Since the petition for certiorari in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. was filed last year, we have raised the possibility that, even if the Supreme Court granted certiorari, the case might...more
The Consumer Financial Protection Bureau has adopted a final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risk to consumers....more
The CFPB has proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) as part of several new proposed amendments to the mortgage rules it adopted in January 2013....more
As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more
We just heard that a lawsuit was filed in Federal District Court in DC challenging HUD’s final rule stating that the disparate impact theory will apply in assessing whether a company has complied with the Fair Housing Act....more
Last week, in its decision in American Express Co. v. Italian Colors Restaurants, the U.S. Supreme Court delivered a knock-out punch to the last major court challenge to the use of class action waivers in consumer arbitration...more
On June 24, 2013, the U.S. Supreme Court agreed to review the D.C. Circuit’s decision in Noel Canning v. NLRB invalidating President Obama’s January 4, 2012 appointment of three NLRB members....more
Last week, the Securities and Exchange Commission announced a policy shift concerning settled enforcement actions. The SEC has indicated that it will more frequently require an admission of wrongdoing from defendants as a...more
Oklahoma has enacted new requirements for private student loans that become effective on July 1, 2013. The requirements are set forth in the Oklahoma Private Student Loan Transparency Act, a part of House Bill No. 1829....more
The Pew Charitable Trusts has released a report on the safety and transparency of checking accounts. The study questions whether banks are sufficiently engaged in what Pew deems "best practices" and concludes that the...more
The U.S. Supreme Court today delivered a knock-out punch to the last major court challenge to the use of class action waivers in consumer arbitration agreements....more
A new Chicago ordinance requires mortgagees who acquire residential rental property through a foreclosure or deed in lieu of foreclosure to either provide an option to renew the lease or offer relocation assistance to a...more
Second time’s the charm? For the second time in less than two years, the U.S. Supreme Court granted certiorari today in a case that presents the question whether plaintiffs suing under the Fair Housing Act (FHA) may bring...more
The question of whether plaintiffs suing under the Fair Housing Act may bring disparate impact claims is back on the U.S. Supreme Court's docket as a result of the Court's decision today to grant certiorari in Mount Holly v....more
Addressing an important issue that the U.S. Supreme Court will decide in the next few weeks, the Supreme Judicial Court of Massachusetts has held that a court may invalidate an arbitration agreement that contains a class...more
It’s not necessary to read more than the cover page to know that the debt collection industry does not fare well in the report issued this week by the New Economy Project (NEP). The cover page reads: “The Debt Collection...more
As we reported, the CFPB has asked the Office of Management and Budget to approve the Bureau’s plans to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration...more
The Office of the Comptroller of the Currency (OCC) recently updated its guidance on procedures for internal appeals of supervisory decisions at various levels. The subject matter deals solely with internal appeal procedures...more
The Federal Trade Commission recently brought an enforcement action against a company that processed credit card payments for the operator of an alleged debt relief telemarketing scam. This action serves as a reminder to...more
A recent Minnesota state court decision 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
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Second Circuit has ruled....more
Additional questions concerning the applicability of AT&T Mobility v. Concepcion to representative actions arose this week when a California intermediate court of appeals ruled that claims under the state's Private Attorneys...more
The CFPB is seeking approval from the Office of Management and Budget to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with...more
Five merchants and their principals have filed a lawsuit in federal district court in New York challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. New...more
We have been following very closely developments in NLRB v. Noel Canning, the case seeking Supreme Court review of the D.C. Circuit Court’s judgment invalidating President Obama’s January 4, 2012 appointment of several NLRB...more