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 Rules Federal Government Not Immune From Litigation Under FCRA

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CFPB Director Discusses Perceived Benefits of Public Complaint Database

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ACA International’s 75th Annual Convention & Expo

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CFPB Adds Narrative to Complaint Database

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Plaintiff has Standing to Sue Under FDCPA for Misrepresentation He Never Knew About

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CFPB Goes After Foreclosure Relief “Scammers” and Issues Consumer Advisory

By S. Mohsin Reza on July 23, 2014

Lenders and servicers are not the only targets in the crosshairs of the Consumer Financial Protection Bureau when it comes to foreclosures.  The CFPB, the Federal Trade Commission, and fifteen states announced a sweep against foreclosure relief companies that allegedly used deceptive marketing tactics to rip off distressed homeowners.  The CFPB and the FTC have...
CFPB Adds Narrative to Complaint Database
CFPB Issues Interpretative Rule to Assist Heirs Taking Over Mortgages
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA
Congress and CFPB Continue to Tweak Definition of “Qualified Mortgage”

CFPB Begins Oversight of Prepaid-Card Complaints

By Scott Kelly on July 22, 2014

The Consumer Financial Protection Bureau will begin looking into complaints about prepaid cards – including gift cards, benefit cards, and general purpose reloadable cards – the Bureau announced Monday.  Consumers can also now submit complaints about additional nonbank products, including debt settlement services, credit repair services, and pawn and title loans. The CFPB already investigates...
CFPB Adds Narrative to Complaint Database
CFPB Sues Credit-Card Collection Lawsuit Mill
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA
Industry Groups Oppose CFPB Initiative to Conduct Telephone Survey of Credit Card Holders

CFPB and 13 State AGs Team Up to Obtain Roughly $92 Million in Debt Relief from Rome Finance

By Amanda L. Soberick on July 29, 2014

Earlier today, the Consumer Financial Protection Bureau and thirteen state attorneys general released a Consent Order with Colfax Capital Corporation and Culver Capital, LLC, collectively known as “Rome Finance”, for approximately 17,000 military servicemembers and others harmed by predatory lending.  This is the latest in an increasingly joint effort by state attorneys general and the...
ACA International's 75th Annual Convention & Expo
NY Department of Financial Services Releases Revised Debt Collection Rules
CFPB Adds Narrative to Complaint Database
Plaintiff has Standing to Sue Under FDCPA for Misrepresentation He Never Knew About

Fifth Circuit Court of Appeals Holds FCRA Suit Time Barred

By Ethan G. Ostroff on July 24, 2014

In Mack v. Equable Ascent Financial, L.L.C., the Fifth Circuit ruled the consumer’s suit was barred under the Fair Credit Reporting Act’s two-year statute of limitations.  Rejecting the plaintiff’s claim that the statute does not begin to run when the consumer discovers the facts that constitute the legal violation, the Court of Appeals held that...
Seventh Circuit Rules Federal Government Not Immune From Litigation Under FCRA
CFPB Adds Narrative to Complaint Database
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA
Amicus Briefs Join the Push for Supreme Court Review of “No Injury” Class Actions

CFPB and 13 State AGs Team Up to Obtain Roughly $92 Million in Debt Relief from Rome Finance

By Amanda L. Soberick on July 29, 2014

Earlier today, the Consumer Financial Protection Bureau and thirteen state attorneys general released a Consent Order with Colfax Capital Corporation and Culver Capital, LLC, collectively known as “Rome Finance”, for approximately 17,000 military servicemembers and others harmed by predatory lending.  This is the latest in an increasingly joint effort by state attorneys general and the...
CFPB Begins Oversight of Prepaid-Card Complaints
CFPB Adds Narrative to Complaint Database
7th Circuit Ruling Provides Further Support That Supreme Court’s Comcast Decision Does Not Preclude Individual Damages Inquiries
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA

OCC Identifies Signs of Risk in Auto Lending Industry

By Paige S. Fitzgerald on July 28, 2014

The Office of the Comptroller of the Currency (OCC) in its Spring 2014 Semiannual Risk Perspective report has stated that signs of risk in the auto lending industry are beginning to emerge, based on data that the OCC reviewed as of December 31, 2013.  The OCC’s Semiannual Risk Perspective is published by the OCC’s National...
Eight New Jersey Motor Vehicle Dealers and State Attorney General’s Office Enter into $1.8 Million Settlement to Resolve Allegations of Deceptive Practices
CFPB to Issue White Paper Regarding Identification of Discrimination in Indirect Auto Lending
CFPB Adds Narrative to Complaint Database
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA

CFPB and 13 State AGs Team Up to Obtain Roughly $92 Million in Debt Relief from Rome Finance

By Amanda L. Soberick on July 29, 2014

Earlier today, the Consumer Financial Protection Bureau and thirteen state attorneys general released a Consent Order with Colfax Capital Corporation and Culver Capital, LLC, collectively known as “Rome Finance”, for approximately 17,000 military servicemembers and others harmed by predatory lending.  This is the latest in an increasingly joint effort by state attorneys general and the...
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
CFPB to Issue White Paper Regarding Identification of Discrimination in Indirect Auto Lending
Fifth Circuit Court of Appeals Holds FCRA Suit Time Barred