The Consumer Financial Protection Bureau recently issued its Winter 2015 Supervisory Highlights report which provides an overview of the supervision work completed by the CFPB from July through December 2014. Matters resolved by the CFPB’s Supervision side are non-public in nature and are resolved, not generally through the payment of large fines and penalties, but
Food Lion Parent Company Settles Multi-Million Dollar FCRA Background Screening Class Action
On March 2, the plaintiff’s counsel in Brown v. Delhaize America, LLC submitted an unopposed motion for preliminary approval, seeking Court approval of another Fair Credit Reporting Act class action settlement. Employers should treat this settlement as another reminder to verify their compliance with the FCRA.
According to the parties’ settlement paperwork, the Brown
Credit Reporting Agencies Announce Consumer Assistance Plan in Agreement with New York Attorney General
The nation’s three leading Credit Reporting Agencies (“CRAs”) – Equifax, Experian, and TransUnion – announced on March 9 a National Consumer Assistance Plan that will enhance their ability to collect consumer information that is as complete and accurate as possible and will provide consumers more transparency and a better experience interacting with CRAs about their
Sixth Circuit Remands FDCPA Class Action Over Choice of Law Issue in Credit Card Dispute
On March 12, 2015, the Sixth Circuit Court of Appeals reversed a lower court’s decision to grant a motion for judgment on the pleadings in a putative class action alleging that a collection law firm violated the Fair Debt Collection Practices Act (FDCPA) by seeking attorneys’ fees from a consumer who defaulted on a credit
Multiple Bills to Reform CFPB Again Pending in House of Representatives
Following up on the failure in 2014 to implement changes to the CFPB through legislative action, on March 5, U.S. Rep. Sean Duffy (R-Wis.) reintroduced a package of bills seeking to make changes to the CFPB’s leadership structure, how data is collected from consumers, and more.
Representative Duffy is the Chairman of the House Financial
Did You Hear That? CFPB Report to Congress Sounds Death Knell for Arbitration Clauses
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services. According to the CFPB, the study’s results “indicat[e] that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class
CFPB’s Field Hearing on March 10, 2015 on Arbitration Expected to Coincide With Release of Its Report to Congress on the Use of Pre-Dispute Arbitration Clauses
On March 10, the CFPB will hold a field hearing on arbitration at 11 a.m. in Newark, New Jersey.
The event will include remarks by Richard Cordray, head of the Consumer Financial Protection Bureau, and will be held at the J. Harry Smith Lecture Hall at Essex Community College, 303 University Avenue. Tomorrow’s field hearing
Court Rejects Proposed Class Action Notice Plan Involving Untargeted Social Media Notification to Class Members
On March 5, a judge in the United States District Court for the Southern District of New York rejected a plaintiff’s proposal to notify proposed class members of a Fair Labor Standards Act lawsuit filed by a group of former interns against Gawker via various social media platforms, including Reddit and Tumblr pages, LinkedIn, and
Georgia Governor’s Office of Consumer Protection Enters into $13 Million Settlement with Debt Collector
The Georgia Governor’s Office of Consumer Protection (“GOCP”) issued a statement on March 5, announcing a $13 million settlement with RSB Equity Group, LLC (“RSB”) and its principal, Roy Mullman. The settlement resolved charges that the company committed multiple violations of the Fair Debt Collection Practices Act and the Georgia Fair Business Practices Act. More
NYDFS Advocates for Increased Cybersecurity Regulation by State Agencies
On February 25, the Superintendent of the New York Department of Financial Services (“DFS”), Benjamin M. Lawsky, spoke at Columbia Law School regarding the increased role of states as regulators, especially in the case of emerging risks such as cybersecurity. The speech, titled “Financial Federalism: The Catalytic Role of State Regulators in a Post-Financial Crisis