Following their announcement last July regarding their plans to coordinate on a range of consumer financial protection issues , the CFPB Director and his European counterpart, the Commissioner for Justice and Consumer...more
Federal News Wire – a non-partisan news group focusing on the activities of federal agencies – has issued a Freedom of Information Act (“FOIA”) request to the Consumer Financial Protection Bureau, seeking a list of all...more
The Consumer Bankers Association (“CBA”) recently published a letter it sent to the CFPB describing the information that banks typically use for identity verification and fraud prevention and addressing the impact of...more
The CFPB has issued its “Consumer Response Annual Report,” which analyzes patterns and trends in the approximately 1,287,000 consumer complaints submitted to the Bureau in 2022. The annual report is required by the Consumer...more
A judge in the U.S. District Court for the Central District of California recently ordered the defendants in CashCall, Inc. (which included CashCall Inc.’s CEO Paul Reddman) to pay $134 million in restitution and $33 million...more
Last week, the CFPB filed a lawsuit against ACTIVE Network LLC (“Active”), an online event registration company, in a Texas federal district court alleging that the company is deceiving customers into joining its fee-based...more
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at...more
Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state. If not picked up by the state legislature this summer, the...more
A federal district court judge in the Southern District of New York ruled late last week that three credit unions had successfully established a likelihood of success on their claims that the retroactive application of New...more
Three credit unions have filed a federal class action lawsuit in the Southern District of New York seeking to halt the enforcement or implementation of New York’s recently passed S.B. 5724A which would retroactively and...more
The CFPB recently filed suit in the Central District of California against Texas-based GST Factoring Inc. and two of its owners, along with Champion Marketing Solutions, LLC (“CMS”), its owner, and four separate attorneys....more
A purported class action filed last week in the U.S. District Court for the Northern District of California, accuses Facebook of discriminating against women and individuals over 40 who were denied advertisements and...more
11/6/2019
/ Advertising ,
Aiding and Abetting ,
Class Action ,
Demographic Targeting ,
Discriminatory Lending Practices ,
ECOA ,
Facebook ,
Fair Lending ,
Financial Services Industry ,
Online Advertisements ,
Social Media
In a precedential opinion, the U.S. Court of Appeals for the Third Circuit concluded that a plaintiff in a class action complaint had Article III standing and was properly awarded summary judgment when a debt collector sent...more
On Wednesday, May 8, the Federal Trade Commission hosted a special forum exploring small business lending practices, regulations, and policies....more
Attorneys for defendants, U.S. Comptroller and the Office of the Comptroller of the Currency (together “the OCC”), in the pending Southern District of New York lawsuit, Vullo v. OCC, submitted a letter to the court announcing...more
11/30/2018
/ Article III ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Injury-in-Fact ,
Motion to Dismiss ,
National Bank Act ,
NYDFS ,
OCC ,
Ripeness ,
Special Purpose National Bank Charter ,
Standing
In Scheffler v. Gurstel Chargo, P.A., the U.S. Court of Appeals for the Eighth Circuit rejected a career plaintiff’s attempts to manufacture a Fair Debt Collection Practices Act (FDCPA) claim by baiting a debt collector into...more
In recent remarks, CFPB Director Richard Cordray noted, albeit passingly, the significant role debt collection activities play in the healthy maintenance of consumer credit markets. “Responsible debt collectors that do their...more