On July 10, the Federal Communications Commission issued an omnibus order laying out its interpretation of numerous provisions of the Telephone Consumer Protection Act. The reach and expanse of this Order promises to change the landscape of TCPA litigation for years to come. As a general matter, the FCC took a broad view of the
Rhode Island Federal Court Holds that Use of Local Area Code Phone Numbers by Out-of-State Debt Collector Does Not Violate the FDCPA
On September 21, the United States District Court for the District of Rhode Island held that an out-of-state debt collector did not violate the Fair Debt Collection Practices Act when it called the debtor using two phone numbers with a local area code.
In Bien v. Stellar Recovery, Inc., Plaintiff argued that Stellar’s practice
CFPB Rolls Out Online Tools to Explain New Mortgage Disclosure Forms
Effective October 3, instead of providing consumers with Truth in Lending disclosures, Good Faith Estimates, and HUD-1 Settlement Statements, mortgage lenders must provide potential homebuyers with two new forms: a Loan Estimate and Closing Disclosure.
To help consumers understand the new “Know Before You Owe” mortgage forms, the Consumer Financial Protection Bureau has released
House Financial Services Committee to Vote This Week on Bills to Reform the CFPB
The House Financial Services Committee is expected to vote Wednesday on bills to replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission (H.R. 1266) and require Senate confirmation for the CFPB’s inspector general (H.R. 957).
As we discussed here, The Financial Product Safety Commission Act (H.R. 1266), introduced on March
CFPB Director Cordray to Present Latest Semi-Annual Report to Congress on September 29
At 10:00 a.m. EDT on September 29, Richard Cordray, Director of the Consumer Financial Protection Bureau, will testify at a House Financial Services Committee hearing to present the CFPB’s latest semi-annual report.
Cordray last appeared before this House committee in March 2015. During that hearing, U.S. Rep. Randy Neugebauer announced the introduction of a bill
Debt Collection Complaints to CFPB Decrease in August
Complaints to the Consumer Financial Protection Bureau filed against debt collectors declined ten percent from July to August 2015, according to the latest debt collection litigation and complaint statistics report from WebRecon. There were 3,432 complaints in August – down from 3,812 in July. 834 different debt collectors were implicated by the complaints. According
CFPB and DOJ Order Hudson City Savings Bank to Pay $27 Million to Increase Mortgage Credit Access in Communities Illegally Redlined
On September 24, the Consumer Financial Protection Bureau and the U.S. Department of Justice announced a proposed Consent Order with Hudson City Savings Bank, whereby the mortgage lender agreed to pay $27.5 million in direct loan subsidies and community outreach programs, as well as an additional $5.5 million civil penalty. The proposed Consent Order also
CFPB to Hold Field Hearing on Arbitration in Denver on October 7, 2015
The Consumer Financial Protection Bureau has announced that it will be holding a field hearing on arbitration in Denver, Colorado on Wednesday, October 7 at 11:00 a.m. MDT.
The CFPB’s March 10, 2015 Consumer Arbitration Study has come under scrutiny from the financial services industry. Many believe the CFPB has already concluded that there are
Virginia’s Attorney General Promises Crackdown on Car-Title Loans
On September 11, Virginia Attorney General Mark Herring announced a crackdown on Virginia’s car-title loan industry. Car-title loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash. Herring claims that such loans “are trapping a lot of
Spokeo Continues to Garner Attention; Argument Set for November 2
Spokeo, Inc. v. Robins has continued to garner attention, both in terms of motions to stay the litigation in the pending case and with respect to amicus briefing by parties interested in the issues raised in this important case. On September 9, the Supreme Court set arguments for the case for November 2. As of