In its Spring 2019 publication Semiannual Risk Perspective, the Office of the Comptroller of the Currency highlights financial innovation and rapid technological developments as a special topic in emerging risks to the banking industry. The OCC’s report zeroes in on the various approaches to innovation that federal banks have adopted, including the
Align Income Share Funding is giving consumers cash in exchange for monthly payments, but don’t call it a loan. Instead, Align offers Income Sharing Agreements (“ISAs”) whereby consumers borrow money and then pay back a fixed percentage of their income for up to five years. It’s a new financial product that’s growing in popularity,
In Powell v. YouFit Health Clubs, LLC, the Southern District of Florida denied class certification on the basis that the named plaintiff was not typical of the class she sought to represent.
Traci Powell brought a Telephone Consumer Protection Act class action against YouFit Health Clubs, claiming that the company had improperly sent
The U.S. Court of Appeals for the Second Circuit recently held, for a second time, that a consumer need not receive notice of a potential violation of the Fair Debt Collection Practices Act in order for the statute of limitations to start; rather, the focus remains on when the injury occurs. A copy of the
On May 21, the Federal Trade Commission announced that it had settled charges against payment processor Allied Wallet along with its CEO and owner, Ahmad Khawaja, and two other officers – Mohammad Diab and Amy Rountree. The charges stemmed from the FTC’s claim that the defendants knowingly processed payments for merchants that were engaged in
Telephone Consumer Protection Act claim defendants and fans of civil procedure have cause to celebrate as another district court limits the scope of potential class members against out-of-state defendants.
On May 10, the District Court for the Northern District of Illinois struck non-residents of Illinois from a putative class in a
On May 21, Sen. Jeff Merkley (D-Ore.) introduced Senate Bill 1581 that would amend the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. The bill is co-sponsored by Sen. Richard Blumenthal (D–Conn.), Sen. Elizabeth Warren (D-Mass.), Sen. Bob Menendez (D-N.J.
On April 26, the United States District Court for the Southern District of Texas granted summary judgment in favor of a defendant on a Fair Debt Collection Practices Act claim regarding calls in an attempt to collect a delinquent medical debt.
In Jennifer Young v. Medicredit, Inc., the consumer
Today the Federal Register published the Notice of Proposed Rulemaking regarding updates to the Fair Debt Collection Practices Act from the Consumer Financial Protection Bureau.
The notice in the Federal Register triggers the end date of the comment period. Businesses, consumers, and other interested parties now have until August 19, 2019 to submit comments on
On July 24, 2019, and for the second time this year, Troutman Sanders attorneys, Maryia Jones and Stephen Steinlight, will lead a webinar by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.”
The credit and collection industry remain under an increased scrutiny from regulators and a target of