Consumer Financial Services Law Monitor

Consumer Financial Services Law Monitor

monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

New Debt Collection Rules Announced for New York State Courts

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Auto Finance Summit 2014 – October 6-8 – Las Vegas

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GAO Insists That CFPB Must Improve Financial Data Security

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CFPB Proposes Regulations Defining Larger Participants in Auto Finance Market

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Congresswoman Proposes Fundamental Changes to FCRA

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Financial Services Trade Groups File Brief on Hotly Debated TILA Issue Before Supreme Court

By Ethan G. Ostroff on October 01, 2014

The American Bankers Association, American Financial Services Association, Consumer Bankers Association, Consumer Mortgage Coalition, Independent Community Bankers of America, and Mortgage Bankers Association (the “Trade Groups”) have filed a brief as amici curae in support of the respondents in an appeal before the Supreme Court of the United States that involves a Truth in Lending...
Federal Judge Freezes Law Firm Assets in Multi-State Mortgage Rescue Scam Case
Sixth Circuit Upholds Court Order Against Telemarketers’ Deceptive Debt Relief Programs
Twelve Participants Chosen for CFPB Mortgage Closing Pilot Project
Potential Expansion of HMDA Reporting Requirements

CFPB Announces Project Catalyst Research Initiative on Credit Counseling

By Scott Kelly on September 29, 2014

On September 25, the Consumer Financial Protection Bureau announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt.  The project is aimed at exploring ways to help consumers better manage their credit card debt and avoid default....
New Debt Collection Rules Announced for New York State Courts
Ninth Circuit Rejects Federal Jurisdiction in Credit Card Fee Suit
GAO Insists That CFPB Must Improve Financial Data Security
CFPB Issues Bulletin to Credit Card Issuers on Deceptive Interest-Rate Promotions

New Debt Collection Rules Announced for New York State Courts

By Amanda L. Genovese on September 26, 2014

New York Court administrators recently announced new rules impacting cases involving debt collector-plaintiffs with certain debt claims against consumers.  As we discussed on May 7th when the proposed rules were announced, the new rules place a higher burden of proof on debt collector-plaintiffs to establish chain of title and that they actually own the debt...
Federal Court Affirms Debt Collector’s Right to Collect Pre-Judgment Statutory Interest After Charge-Off by Original Creditor
CFPB and FTC File Amicus Brief Urging Application of FDCPA Beyond Initial Debt Collection Notice
11th Circuit Rejects Percentage Collection Fees Under FDCPA Without Specific Contract Provision
USA Discounters Investigated and Penalized by CFPB

GAO Insists That CFPB Must Improve Financial Data Security

By Scott Kelly on September 23, 2014

According to a recent study by the U.S. Government Accountability Office, the financial data gathered by the Consumer Financial Protection Bureau on 25 million to 75 million U.S. credit cardholders is not safe enough.  As part of its government mandate, the GAO examined laws, regulations, and contracts pertaining to the CFPB’s data collection methodologies, risk...
Congresswoman Proposes Fundamental Changes to FCRA
Data Breach Generates Putative FCRA Class Action Against Hospital
Court Decision Issued on Background Check Adjudication
Seventh Circuit Favors Simplified and Neutral Class Action Notices

Auto Finance Summit 2014 - October 6-8 - Las Vegas

By Virginia Bell Flynn on September 24, 2014

The annual Auto Finance Summit is quickly approaching and their roster and agenda look superb. AutoFinanceSummit.com describes this year's event: "Sharing insights and innovations make it more than the industry’s premier event, it’s your annual opportunity to meet, network and learn from the best. This conference has grown into the “can’t miss” event of the...
CFPB Conducts Field Hearing on Indirect Auto Lending
Whitepaper Issued by CFPB in Defense of its Use of “Proxy” Statistical Methods to Prove Unlawful Credit Discrimination
Special CFPB Supervisory Report Reflects Continuing Agenda to Reform Indirect Auto Lending Industry
CFPB Proposes Regulations Defining Larger Participants in Auto Finance Market

Federal Judge Freezes Law Firm Assets in Multi-State Mortgage Rescue Scam Case

By Brendan Connors on September 30, 2014

On September 24, U.S. District Judge James S. Moody, Jr., of the U.S. District Court for the Middle District of Florida, issued a preliminary injunction against several law firms accused by the attorneys general of Connecticut and Florida of charging illegal upfront fees to distressed homeowners in a mortgage rescue scam. Judge Moody agreed that...
Trade Association Responds to Louisiana Attorney General’s Lawsuit Aimed at Limiting Use of Recycled Parts in Auto Repairs
Ninth Circuit Rejects Federal Jurisdiction in Credit Card Fee Suit
National Association of Attorneys General (NAAG) Hosts Fall Consumer Protection Seminar
Connecticut Attorney General Discusses His Leadership Role in Privacy Policy

Federal Judge Freezes Law Firm Assets in Multi-State Mortgage Rescue Scam Case

By Brendan Connors on September 30, 2014

On September 24, U.S. District Judge James S. Moody, Jr., of the U.S. District Court for the Middle District of Florida, issued a preliminary injunction against several law firms accused by the attorneys general of Connecticut and Florida of charging illegal upfront fees to distressed homeowners in a mortgage rescue scam. Judge Moody agreed that...
Sixth Circuit Upholds Court Order Against Telemarketers’ Deceptive Debt Relief Programs
New Debt Collection Rules Announced for New York State Courts
Ninth Circuit Rejects Federal Jurisdiction in Credit Card Fee Suit
Plaintiffs Alleging TCPA and FDCPA Claims May Be Able to Circumvent Arbitration Where Calls Were Intended for an Unrelated Third Party

CFPB Announces Project Catalyst Research Initiative on Credit Counseling

By Scott Kelly on September 29, 2014

On September 25, the Consumer Financial Protection Bureau announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt.  The project is aimed at exploring ways to help consumers better manage their credit card debt and avoid default....
GAO Insists That CFPB Must Improve Financial Data Security
CFPB Conducts Field Hearing on Indirect Auto Lending
Whitepaper Issued by CFPB in Defense of its Use of “Proxy” Statistical Methods to Prove Unlawful Credit Discrimination
Special CFPB Supervisory Report Reflects Continuing Agenda to Reform Indirect Auto Lending Industry