On June 17, the Consumer Financial Protection Bureau filed a lawsuit against Security National Automotive Acceptance Company, LLC, an Ohio-based auto-finance company specializing in lending to members of the United States military to purchase used vehicles. Security National operates in approximately 30 states.
The CFPB’s lawsuit alleges that Security National engaged in unfair, deceptive, or
On June 16, 2015, the New York State Department of Financial Services (“DFS”) released additional guidance related to its recently enacted debt collection regulations. The new clarifications supplement DFS’ initial set of “Frequently Asked Questions” released in February, with new guidance beginning at Question #17. DFS announced publication of the supplemental guidance during a “Debt
The Federal Communications Commission recently announced the agenda for its upcoming June 18 Open Meeting. The agenda includes a number of items on which the Commission is considering action. Of those items on the agenda, few are more important to many financial service companies than the Commission’s focus on “Protecting Consumers Against Unwanted Robocalls.”
According
On June 10, the Consumer Financial Protection Bureau issued a final rule defining larger participants of the automobile financing market. The new rule will become effective 60 days after being published in the Federal Register. The final rule follows up the CFPB’s proposed rule, issued on September 17, 2014, on which we previously reported here
In In Touch Concepts, Inc. d/b/a ZCOM v. Cellco Partnership, the Second Circuit joined the Seventh Circuit in holding that a federal court retains subject matter jurisdiction over a case that had previously been removed to federal court under the Class Action Fairness Act (“CAFA”), even after the plaintiff amended the complaint to remove
On June 15, the Federal Trade Commission and the Office of the New York State Attorney General hosted a “Debt Collection Dialogue” in Buffalo, New York. FTC Bureau of Consumer Protection Director Jessica Rich and New York State Attorney General Eric Schneiderman delivered opening remarks, and officials from the New York State Department of Financial
In Simon v. FIA Card Services, N.A., the United States District Court for the District of New Jersey addressed whether the defendants engaged in false, misleading, or deceptive conduct in connection with their service of a subpoena for a Rule 2004 examination in the context of a bankruptcy proceeding. In granting the defendants’
On June 10, the New York City Council became the latest governmental body to “ban the box” by prohibiting private employers within the city from inquiring into a job applicant’s criminal history, and instead requiring that criminal background inquiries be deferred until the time of a job offer. In so doing, New York City joins
Piggy-backing on the recent criticisms lodged by the Independent Community Bankers of America, the Credit Union National Association (“CUNA”) and American Banks Association (“ABA”) recently joined the chorus of objections against the CFPB’s burdensome requests to data processors for information regarding bank and credit union overdraft policies. In November 2014, the CFPB ordered Fiserv, FIS
On June 5, 2015, the Consumer Finance Protection Bureau (the “CFPB”) argued that a lawsuit against four payment processors for their involvement in a debt collection scheme should not be dismissed. According to the CFPB’s complaint (found here), filed on March 26, 2015, this scheme involved Marcus Brown and Mohan Bagga and their