On July 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule prohibiting a broad range of covered parties from including class action waivers in their pre-dispute arbitration agreements. The rule also...more
7/17/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
On April 6, the California Supreme Court issued a unanimous opinion in McGill v. Citibank, finding that a pre-dispute arbitration agreement was unenforceable to the extent it required the plaintiff to waive her right to seek...more
4/19/2017
/ Arbitration ,
Arbitration Agreements ,
AT&T Mobility v Concepcion ,
Banking Sector ,
CA Supreme Court ,
Citibank ,
Class Action ,
Class Action Arbitration Waivers ,
CLRA ,
Consumer Contracts ,
Federal Arbitration Act ,
Injunctive Relief ,
Preemption ,
Unfair Competition Law (UCL)
The court explicitly acknowledged that making it difficult for banks to assign or sell their commercial property to the secondary market impedes good public policy.
On September 20, the U.S. District Court for the...more
In a recent clash between contract principles and the mootness doctrine, contract principles won. Relying on traditional contract principles, the U.S. Supreme Court issued a 6–3 decision on January 20, holding that an...more
The TCPA has been a source of significant class action activity in recent years as businesses seek to navigate the law and plaintiffs’ lawyers seek to exploit its many ambiguities....more
Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing.
In a controversial opinion decided on...more
6/25/2015
/ Bank of America ,
Class Action ,
Credit Cards ,
Debt Buyers ,
FDCPA ,
FDIC ,
Financial Institutions ,
Financial Markets ,
Interest Rates ,
Investors ,
Lenders ,
Loans ,
Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
Preemption ,
Usury
The relationship between certain peer-to-peer or marketplace lending platforms and the banks who actually make the loans to consumers leads to the often-debated question of “Who is the true lender?” Recent court decisions...more
Native American tribes increasingly are engaging in consumer lending over the Internet. These “tribal loans” present unique legal questions and issues, including whether tribal sovereign immunity shields tribes and their...more