AFSA Litigation - Year in Review

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Kirk Jensen reviews the major topics of litigation in the area of financial services in this presentation to the American Financial Services Association (AFSA). He reviews the AT&T v. Concepcion case involving the enforceability of arbitration agreements in consumer contracts, various settlements of cases based on the Servicemembers Civil Relief Act (SCRA), cases involving loan servicing and collections and the actions brought by state attorneys general on theories of noncompliance with unfair and deceptive trade practices (UDAP) laws.

Mr. Jensen discusses the forthcoming role of the Consumer Financial Protection Bureau (CFPB) in regulating the use of arbitration provisions, analyzes the forces that have led to a spike in litigation over foreclosures involving military service members, and reviews the terms of some recent settlements involving SCRA violations by major loan servicers. Other areas identified and discussed in this presentation are misleading enrollments in credit, payment and identity protection plans, verification of enrollment in these plans, and robo-signing activities in debt collection actions. All of these trends stimulate concern for financial service providers that an ethereal “fairness awareness” standard may be gaining traction among regulators, adding to the complexity and challenge of compliance.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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