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

CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts

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Supreme Court Hears Case on Evidentiary Requirements in a Notice of Removal

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Seventh Circuit Reverses Class Action “Coupon” Settlement Under the Fair Credit Reporting Act

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Flagstar Reaches $37.5M Mortgage Servicing Settlement with CFPB

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Comment Period on CFPB’s Proposal to Include Narratives in Consumer Complaint Database Closes With Strong Protest from the American Bankers Association and Other Industry Groups

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FDIC Reaches Settlement with Merrick Bank for Credit Card Add-On Charges

By Scott Kelly on October 21, 2014

The Federal Deposit Insurance Corporation has ordered Merrick Bank to pay $16.1 million to settle charges related to the marketing of a credit card add-on product. According to the terms of the settlement agreement, Merrick will pay a $1.1 million penalty and $15 million in restitution costs stemming from violations of the Federal Trade Commission...
Minnesota AG Files Suit Against Texas Credit Card Firm
CFPB Scrutinizes Checking Account Screening
CFPB Announces Project Catalyst Research Initiative on Credit Counseling
New Debt Collection Rules Announced for New York State Courts

The ACA International’s 2014 Fall Forum & Expo

By Ethan G. Ostroff on October 29, 2014

This year’s ACA International Fall Forum & Expo, to be held in San Francisco on November 5-7, is quickly approaching, and their roster and agenda look outstanding.  ACA International describes this year’s event: ACA brings you four cutting-edge tracks with the latest updates from industry experts.  Twenty-eight concurrent sessions from thought-provoking speakers, twenty-five plus innovation...
Fourth Circuit Rules Debt Collector Violated “Call Charged” Section of TCPA for Using an ATDS to Call a Residential Landline
FDCPA Class Certified in a Seemingly Individualized Dispute over Repayment Options Calculation
Game Changers for the Industry Webinar
New Debt Collection Rules Announced for New York State Courts

CFPB Finalizes Privacy Policy Disclosure Rule

By Brendan Connors on October 27, 2014

On October 17, the Consumer Financial Protection Bureau finalized an administrative rule, first proposed in May, that allows qualifying financial institutions to post their privacy policies online in lieu of sending the policies to customers personally. The rule, an amendment to a regulation known as “Regulation P,” 12 C.F.R. Part 1016, applies both to banks...
CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts
Seventh Circuit Reverses Class Action “Coupon” Settlement Under the Fair Credit Reporting Act
U.S. Supreme Court Invites Solicitor General to File Comment on Pending Spokeo Appeal
CFPB Scrutinizes Checking Account Screening

House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation

By Reade Jacob on October 09, 2014

House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) recently sent a letter to CFPB Director Richard Cordray expressing concern about the Bureau’s proposed regulation of nonbank auto lenders. According to Hensarling, it would be “inappropriate” for the agency to regulate nonbank auto lenders until it clarifies the “rules of the road.”  The letter echoes a...
Supreme Court Agrees to Hear Challenge to Disparate Impact
The TCPA Balance Shifts: The Eleventh Circuit Decision in Mais is Extremely Favorable for Collectors
Auto Finance Summit 2014 - October 6-8 - Las Vegas
CFPB Conducts Field Hearing on Indirect Auto Lending

FDIC Reaches Settlement with Merrick Bank for Credit Card Add-On Charges

By Scott Kelly on October 21, 2014

The Federal Deposit Insurance Corporation has ordered Merrick Bank to pay $16.1 million to settle charges related to the marketing of a credit card add-on product. According to the terms of the settlement agreement, Merrick will pay a $1.1 million penalty and $15 million in restitution costs stemming from violations of the Federal Trade Commission...
Minnesota AG Files Suit Against Texas Credit Card Firm
Federal Judge Freezes Law Firm Assets in Multi-State Mortgage Rescue Scam Case
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

Fourth Circuit Rules Debt Collector Violated “Call Charged” Section of TCPA for Using an ATDS to Call a Residential Landline

By Ethan G. Ostroff on October 27, 2014

Earlier this month, the Fourth Circuit issued an unpublished opinion holding a debt collector’s autodialed calls to a residential landline with VoIP service violated the Telephone Consumer Protection Act due to the fact that the consumer was charged for each call. In Lynn v. Monarch Recovery Management, Inc., No. 13-2358, 2014 U.S. App. LEXIS 18858,...
FDCPA Class Certified in a Seemingly Individualized Dispute over Repayment Options Calculation
Federal Court Rejects District of Columbia’s Defense of Tax Sale Statute
Supreme Court Hears Case on Evidentiary Requirements in a Notice of Removal
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation

CFPB Finalizes Privacy Policy Disclosure Rule

By Brendan Connors on October 27, 2014

On October 17, the Consumer Financial Protection Bureau finalized an administrative rule, first proposed in May, that allows qualifying financial institutions to post their privacy policies online in lieu of sending the policies to customers personally. The rule, an amendment to a regulation known as “Regulation P,” 12 C.F.R. Part 1016, applies both to banks...
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation
Comment Period on CFPB’s Proposal to Include Narratives in Consumer Complaint Database Closes With Strong Protest from the American Bankers Association and Other Industry Groups
CFPB Scrutinizes Checking Account Screening
CFPB Announces Project Catalyst Research Initiative on Credit Counseling