We have previously blogged about the CFPB’s laser-like focus on the fair lending practices of banks and non-banks purchasing auto finance consumer contracts from auto dealers....more
Resolving an issue "of utmost importance" that has divided the district courts, the Third Circuit yesterday clarified the legal standards that district courts should apply in deciding a motion to compel arbitration....more
The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s...more
The Township of Mount Holly and other petitioners for certiorari in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. filed a brief on May 24, 2013 in the U.S. Supreme Court replying to the brief filed by...more
The Federal Trade Commission has proposed changes to its telemarketing sales rule (TSR) that would prohibit sellers and telemarketers from accepting or requesting remotely created checks or payment orders, cash-to-cash money...more
A second circuit court ruling invalidating one of President Obama’s recess appointments to the National Labor Relations Board could provide additional ammunition to anyone inclined to challenge the validity of his choice to...more
We have been critical of the failure of the CFPB’s white paper on payday and deposit advance loans to address the very real benefits of payday loans or the question whether (and when) such benefits outweigh the costs....more
Last week, the Solicitor General finally filed his brief expressing the views of the United States on whether the U.S. Supreme Court should grant the petition for certiorari pending in Township of Mount Holly v. Mt. Holly...more
The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more
A Florida federal court has rejected the Federal Communication Commission's 2008 ruling that by providing a wireless number to a creditor on a credit application, a consumer has given "prior express consent" as required by...more
The CFPB has issued a proposal to temporarily delay the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The proposal responds to concerns raised by...more
The Consumer Financial Protection Bureau has finalized revisions to its remittance transfers rule and set October 28, 2013, as the rule’s new effective date. While not entirely eliminating the requirement for remittance...more
The CFPB’s white paper on payday and deposit advance loans received well-deserved criticism in a letter to Director Cordray from the Community Financial Services Association of America (CFSA), a national trade organization...more
The CFPB and FTC have announced that they will co-host a roundtable on June 6, 2013 in Washington, D.C. to examine the flow of consumer data throughout the debt collection process. Titled “Life of a Debt: Data Integrity in...more
Last Friday, the CFPB simultaneously issued a final rule to govern the administration of the Bureau’s Civil Penalty Fund (CPF) and proposed revisions to that rule. The final rule is effective immediately upon publication in...more
Earlier this week, the United States Court of Appeals for the Ninth Circuit reversed approval of a $45 million class action settlement that had been reached with three credit reporting agencies in Radcliffe v. Experian...more
In a decision that has broad implications beyond its labor law context, the U.S. Supreme Court held on April 16, 2013, that an employee plaintiff in a collective action whose individual claim was mooted by her employer’s...more
Proponents of consumer arbitration have been buoyed by a Ninth Circuit opinion issued on April 11, 2013, that underscores the dramatic impact that AT&T Mobility, LLC v. Concepcion has had on the enforcement of consumer...more
4/16/2013
The Federal Trade Commission continues to keep Fair Credit Reporting Act (FCRA) enforcement at the forefront of its activities, as shown by its recent warnings to operators of six websites that provide information about...more
Remarks made by Ori Lev, the CFPB’s Deputy Enforcement Director for Litigation, at the ABA Consumer Financial Services Committee’s spring meeting last week further clarified the role of CFPB enforcement attorneys in CFPB...more
Last April, the CFPB announced that it was beginning its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. Last week, nearly a year after that announcement, David Silberman, the CFPB’s Associate...more
The federal banking agencies, together with the Farm Credit Administration, have issued joint guidance on amendments to the Flood Disaster Protection Act of 1973 (FDPA). The amendments were part of the Biggert-Waters Flood...more
The CFPB’s announcement last Thursday that it had expanded its public Consumer Complaint Database to include complaints about products other than credit cards was accompanied by the release of four items.
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Agreeing to review an important issue that has divided the federal circuit courts, the U.S. Supreme Court announced yesterday that it will decide the proper procedural vehicle for enforcing forum selection clauses.
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The Consumer Financial Protection Bureau has expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category...more