Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On April 22, the House of Representatives passed a bill requiring the Consumer Financial Protection Bureau to solicit input from several advisory boards and to cap the CFPB’s future funding.
H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, was adopted in a 235-183 vote, after a House committee earlier adopted…
Advertising agency Campbell-Ewald Co. began sending text messages through its subcontractor, MindMatic LLC, in 2006 as part of a Navy-approved effort to tap new technologies in recruitment campaigns, the company says. Among the recipients of the message, which began with “Destined for something big? Do it in the Navy,” was the plaintiff who said he…
On April 17, Tom Pahl, managing regulatory counsel for the Consumer Financial Protection Bureau Office of Regulations, spoke at ACA International’s Washington Insights Conference about the CFPB’s debt collection rulemaking. According to Pahl, the CFPB currently is focusing on four debt collection related topics for its proposed rulemaking:
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On April 13, Judge Beth Phillips, a federal judge in the Western District of Missouri, granted summary judgment in favor of Credit World Services, Inc. (“CWS”) in a case filed by a consumer that owed a debt to CWS (full opinion found here). In the lawsuit, Plaintiff alleges that CWS violated the Fair…
On April 6, the Consumer Financial Protection Bureau announced its next Community Bank Advisory Council meeting, which will be held at 3:00 p.m. EDT on April 22 in the CFPB’s offices at 1275 First Street, N.E., in Washington, D.C. The meeting will focus on credit scores and consumer reporting as well as implications for small…
After alleging in two separate cases that two debt portfolio brokers – Cornerstone and Co. LLC and Bayview Solutions LLC – were exposing too much personal information about consumer-debtors, the Federal Trade Commission announced that the parties have reached final settlements.
Specifically, in the cases of Federal Trade Commission v. Cornerstone and Company, LLC, et…
The city of Yonkers, New York, enacted General Ordinance No. 16-2014 to amend its Consumer Protection Code (“Code”) by adding new requirements for debt buyers and collection agencies. The revised Code includes the following sections: definitions, license requirements, required collection practices, prohibited collection practices, and penalties for non-compliance. The new Code requirements became effective on…
In Lary v. Trinity Physician Fin. & Ins. Servs., et al., Case No. 14-11036, the Eleventh Circuit narrowly interpreted the “willfully or knowingly” provision of the Telephone Consumer Protection Act (“TCPA”), which gives rise to treble damages. In Lary, the plaintiff filed a pro se complaint alleging that the defendants sent a fax…
On March 24, in a case that has captured the attention of commercial lenders, the United States Supreme Court heard oral arguments on the issue of whether a Chapter 7 debtor can “strip off” junior liens on residences that are already underwater.
Most courts agree that debtors filing under Chapter 13 of the Bankruptcy Code…
On December 2, 2014, in Stein v. Buccaneers Ltd. P’ship, No. 13-15417, — F.3d –, 2014 WL 6734819 (11th Cir. 2014), the United States Court of Appeals for the Eleventh Circuit reversed a district court order dismissing a putative class action as moot, holding that: (1) an unaccepted Rule 68 offer of judgment does not…
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