News & Analysis as of

Disclosure Confusion in the Online Lead Generation Industry

This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two...more

CFPB brings administrative action against online lender

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA),...more

Recent Actions Added To UDAAP Database

The CFPB and FDIC have issued new enforcement actions that include allegations of unfair, deceptive, and/or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP...more

FTC, CFPB, and States Collaborate to Clamp Down on Illegal Debt Collection

On November 4, the Federal Trade Commission announced an unprecedented coordinated federal-state enforcement effort targeting deceptive and abusive debt collection. This sweeping initiative, termed “Operation Collection...more

FTC announces “Operation Collection Protection”

Last week, the FTC announced a new coordinated effort against unlawful debt collection practices, “Operation Collection Protection.” The FTC also announced that federal, state and local law enforcement agencies have brought...more

Lawmakers seek rescission of CID issued to college accrediting organization

Senator Lamar Alexander and Representative John Kline sent a letter to Director Cordray on October 23, 2015 requesting that he “immediately rescind the issuance of a civil investigative demand to the Accrediting Council for...more

CFPB Shines Spotlight on Credit Card Complaints

The Consumer Financial Protection Bureau (CFPB) recently released its monthly Complaint Report for October, in which the CFPB focuses heavily on credit card companies, specifically calling attention to cardholder complaints...more

CFPB sues company and owner for alleged student financial aid scam

A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam. In addition to injunctive relief,...more

Risky times for some Internet lenders

A recent decision by the Minnesota Supreme Court serves as a painful reminder to Internet lenders of the perils of relying on choice-of-law provisions or arguments citing the Commerce Clause of the U.S. Constitution to avoid...more

Beating a dead horse: CFPB announces default judgment against Corinthian

The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

The New Paradigm in Vendor Management Under the CFPB

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

ABA Consumer Financial Services Panel Highlights the Challenges of Serving Consumers in non-English Languages

On September 17, I had the opportunity to speak on a panel at the American Bar Association’s Consumer Financial Services Committee meeting in Chicago (which was held as a part of the ABA Business Law Section Annual Meeting),...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Atlanta federal district court interprets CFPA standard for “substantial assistance” liability

Earlier this year, the CFPB filed a complaint in Atlanta federal district court targeting an alleged debt collection scam in which not only were the debt collectors named as defendants (Debt Collectors) but three companies...more

In Win for CFPB, Federal Court Clarifies Scope of “Substantial Assistance” and “Service Provider” Provisions of Dodd-Frank Act

In the first court decision to opine on the “service provider” and “substantial assistance” provisions of the Dodd-Frank Act, a federal district court in Georgia denied a motion to dismiss brought by payments processors who...more

The Consumer Financial Protection Bureau: What Insurers Should Know

Q: When does the Consumer Financial Protection Bureau (CFPB) have authority over insurance ?companies? The federal legislation commonly known as the Dodd-Frank Wall Street Reform Act, which created the ?CFPB,...more

BuckleySandler Secures Major Victory on Behalf of Mortgage Servicer in Putative Class Action Suit

On August 25, BuckleySandler secured a substantial victory in a putative class action in the Northern District of Illinois. McGann v. PNC, No. 11-c-6894 (N.D. Ill. Aug. 25, 2015). The suit alleged that a major mortgage...more

CFPB Reaches Out to Offshore Payday Lenders With Federal Complaint

Why it matters - The Consumer Financial Protection Bureau (CFPB) filed a new complaint against several commonly owned payday lenders, alleging that the defendants engaged in unfair, deceptive, and abusive acts and...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Deposit Processing Is Subject of New UDAAP Enforcement

The CFPB, OCC and FDIC (“the regulators”) took action on August 12, 2015 against three banks in the Citizens Bank corporate family, resulting in $11 million in required restitution and a total of $20.5 million in federal...more

Adjusting to CFPB's Auto Finance Examination Authority

On Aug. 9, the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest nonbank automobile finance companies took effect, subjecting the auto finance industry to new and unprecedented...more

Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

CashCall Revisited: The CFPB’s Evolving Theory of Abusiveness

In 2013, the CFPB filed a complaint against CashCall, Inc. and others, alleging that their conduct in collecting on payday loans that allegedly violated certain states’ usury and/or licensing laws constituted unfair,...more

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