On April 24, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host the inaugural “Fintech and the Future of Banking” conference in Arlington, Virginia.
The conference, headlined by speakers Jelena McWilliams, Chairman of the FDIC, and Steven Mnuchin, Secretary of the United States
On April 11, U.S. Magistrate Judge Sallie Kim of the Northern District of California issued a two-page order vacating judgment and final approval of a class action settlement based upon the parties’ failure to send correct notices to more than 300 class members. See Tyler Smith et al. v. Pacific Personnel Services Inc., No.
The Northern District of Illinois recently held that, under the facts of this particular case, the “bona fide error” defense is a question of fact for a jury to decide and could not be decided on summary judgment.
Ferris v. Convergent Outsourcing Inc. involves a Fair Debt Collection P
On February 22, the Federal Trade Commission published a final decision in its investigation and enforcement action against online lender Social Finance, Inc. (“SoFi”). The action concerned the FTC’s allegation that SoFi made false statements in its advertising regarding the amount student loan borrowers could save by refinancing with SoFi.
According to the FTC, SoFi
On March 19, the United States District Court for the Northern District of Illinois ruled in favor of a defendant debt collector because the plaintiff failed to submit extrinsic evidence showing an unsophisticated consumer would find the letter at issue to be misleading, false, or deceptive.
In Lemke v. Escallate, LLC, No. 1:17-cv-5234, 2019
The U.S. District Court for the District of New Jersey recently dismissed a class action suit against a collection agency based on alleged violations of the Fair Debt Collection Practices Act. In its opinion, which can be found here, the Court held that a single collection letter, which included two telephone numbers and an
The Supreme Court agreed to hear a consumer’s appeal from the Third Circuit’s ruling that his claims under the Fair Debt Collection Practices Act were time-barred despite being brought within one year of discovering the violation. The circuits have been split on whether the one-year statute of limitations under the FDCPA begins to run when
On February 22, 2019, the Third Circuit Court of Appeals issued a precedential ruling affirming a district court’s finding that Crown Asset Management LLC is a debt collector under the Fair Debt Collection Practices Act. In doing so, the Third Circuit interpreted the Supreme Court’s recent ruling in Henson v. Santander, Consumer USA Inc., 137
On February 13, the Federal Trade Commission issued its annual report for fiscal year 2018 and announced that enforcement actions from July 2017 through June 2018 yielded more than $2.3 billion in refunds to allegedly defrauded U.S. consumers. To put the total sum in perspective, the $2.3 billion figure was almost eight times the FTC’s
On February 20, the Consumer Financial Protection Bureau released a compliance guide for small entities that summarizes payment-related provisions of the Payday Lending Rule.
The Payday Lending Rule governs payday loans, vehicle tile loans, and certain high-cost installment loans. The Guide focuses on the payment provisions of the Payday Lending rule, found in Subpart C