All Entries

Subscribe to All Entries via RSS

The U.S. Supreme Court has granted the petition for certiorari in Corner Post, Inc. v. Board of Governors of the Federal Reserve System (Board), a case where Corner Post challenges a 2011 Board rule that governs certain fees for debit-card transactions. Specifically, the question presented is whether a plaintiff’s Administrative Procedures Act (APA) claim, for statute of limitations purposes, first accrues when an agency issues a rule or when the rule first causes a plaintiff to be “adversely affected or aggrieved.” The Supreme Court’s decision will resolve an ongoing circuit split on the issue.

On August 24, the U.S. District Court for the Southern District of Georgia denied the defendant’s motion to dismiss claims asserted under the Fair Debt Collections Practices Act (FDCPA), holding that for claims based on collections suits, the statute of limitations does not begin to run until the consumer is served with a copy of…

Yesterday, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and Telephone Consumer Protection Act (TCPA) were back up for the month of July. Complaints filed with the Consumer Financial Protection Bureau (CFPB) were also up for the month.

As discussed here, on June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. Among other things, the bill: (1) raised the small loan limit from $15,000 to $50,000; (2) expanded the Small Loan Act (SLA) licensure requirement to cover certain brokering and facilitating activities; (3) codified a predominant economic interest test for determining the “true lender” in the SLA; (4) broadened the definition of small loan to include income sharing agreements (ISAs), refund anticipation loans, and pension advances; (5) limited the Annual Percentage Rate (APR) on loans of $5,000 to $50,000 to 25%; (6) redefined APR as an all-in APR calculated similarly to the federal Military Lending Act (MLA); and (7) expanded the definition of finance charge to essentially capture all fees and charges, including optional fees. The revised SLA goes into effect on October 1, 2023.

On August 1, the two major national credit union trade associations — the National Association of Federal Credit Unions (NAFCU) and the Credit Union National Association (CUNA) — announced plans to merge and create a new organization called America’s Credit Unions. The goal of the merger would be to form a single credit union trade group “to serve credit unions more efficiently and effectively” through “one strong and united voice.”

On September 15, the U.S. District Court for the District of New Jersey denied the defendant’s summary judgment motion holding instead that a bank levy against the plaintiff served as a basis for standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).

In Perrong v. Bradford et al, the plaintiff alleged that the defendant, an elected official, violated the Telephone Consumer Protection Act (TCPA) by calling his residential phone using a prerecorded message and an automatic telephone dialing system (ATDS). He further alleged that his telephone number was registered with both the national and Pennsylvania Do Not Call registries.