News & Analysis as of

Consumer Financial Contracts

California Deals Another Blow to Arbitration Agreements, But It Is Far From A Knockout Punch

California continues to modify the Concepcion landscape. On April 6, 2017, the California Supreme Court once again issued a pro-consumer ruling that is already being applauded by the plaintiffs’ bar. The ruling came out in...more

McGILL v. CITIBANK, N.A.

by Ervin Cohen & Jessup LLP on

I have received a few questions from employers about the recent California Supreme Court decision in McGill v. Citibank, N.A.. The McGill case isn’t an employment law case, but rather deals with a consumer class action....more

Chipping Away at Arbitration: California Supreme Court Further Limits Arbitration Waivers

by Hirschfeld Kraemer LLP on

On April 6, 2017, the California Supreme Court held that an arbitration agreement waiving the right to public injunctive relief is contrary to California public policy and is unenforceable under California law. In McGill...more

What businesses need to know about amendments to Canadian consumer protection laws in 2017

by DLA Piper on

The past year has been a busy one for provincial governments and consumer protection laws in Canada. Several provinces have been busy closing gaps and loopholes that had resulted in some businesses being caught by consumer...more

District Court Stays Class Action in Favor of Arbitration

by Dorsey & Whitney LLP on

In Zambrana v. Pressler & Pessler LLP, the Southern District Court of New York stayed a putative class action against various creditors for alleged violations of the Fair Debt Collection Practices Act (FDCPA), referring the...more

Pre-action protocol for debt claims likely to launch in 2017

by DLA Piper on

A large proportion of the business conducted by the civil courts in England and Wales relates to debt claims and a high proportion of those claims arise under agreements regulated by the Consumer Credit Act 1974. As long ago...more

The CFPB’s Action Against the Country’s Largest Student Loan Servicer, Navient: Four Things You Need to Know Right Now

by Dorsey & Whitney LLP on

In recent posts, this blog discussed how the Consumer Financial Protection Bureau (CFPB) has tightened control over financial institutions, including an overhaul of the regulatory landscape for debt collection and banks. The...more

CFPB Enters Consent Order with Lender Over Defective Disclosures

by Goodwin on

On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit...more

U.S. Dept. of Education Joins Tide Against Class-Action Waivers/Mandatory Arbitration

There’s been plenty of news regarding a recent trend that contract provisions precluding class actions and mandating arbitration may have hit their high water mark and appear to be receding...more

Creditors Beware: Fifth Circuit Court of Appeals Expands Purview Of Potential FDCPA Violations And Furthers Circuit Split

by Bryan Cave on

In Daugherty v. Convergent Outsourcing, Inc., No. 15-20392 (5th Cir. Sept. 8, 2016) the Fifth Circuit Court of Appeals recently joined the circuit split interpreting the Fair Debt Collections Practices Act (“FDCPA”) in a way...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Eleventh Circuit Invalidates Another Western Sky Arbitration Clause

by Goodwin on

On August 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia decision invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509). Defendant National Bank...more

Freedom of contract prevails as the Paciocco class action draws to a close

by DLA Piper on

The recent decision by the High Court in Paciocco v Australia and New Zealand Banking Group Limited [2016] HCA 28 marked the end of a long representative action involving bank fees for late credit card bill payments. The...more

Unfair contract terms will soon apply to contracts with small business

by DLA Piper on

Do you need to review your standard form contracts? This update provides a summary of the new laws extending the unfair contract terms prohibition to standard form contracts with small business in Australia. The new...more

Class Rep Can Opt Out of Arbitration for All (And Other Recent State Court Anomalies)

Continuing last week’s theme of “States Gone Wild,” here are three more oddball summer decisions from state supreme courts. All of them find interesting paths around federal case law (IMHO). Georgia Says Class Complaint...more

House approves FY 2017 appropriations bill containing curbs on CFPB authority

by Ballard Spahr LLP on

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

District of Columbia Settles Unlawful Collection Claims Against Debt Collector

by Goodwin on

On June 21, the Attorney General for the District of Columbia announced a settlement with a debt collector for alleged violations of the District’s debt collection and consumer protection laws. Specifically, the District...more

Arkansas AG Settles Payday Lending Lawsuit for $750,000

by Goodwin on

On June 24, the Arkansas Attorney General (AG) announced a settlement with three entities and two individuals, resolving allegations that the defendants conspired to offer illegal payday loans to consumers online while...more

UK Financial Regulatory Developments - June 2016 #13

by Dentons on

Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the current FICOD...more

NC Attorney General Reaches $9 Milllion Settlement With "American Indian Business" Western Sky Over Usurious Loans

by Brooks Pierce on

You will remember the North Carolina Attorney General's lawsuit against Western Sky Fin'l, LLC. It generated an opinion from the Business Court last year in which Judge McGuire enjoined the Defendants from making further high...more

“Nonbank” Lender Seeks Injunction Restraining CFPB Administrative Action

by Dorsey & Whitney LLP on

On May 9, 2016, Integrity Advance, LLC and its CEO James Carnes filed suit against the Consumer Financial Protection Bureau (“CFPB”) in United States District Court for the District of Columbia seeking to enjoin the CFPB from...more

What You Need to Know about CFPB’s Proposal to Ban Mandatory Arbitration Clauses in Financial Contracts

by Dorsey & Whitney LLP on

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB”) published in the Federal Register its 376-page proposed rule to limit the use of mandatory arbitration clauses in certain financial contracts. The proposal...more

DLA Piper response to UK FCA's 'Call for Input' on Consumer Credit Act review

by DLA Piper on

DLA Piper UK LLP (DLA Piper) welcomes the Financial Conduct Authority's (FCA) engagement with the consumer credit industry and is supportive of not just the FCA's review of the Consumer Credit Act 1974 (CCA) retained...more

CFPB Releases 2016 Rulemaking Agenda

by Goodwin on

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted...more

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

by Ballard Spahr LLP on

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

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