Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”
According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit…
On December 31, the United States Court of Appeals for the Ninth Circuit, in dismissing a class action appeal as moot, ruled that the putative class representative had not retained a personal stake in the class certification motion after voluntarily settling his individual claims.
In Campion v. Old Republic Protection Company, Inc., the plaintiff…
On December 29, a putative class action was filed against Airgas, Inc. for printing expiration dates on credit and debit card receipts. The putative class action, Aliano et al. v. Airgas USA LLC et al., Case No. 14CH20024 (Cook County), alleges violations of the Fair Credit Reporting Act and identity theft. Airgas is an…
In recent years, the industry has seen various types of foreclosure rescue fraud perpetrated against borrowers, lenders, and servicers. One example is a California-based scam that caused losses of more than $2.5 million whereby the scam’s orchestrators recorded fraudulent documents in local courthouses in an effort to “cloud title” and halt or stall the foreclosure…
A settlement between the New York Department of Financial Services and automotive lender Condor Capital Corp., as well as Condor’s owner, Stephen Barron, was approved this week by the United States District Court for the Southern District of New York. The settlement will result in total payments to the State and consumers of up to…
We have previously reported on the Federal Housing Finance Agency’s concern that the recent explosive growth of nonbank specialty mortgage servicers may pose operational and liquidity risks to such servicers and put in jeopardy Fannie Mae and Freddie Mac (collectively, the Enterprises) that guarantee these mortgages. In particular, FHFA concluded that the nonbank servicers’ use…
On October 31, a United States District Court certified a Fair Credit Reporting Act class action involving claims that an employer procured a background check through an improper disclosure form and took adverse action without following the proper adverse action protocol. Although the Court’s decision did not address the merits of the case, the Court…
On December 29, the Consumer Financial Protection Bureau issued a report calling for stricter and more extensive regulations to the Military Lending Act. The report, titled The Extension of High-Cost Credit to Servicemembers and Their Families, comes on the heels of a recent action by the CFPB, in which Virginia and North Carolina…
Vermont Attorney General William Sorrell has announced that he has settled claims against Stonebridge Benefit Services, Inc., a company that markets discount membership programs, and J.C. Penney Company, Inc., from which Stonebridge obtained consumer credit card information.
Texas-based Stonebridge sells membership programs that provide discounts for various goods and services. Customers’ credit cards are subject…
On December 23, the Consumer Financial Protection Bureau issued a proposed rule amending Regulation E, 12 C.F.R. §§ 205.1 et seq. – which implements the Electronic Fund Transfer Act, 15 U.S.C. §§ 1693 et seq. – and Regulation Z, 12 C.F.R. §§ 226.1 et seq. – which implements the Truth in Lending Act, 15 U.S.C.
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