Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On January 28, 2015, the Consumer Financial Protection Bureau issued a bulletin warning financial institutions about entering into agreements with third parties that share or hide information related to regulatory exams, as well as warning entities under investigation about sharing information with third parties.
The bulletin is intended to assist supervised entities in complying with…
On January 15, the NYC Coalition to Stop Credit Checks in Employment published an open letter to New York City Mayor de Blasio and the City Council, urging them to support legislation banning the use of credit checks in employment decisions. To the extent New York City enacts such a law, it would create…
Join us at the American Conference Institute’s 22nd National Forum on Consumer Finance Class Actions & Litigation. Two full days of expert strategies for in-house and outside counsel on navigating class actions, litigation, and government enforcement actions in the consumer finance industry.
April 13 – 14, 2015; Omni Los Angeles Hotel at California Plaza…
On February 3-5, 2015, DBA International will host its annual conference – Passport to the Future – at the Aria Resort & Casino in Las Vegas.
DBA International describes this year’s event:
“This conference brings together all the players in the industry – welcoming over 1,200 attendees and showcasing over 130 exhibit booths – and…
On January 20, 2015, the Department of Justice, on the Federal Trade Commission’s behalf, filed a complaint against Commercial Recovery Systems, Inc. (CRS), a Texas-based debt collector, including its current and former principals, for allegedly using illegal tactics, such as threatening consumers with false claims of lawsuits and potential garnishments, in the United States District…
New rules on overdraft protections and fees are one of the top items on the CFPB regulatory agenda this year. In its Fall 2014 Rulemaking Agenda, the CFPB noted that they were “continuing to research overdraft services and considering whether rules governing overdraft and related services are warranted and what such rules may be”…
On January 13, 2015, the Consumer Financial Protection Bureau (CFPB) released a report on consumers’ mortgage shopping experiences. The CFPB found that almost half of consumers who take out a mortgage fail to shop prior to application and that consumers seriously consider only a single lender or mortgage broker before choosing where to apply. The…
Last week, the Consumer Financial Protection Bureau (CFPB) announced four appointments to its leadership team.
In addition to naming Anthony Alexis as assistant director of enforcement, the CFPB also announced the hiring of Leandra English as deputy chief operating officer, Agnes Bundy Scanlan as the regional director of supervision examination, and Jeffrey Sumberg as chief…
Freddie Mac is selling three pools of deeply delinquent loans with the combined unpaid principal balance of $410 million. According to Freddie Mac’s spokesman, the loans involved in the sale include “a large share that are more than two years delinquent,” which is consistent with Freddie Mac’s “continued goal of reducing illiquid assets from its…
A new putative class action lodged in California federal court against Paramount Pictures Corporation made it the latest employer to be accused of violating the Fair Credit Reporting Act by obtaining credit reports from current and prospective employees without adequate disclosure of their rights under the FCRA. The lawsuit alleges that the company has a…
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