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A third bite at the apple: trade groups file lawsuit challenging CFPB payday loan rule

Two trade groups, the Consumer Financial Service Association of America, Ltd. and the Consumer Service Alliance of Texas, have filed a lawsuit against the CFPB in a Texas federal district court challenging the CFPB’s final...more

CFPB issues twelfth semi-annual report

The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more

Senators urge CFPB not to reconsider payday loan rule

A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Seventh Circuit Denies Arbitration of Accountholder Daughter’s TCPA Class Action Claims

In A.D. vs. Credit One Bank, N.A., the U.S. Court of Appeals for the Seventh Circuit reversed a district court order compelling individual arbitration of a putative class action for Credit One's alleged violations of the...more

Second Circuit, on Truncated Record, Holds Dispute Implicating Core Bankruptcy Proceeding Non-Arbitrable

In a recent decision pitting the Bankruptcy Code against the Federal Arbitration Act (FAA), the U.S. Court of Appeals for the Second Circuit held that a creditor could not compel arbitration of a debtor's class action claims...more

D.C. Circuit TCPA decision gives industry partial victory, but no certainty

The decision last week by the U.S. Court of Appeals for the D.C. Circuit on petitions seeking review of the Federal Communications Commission’s 2015 Declaratory Ruling and Order implementing the Telephone Consumer Protection...more

D.C. Circuit TCPA Decision Gives Industry Partial Victory But No Certainty

The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more

Misreading bankers’ worries: a response to Professor Sovern

In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more

Senate passes banking bill providing Dodd-Frank relief

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

How long can Mick Mulvaney serve as CFPB Acting Director?

Mick Mulvaney’s appointment by President Trump as CFPB Acting Director became effective on November 25, 2017 upon Richard Cordray’s resignation (which became effective at midnight on November 24).  ...more

DOJ to Take Closer Look at Fairness of Proposed Class Action Settlements

For the first time in more than a decade, the U.S. Department of Justice (DOJ) has exercised its authority under the Class Action Fairness Act (CAFA) to file an objection to a proposed settlement of a consumer class action....more

Collection Letter Making Settlement Offer for Time-Barred Debt Can Violate FDCPA Without Legal Action Threat, Third Circuit Rules

A letter sent to collect a time-barred debt that makes a settlement offer can, even without a threat of legal action, violate the Fair Debt Collection Practices Act's (FDCPA) general prohibition against a debt collector's use...more

House passes “Madden fix” bill

By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

CFPB seeks comment on its supervision program

The CFPB has issued a request for information that seeks comment on its supervision program. Comments on the RFI will be due no later than 90 days after it is published in the Federal Register, which the CFPB expects to...more

CFPB reportedly puts investigation of Equifax on ice while other government agencies press forward

Equifax announced on September 7, 2017 a massive data breach affecting an estimated 143 million consumers. Richard Cordray, the then Director of the CFPB, shortly thereafter authorized an investigation according to several...more

Seventh Circuit Rejects Use of Miller "Safe Harbor" Language When a Debt Cannot Increase

Safe harbor language is not always safe, as illustrated by a recent decision of the U.S. Court of Appeals for the Seventh Circuit Court of Appeals in Boucher v. Finance System of Green Bay....more

District court stays proceedings pending outcome of English preliminary injunction appeal; English files opening appeal brief

On January 30, 2018, the federal district court hearing Leandra English’s action seeking a declaration that she is the lawful Acting CFPB Director granted the parties joint motion to stay further proceedings pending a...more

U.S. Supreme Court Rejects Second Bid for Review in Spokeo

The U.S. Supreme Court on Monday denied the petition for certiorari seeking review of the U.S. Court of Appeals for the Ninth Circuit's most recent decision in Spokeo v. Robins (Spokeo II), foregoing an opportunity to clarify...more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Court Denies English’s Preliminary Injunction Motion; Mulvaney Continues to Exercise Acting CFPB Director Authority

Wednesday, U.S. District Court Judge Timothy J. Kelly denied Leandra English’s motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump’s appointment of Mick Mulvaney to serve as...more

Uniform Act to Regulate Virtual Currency Businesses Ready for State Adoption

A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more

Ninth Circuit Rules California "No Credit Card Surcharge" Law Violates First Amendment

A California law that prohibits merchants from imposing a surcharge on credit card purchases violates the First Amendment of the U.S. Constitution, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has...more

N.Y. Decision May Hinder Early Class Action Settlements

The decision of the New York Court of Appeals, in Desrosiers v. Perry Ellis Menswear, LLC., and in Vasquez v. Nat'l Sec. Corp., has created a potential obstacle to early class action settlements in cases filed in New York...more

Democratic Senators introduce bill to increase state AG oversight of national banks

Democratic Senator Dianne Feinstein announced that she and three other Democratic Senators have introduced a bill, the “Accountability for Wall Street Executives Act of 2017,” that would allow state attorneys general to issue...more

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