Please join Consumer Financial Services Partner Dave Gettings and his fellow Partner Ethan Ostroff as they discuss the Consumer Financial Protection Bureau’s increasingly active interest in credit reporting, including a recent CFPB blog post on credit card companies and their perceived practice of suppressing payment information, as well as what it signals to companies in the industry.

Ethan’s practice includes advising companies on compliance issues and interactions with regulators concerning the Fair Credit Reporting Act, as well as defending furnishers, users, and specialty consumer reporting agencies in individual and class-action lawsuits under the FCRA.

Continue Reading CFPB’s Increasingly Active Interest in Credit Reporting

Eight national banking trade groups — the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Housing Policy Council, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, National Bankers Association, and The Clearing House Association — petitioned the Consumer Financial Protection Bureau (CFPB) to extend its supervision to “data aggregators.” This

Please join Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Tony Kaye for this latest podcast episode as they discuss the Military Lending Act and the Servicemembers Civil Relief Act, including the differences between the two, their state analogues, and several key issues in the consumer finance industry surrounding servicemembers.

Consumer Financial Services Partner Tony Kaye counsels financial services providers on compliance issues, including military lending laws; defends clients facing government investigations, examinations, and enforcement actions; and defends individual and class-action lawsuits brought by consumers.

Continue Reading Military Lending Act and Servicemembers Civil Relief Act Overview

An amendment to the National Defense Authorization Act passed by the House in July would create a “systemically important entity” designation, applying new regulations and offering priority aid to certain critical infrastructure companies. But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:

Federal Activities

State Activities

Federal Activities:

  • On July 29, the Federal Deposit Insurance Corporation (FDIC) issued an advisory and a fact

Class-action plaintiffs do not get a free pass on constitutional standing requirements, as the Eleventh Circuit Court of Appeals reminded litigants sua sponte in Drazen and Godaddy.com, LLC v. Pinto last week when it vacated a district court’s approval of a $35 million class-action settlement. Although the parties had not briefed the issue before the

On March 1, the Consumer Financial Protection Bureau (CFPB) released a report highlighting the effect of medical collections on consumer credit reports. The CFPB found that medical collections tradelines appeared on 43 million credit reports, and past-due medical debt is more prevalent among Black and Hispanic individuals. That same month, the three nationwide consumer reporting

On February 28, the U.S. District Court for the Southern District of New York dismissed a case brought against the Consumer Data Industry Association (CDIA) under federal antitrust law. The case alleged that the CDIA — a trade association of which the three competitor national credit bureaus are members — asserted “monopolistic” control over the

When mortgage servicers use periodic statements sent under the Truth in Lending Act (TILA) to collect a debt, they can be held liable under the Fair Debt Collection Practices Act (FDCPA) for any misleading or unconscionable representations made in those statements. Applying this reasoning, the Eleventh Circuit recently overturned a dismissal of a FDCPA case

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Dave Gettings and Mary Kate Kamka as they discuss recent trends in class-action consumer finance litigation, including:

  • The long-term impact of Spokeo and Ramirez;
  • Key considerations in discovery;
  • When it’s appropriate to move to strike class allegations; and
  • How to structure