Authored by D. Kyle Deak
Today the Consumer Financial Protection Bureau released the results of a study on reverse mortgage advertisements. The study was based upon personal interviews conducted in November and December 2014 with 59 homeowners aged 62 or older in Chicago, Los Angeles, and Washington, D.C. concerning 97 print, radio, online, and television
In a speech made on May 12 to the National Association of Realtors, Consumer Financial Protection Bureau Director Richard Cordray addressed questions surrounding the three-day requirement of the TILA-RESPA Integrated Disclosure Rule (“TRID”) and said it “should not interfere with a successful closing, as some have claimed. In fact, there has been some serious misunderstanding
The Seventh Circuit has refused to reconsider its troublesome ruling that mortgage servicers violate the Federal Truth in Lending Act (TILA) if they do not credit electronic payments the day they are made even though the funds are not received until several days later.
The TILA requires that payments be posted as of the “date
On April 27, 2015, the United States Supreme Court granted certiorari in Spokeo Inc. v. Robins, a case which could have wide-ranging implications for lawsuits, including class actions, against businesses under a number of consumer protection statutes.
In a case that the Supreme Court will hear and decide in its next term, the Court will
The CFPB continues to crack down on deceptive conduct by mortgage lenders, as evidenced by a recent action against California-based RMK Financial Corporation. According to an April 8, 2015 consent order issued by Richard Cordray, Director of the Consumer Financial Protection Bureau, RMK Financial sent print mailers to more than 100,000 consumers, falsely implying that
A New York federal judge on April 17 approved a group of former Gawker Media LLC interns’ proposed revised plan to notify potential class members of their rights to opt out of a proposed collective action alleging unpaid wages through social media. The same Court had previously rejected a social media campaign as being overbroad
Advertising agency Campbell-Ewald Co. began sending text messages through its subcontractor, MindMatic LLC, in 2006 as part of a Navy-approved effort to tap new technologies in recruitment campaigns, the company says. Among the recipients of the message, which began with “Destined for something big? Do it in the Navy,” was the plaintiff who said he
Passed by a vote of 47-3, the Stop Credit Discrimination in Employment Act bans employers in New York City from using potential employees’ credit histories in making employment decisions. The bill amends the city’s Human Rights Law to make it an unlawful discriminatory practice to request or use an applicant’s consumer credit history in making
On April 9, the U.S. Judicial Panel on Multidistrict Litigation ordered that three putative nationwide class actions against Michaels Stores Inc. be centralized in New Jersey. The actions accuse Michaels Stores of violating the Fair Credit Reporting Act (“FCRA”) by failing to properly notify job applicants that the company would access their credit reports.
Federal
On Tuesday, March 31, 2015, Governor Tomblin signed into law Senate Bill No. 542 amending several sections of the West Virginia Consumer Credit Protection Act (WVCCPA). The bill will be effective on June 12, 2015, however, certain provisions of the bill become applicable only to actions filed after September 1, 2015. The amendments will have