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

ACA International's 75th Annual Convention & Expo

By Ethan G. Ostroff on July 21, 2014

Celebrate the industry's past, present and future while enjoying dazzling Chicago. Featuring a dynamic line-up of engaging speakers including Karl Rove and Ken Schmidt, exciting musical guests KC and The Sunshine Band, 40+ innovative educational sessions and a jam-packed Expo Hall, this is a must-attend event. There's still time to register, so make plans to...
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
CFPB Sues Credit-Card Collection Lawsuit Mill

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 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
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
Cordray Testifies before Senate Committee Regarding CFPB’s Semi-Annual Report

CFPB Adds Narrative to Complaint Database

By Scott Kelly on July 18, 2014

The Consumer Financial Protection Bureau has announced a new proposal that will allow consumers the option to share a narrative of “what happened” in the CFPB’s public-facing Consumer Complaint Database.  According to the CFPB, this new feature would “empower consumers to publicly voice their complaints about consumer financial products and services” and “provide important context...
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA
CFPB Announces Spring 2014 Rulemaking Agenda and More...
CFPB Succumbs to Pressure, Opens Advisory Board and Council Meetings to Public
CFPB Director Cordray Praises Auto Lender’s Move to Flat Fee Dealer Markup

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 Goes After Foreclosure Relief “Scammers” and Issues Consumer Advisory
CFPB Director Discusses Perceived Benefits of Public Complaint Database
CFPB Begins Oversight of Prepaid-Card Complaints