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Finance & Banking Civil Remedies Consumer Protection

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

English to seek preliminary injunction in CFPB Acting Director dispute

by Ballard Spahr LLP on

Leandra English has filed a Proposed Schedule confirming that she plans to file a motion for a preliminary injunction in her action for declaratory and injunctive relief filed in D.C. federal district court seeking a...more

The Trump Administration Gets Its Man at the CFPB

Mick Mulvaney is secure in his new title as Acting Director of the Consumer Financial Protection Bureau (CFPB)—at least for now—as a result of a Trump-appointed judge’s decision, issued on November 28, 2017. The decision came...more

CFPB Leadership Dispute: Impacts and Next Steps

by White & Case LLP on

A dramatic legal fight over interim leadership of the Consumer Financial Protection Bureau (CFPB or Bureau) saw its first round end November 28, 2017, when a federal judge denied a motion for a temporary restraining order...more

Democratic lawmakers, Republican attorneys general submit amicus briefs in CFPB Acting Director dispute

by Ballard Spahr LLP on

Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more

TRO denied in CFPB Acting Director dispute; Mulvaney imposes regulatory freeze

by Ballard Spahr LLP on

Tuesday afternoon, Judge Timothy Kelly of the D.C. federal district court denied Leandra English’s motion for a temporary restraining order (TRO) to prevent President Trump from appointing or recognizing the appointment of a...more

CFPB sues nation’s largest debt-settlement services provider

by Ballard Spahr LLP on

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

by Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

Fall 2017 Consumer Financial Protection Bureau Update

by Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

It’s About Context: CFPB Wins Bench Trial Against Third Party Servicer for Deceptive Advertising

by Goodwin on

On September 8, 2017, a judge in the Northern District California assessed a statutory penalty of $7,930,000 against Nationwide Biweekly Administration, Inc. (Nationwide) and issued an injunction prohibiting further deceptive...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

by Ballard Spahr LLP on

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

Ocwen Predictably Reaches High-Dollar TCPA Settlement Following Class-wide Preliminary Injunction

by Dorsey & Whitney LLP on

By the time the gavel struck back on June 26, 2017, another high-dollar TCPA settlement was inevitable. On that date, Judge Matthew F. Kennelly of the Northern District of Illinois entered an order preliminarily certifying a...more

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

Fourth Circuit Issues Mixed-Bag Decision On Punitive Damages In FCRA Cases

Inevitably, when conscientious judges delve into the multi-dimensional issue of excessive punitive damages, they get some things right and other things wrong. Such is the case with the Fourth Circuit’s recent decision in...more

Minnesota AG Sues Lending Firms for Scamming Seniors and Veterans

by Goodwin on

On August 17, 2017, the Associated Press announced that Minnesota’s Attorney General is suing two lending firms (with the same Nevada address) for allegedly pressuring veterans and senior citizens into signing over large...more

DC AG Announces Judgment Against Student Debt Relief Provider

by Goodwin on

?On August 24, 2017, the Attorney General for the District of Columbia (D.C. AG) announced that his office won a judgment in the D.C. Superior Court against a debt relief provider and its owners. The DC AG alleged that the...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

Ninth Circuit Rules on Spokeo Remand

by Selman Breitman LLP on

On August 15, 2017, the Ninth Circuit ruled that a litigant who accused Spokeo of violating the Fair Credit Reporting Act by allegedly reporting inaccurate information about him had claimed a sufficiently concrete injury to...more

Debt Collector Ordered to Pay $25 Million to State of Texas for Illegal Debt Collection Practices

by Goodwin on

On July 11, 2017, Texas Attorney General Ken Paxton secured a $25 million judgment and permanent injunction against a portfolio management company and a small law office for violations of the Texas Debt Collection Act, Texas...more

CFPB Suffers Setback in RESPA Lawsuit

by Dorsey & Whitney LLP on

A District Court in Kentucky recently rejected the Consumer Financial Protection Bureau’s (“CFPB”) claim against a law firm brought under the Real Estate Settlement Procedures Act (“RESPA”), granting the law firm summary...more

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

CFPB issues eleventh Semi-Annual Report

by Ballard Spahr LLP on

The CFPB has issued its eleventh Semi-Annual Report to the President and Congress covering the period October 1, 2016 through March 31, 2017. The 178-page report recycles information from previously-issued CFPB reports and...more

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

FCRA Violations Lead to Record-Breaking $60 Million Verdict

On June 19, a jury sitting in federal court in the United States District Court for the Northern District of California awarded plaintiffs $60 million after finding that the defendant, TransUnion, LLC, violated provisions of...more

Trans Union Hit with Largest FCRA Verdict to Date

Trans Union, LLC, one of the largest credit reporting agencies in the United States has been hit with a verdict by a California jury for $60 million, which is the largest verdict under the Fair Credit Reporting Act (FCRA) to...more

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