On February 11, 2013, a panel of the Court of Appeals for the Ninth Circuit rejected the argument of a class of credit cardholders that certain fees imposed by their card issuers were unconstitutional. Their class complaint alleged violations of the National Bank Act (“NBA”) and Depository Institutions Deregulation and Monetary Control Act (“DIDMC”). The
Michael E. Lacy
Michael heads the firm’s Consumer Financial Services practice, and handles class actions and high-stakes consumer litigation on a nationwide basis. He represents banks, mortgage servicers, debt buyers and collectors, and lenders against claims under consumer protection statutes, including the FCRA, TCPA, RESPA, RICO, and state UDAP laws. He has significant experience litigating and trying corporate governance disputes, including shareholder derivative claims, corporate dissolution cases, and corporate divorce matters. Michael also represents public utility companies in litigation and regulatory matters, including condemnation and land use cases.
CFPB Calls on Credit Card Issuers to Provide Credit Scores to Consumers
On Thursday, February 27, 2014, the Consumer Financial Protection Bureau (CFPB) encouraged credit card companies to offer consumers their credit scores for free online and in monthly statements – a practice that several issuers have already begun in an effort to distinguish their products in the industry. The CFPB recently sent letters to the nation’s…