We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/1/2024
/ Automotive Loans ,
Banks ,
Class Action ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Debt Collection ,
Digital Assets ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Student Loans ,
Tribal Loans ,
Uniform Commercial Code (UCC)
In a July 15 published decision, the Fourth Circuit reversed a West Virginia District Court’s ruling against a mortgage servicer in a purported class action, holding that merely sending a notice of rescission under the Truth...more
Finding that the defendant debt collector was entitled to rely on the information provided by its client about the name of the debtor, a district court judge in Washington state granted summary judgment in favor of Puget...more
1/19/2022
A federal district court judge in Massachusetts denied a credit repair company’s motion to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) and the state of Massachusetts alleging that the company...more
The Financial Institutions Regulatory Authority (FINRA) has made its arbitration statistics for the year 2021, through May 31, available on its website. Overall, FINRA experienced an intriguing 19% decline in the number of...more
Last March we reported that, in response to the COVID-19 pandemic, the Financial Industry Regulatory Authority Inc. (FINRA) administratively postponed in-person arbitration and mediation proceedings, and held such proceedings...more
On April 16, 2021, a bill was introduced in the Senate and House that would restrict securities industry broker-dealers and other FINRA registered firms from imposing mandatory arbitration for customer disputes or...more
In Jefferies LLC v Gegenheimer, the Second Circuit reminded prospective FINRA arbitration litigants of the high burden in court to vacate an unsatisfactory arbitration award issued by a panel of arbitrators....more
On April 14, 2021, the U.S. Court of Appeals for the Ninth Circuit reversed the decision of the U.S. District Court for the Northern District of California finding that a FINRA registered investment banker’s statutory...more
While Financial Industry Regulatory Authority (FINRA) rules do not require member firms and customers to enter into arbitration agreements or otherwise preclude parties from litigating disputes through the state and federal...more
On March 18, the West Virginia legislature passed Senate Bill 5, amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments will apply to all causes of action filed on or after June 16, 2021, the...more
A district court judge in California has certified a FDCPA letter class involving billing and collection letters sent by a collection company used by Hertz car rental agency. The plaintiff in DeNicolo v. Hertz Corp. alleges...more
In Guzman v. I.C. Sys., 2021 U.S. Dist. LEXIS 42595, 2021 WL 861914 (E.D.N.Y. Mar 8, 2021), Carolina Guzman (plaintiff) alleged that I.C. System, Inc. (defendant) violated the FDCPA by reporting to Experian that her debt to...more
In a putative class action, Santoro v. State Farm Mutual Automobile Insurance Co., 2020 WL 6586630, 19-CV-9782 (CS) (S.D.N.Y. Nov. 9, 2020), District Court Judge Cathy Seibel dismissed the plaintiff’s complaint under Rule...more
New York Attorney General Letitia James and Governor Andrew Cuomo announced on November 4, 2020, that the State will continue the suspension of its debt collection efforts of medical and student debt through the remainder of...more
Recently, the Consumer Financial Protection Bureau filed an Amicus Curiae brief in the United States Court of Appeals for the Third Circuit addressing whether a debt collector violates the Fair Debt Collection Practices Act...more