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 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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National Association of Professional Background Screeners 2014 Annual Conference

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New Debt Collection Rules Announced for New York State Courts

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CFPB Scrutinizes Checking Account Screening

By Scott Kelly on October 01, 2014

The Consumer Financial Protection Bureau will review how credit unions and banks use reporting agencies to screen members when they open a checking account, according to CFPB Director Richard Cordray’s remarks at an October 8 forum in Washington.  The CFPB is concerned about the accuracy of reports from these databases, whether customers can access and...
CFPB Announces Project Catalyst Research Initiative on Credit Counseling
New Debt Collection Rules Announced for New York State Courts
Minnesota Federal Court Allows Class Action Involving Money-Saving Memberships to Proceed
Ninth Circuit Rejects Federal Jurisdiction in Credit Card Fee Suit

Game Changers for the Industry Webinar

By David N. Anthony on October 03, 2014

Troutman Sanders partner, David N. Anthony, participated in a Strafford webinar early this year titled, "Consumer Debt Collection and New CFPB Regs, Enforcement and Litigation: Game Changers for the Industry." Due to overwhelming popularity, Strafford scheduled an encore presentation with live Q&A for Tuesday, October 14, 1:00pm-2:30pm EDT. The panel will provide banking and finance...
New Debt Collection Rules Announced for New York State Courts
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

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

By David M. Gettings on October 21, 2014

On October 8, Consumer Financial Protection Bureau Director Richard Cordray delivered prepared remarks on screening policies and practices associated with the opening of checking accounts.  These remarks, which focused on the specialty credit reports used by banking institutions to determine a potential customer’s credit risk, may signal the CFPB’s increased interest in access to checking...
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
GAO Insists That CFPB Must Improve Financial Data Security

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

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 Court Rejects District of Columbia’s Defense of Tax Sale Statute

By S. Mohsin Reza on October 16, 2014

The United States District Court for the District of Columbia denied a motion to dismiss filed by the District of Columbia in a case filed by a homeowner that lost his home as a result of a tax sale. The homeowner, Benjamin Coleman, filed the suit on behalf of all city residents who lost their...
Supreme Court Hears Case on Evidentiary Requirements in a Notice of Removal
House Financial Services Head Criticizes Proposed CFPB Auto Finance Regulation
U.S. Supreme Court Invites Solicitor General to File Comment on Pending Spokeo Appeal
The TCPA Balance Shifts: The Eleventh Circuit Decision in Mais is Extremely Favorable for Collectors

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...
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
GAO Insists That CFPB Must Improve Financial Data Security