Recently, a Manhattan federal jury convicted Richard Moseley Sr., the head of an online network of payday lenders and loan servicers, on charges of wire fraud, aggravated identity theft, and violating the Racketeer Influenced and Corrupt Organizations Act and Truth in Lending Act, among other counts.
Moseley was convicted due to his leadership role over
A recent report released by the Center for Microeconomic Data at the Federal Reserve Bank of New York found that American household debt continues to increase, including debt resulting from automobile loan balances. The third quarter of 2017 saw a $116 billion increase, continuing a march upward since mid-2013.
The report specifically addressed the growth
L3 Technologies, Inc., a military contractor, was recently hit with a Fair Credit Reporting Act putative class action in California federal court, alleging that it violated the “stand-alone” disclosure requirement in its background reports.
According to the complaint, plaintiff Joseph Estes was hired by L3 and worked as a mechanic for the company in California.
The Fair Credit Reporting Act regulates more than credit. It includes provisions that govern employers who obtain consumer reports on applicants in connection with the application process. One such provision deals with the disclosure that an employer must provide to an applicant before obtaining a background check. According to the FCRA, the employer must provide
The Board of Governors of the Federal Reserve System recently issued a Consent Order against Peoples Bank, based in Lawrence, Kansas, to settle claims of deceptive residential mortgage origination practices that arose from the bank’s charging of fees in mortgage originations. The Federal Reserve alleged that Peoples told mortgage borrowers that certain additional fees that
On Tuesday, December 12, from 3-4 p.m. ET, Join Troutman Sanders for a webinar focused on a practical issue of great importance to mortgage loan originators and servicers: how to ensure confidential information is protected, when faced with an investigation by state or federal regulators.
The webinar will (1) outline the common law principles and
In an opinion issued November 29, the Ninth Circuit Court of Appeals affirmed the dismissal of Chad Eichenberger’s lawsuit against ESPN for allegedly disclosing personal information. The suit was originally filed in federal court in the District of Columbia in March of 2014, alleging that ESPN gave the personally identifiable information of consumers who watched
Mick Mulvaney, President Donald J. Trump’s choice to head the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) until a permanent director can be appointed, will remain in place as Acting Director of the Bureau, following a ruling by Judge Timothy J. Kelly of the U.S. District Court for the District of Columbia on Tuesday denying
On November 27, New Mexico Attorney General Hector Balderas joined the ranks of amici curiae in Consumer Financial Protection Bureau v. Golden Valley Lending, Inc., et al. (No. 2:17-cv-02521, pending in the United States District Court for the District of Kansas) filing a brief supporting the efforts of four tribal entities (“Tribal Defendants”) to dismiss
As anticipated, the Consumer Financial Protection Bureau has officially removed from publication a rule that would have prohibited arbitration agreements in certain consumer contracts. The CFPB published its removal of 12 CFR part 1040, titled “Arbitration Agreements,” from the Code of Federal Regulations. The CFPB’s removal of part 1040 reflects Congressional disapproval of the underlying