of Dodd-Frank in 2010, the number of whistleblower complaints filed under the Consumer Financial Protection Act (“CFPA”) has risen significantly while the number of SOX complaints filed with OSHA has...more

CFPB Files Suit Against Texas Company for Alleged Deceptive Practices Targeting Union Workers

On December 17, the CFPB announced it filed suit against a Texas-based company for allegedly deceiving consumers into paying fees to sign up for a “sham” credit card. According to the complaint filed in the Northern District...more

CFPB settles second loan originator compensation case

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

Data protection obligations on banks into force in Italy

The Italian Data Protection Authority issued regulations introducing new relevant data protection obligations for banks in the processing of customers’ personal data by their employees aimed at monitoring the transfer of...more

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