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

Seventh Circuit Favors Simplified and Neutral Class Action Notices

Continue Reading

House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority

Continue Reading

2014 ABA Annual Meeting – Showcase CLE Presentations

Continue Reading

FCC Strengthens Consent Requirements by Limiting Scope Based upon Individual’s Expectations

Continue Reading

Federal Reserve’s Quarterly Report Reveals Banks Are Making Fewer Mortgages

By Amanda L. Genovese on August 14, 2014

The Federal Reserve recently published its quarterly “Senior Loan Officer Opinion Survey on Bank Lending Practices,” based on a survey of large domestic and foreign banks.  The survey suggested that the implementation of Ability-to-Repay and Qualified Mortgage rule has resulted in lenders making fewer loans.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the...
Seventh Circuit Favors Simplified and Neutral Class Action Notices
House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.
CFPB Goes After Foreclosure Relief “Scammers” and Issues Consumer Advisory

Seventh Circuit Favors Simplified and Neutral Class Action Notices

By Tim J. St. George on August 13, 2014

In a June 2 decision, Judge Richard Posner, writing for a unanimous panel of the United States Court of Appeals for the Seventh Circuit, criticized a number of statements and other aspects within a notice of class action settlement that had been approved by the district court.  In response to a number of objections that...
House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.
FICO Announces New Scoring Model that Could Raise Credit Scores
CFPB Admits False Allegations Against Credit Unions

11th Circuit Rejects Percentage Collection Fees Under FDCPA Without Specific Contract Provision

By Scott Kelly on August 18, 2014

On January 2, 2014, the Eleventh Circuit Court of Appeals found that the Fair Debt Collection Practices Act prohibits collection agencies from charging consumers a percentage fee of the balance of their debt unless the consumer has explicitly agreed to such a fee arrangement.  In Bradley v. Franklin Collection Services, Inc., a unanimous panel ruled...
CFPB Investigates and Penalizes USA Discounters
Seventh Circuit Favors Simplified and Neutral Class Action Notices
USA Discounters Scrutinized by State and Federal Regulators for Debt Collection Practices
House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority

District Court Holds That Background Check Adjudication by Consumer Reporting Agency is Not Adverse Action Under the FCRA if There is Real Opportunity for Dispute

By David M. Gettings on August 15, 2014

Employers utilizing background checks in their applicant screening process often battle two competing forces – the need to screen and hire employees quickly and the requirement that they wait a reasonable time before taking adverse action under the Fair Credit Reporting Act.  The District Court for the Eastern District of Pennsylvania recently issued a decision...
Seventh Circuit Favors Simplified and Neutral Class Action Notices
House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.
FICO Announces New Scoring Model that Could Raise Credit Scores

Seventh Circuit Favors Simplified and Neutral Class Action Notices

By Tim J. St. George on August 13, 2014

In a June 2 decision, Judge Richard Posner, writing for a unanimous panel of the United States Court of Appeals for the Seventh Circuit, criticized a number of statements and other aspects within a notice of class action settlement that had been approved by the district court.  In response to a number of objections that...
House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority
Is Your Smartphone an ATDS? The United States Says “No”.
OCC Identifies Signs of Risk in Auto Lending Industry
Eight New Jersey Motor Vehicle Dealers and State Attorney General’s Office Enter into $1.8 Million Settlement to Resolve Allegations of Deceptive Practices