Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation - The Consumer Finance Podcast
On May 3, a California resident filed a class action lawsuit in federal court accusing a Los Angeles-based credit union of discriminatory practices, and raised a civil rights claim under 42 U.S.C. § 1981, and violations of...more
The spate of class-actionGavel with Cash lawsuits against banks and credit unions (“Financial Institutions”) involving overdraft fees has prompted Indiana Financial Institutions to amend their existing account agreements to...more
In response in part to the dozens of cases filed throughout the country related to assessment of insufficient funds (NSF) and overdraft (OD) fees, many banks and credit unions have sought to add arbitration and class action...more
The United States District Court for the Eastern District of Missouri, applying Missouri law, has held that a consumer class action alleging false credit reporting is potentially covered under a management liability policy....more
A New York federal court has largely denied a state credit union’s motion to dismiss a class action lawsuit regarding non-sufficient funds (NSF) fees, overdraft fees, and out-of-network ATM fees. See Fairchild-Cathey v....more
Plaintiffs Pursuing Increased Class Action Breach of Contract Claims for Overdraft Fees and Charges Against Customers - “With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased...more
Ohio- Uniform Trade Secrets Act Sal’s Heating & Cooling, Inc. v. Bers Acquisition Co., 8th Dist. Cuyahoga No. 110685, 2022-Ohio-1756- In this appeal, the Eighth Appellate District affirmed the trial court’s decision,...more
As a word of caution, the plaintiffs’ bar is filing a wave of class actions against credit unions and banks based on the assessment of overdraft fees. Some cases challenge practices, such as high-to-low sequencing of...more
Have the GOP’s Hopes for Enacting the Fairness in Class Action Litigation Act Been Dashed? – Passed in March 2017 by the U.S. House of Representatives, the Fairness in Class Action Litigation Act of 2017, H.R. 985, has...more
Many observers have reported on leadership changes at the Consumer Financial Protection Bureau (“CFPB”) and the potential shifts in policy priorities that may follow. However, in the new year, among the most interesting...more
The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more
In a reversal of the usual scenario where a plaintiff seeks and a defendant resists class discovery, the Southern District of Ohio granted a defendant’s motion to compel answers to its interrogatory regarding who was included...more
The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more
Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more
We previously reported that Target and MasterCard had entered into a proposed $19 million settlement to reimburse card issuers for expenses related to the re-issuance of credit and debit cards to customers affected by the...more