Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
An operator of a mortgage relief scam and an attorney agreed to court orders banning them from the debt relief business in order to resolve allegations brought by the FTC that they swindled millions of dollars from financially distressed homeowners.
According to the FTC’s Complaint, in the scheme, Damian Kutzner and four attorneys operating…
On the same day that House Democrats wrote to President-elect Donald Trump to defend controversial Consumer Financial Protection Bureau Director Richard Cordray, two Republican senators sent a letter to Vice President-elect Mike Pence to press for his removal. The letter, signed by Ben Sasse (Neb.) and Mike Lee (Utah), requested that Trump dismiss Cordray “promptly…
On January 9, twenty-one Democrats from the House of Representatives sent a letter to President-elect Trump in defense of controversial Consumer Financial Protection Bureau Director Richard Cordray, urging Trump not to remove Cordray from his post. The letter began by noting that no President has ever removed an independent agency head for cause and threatened…
On December 22, the California Supreme Court in Owen v. Miami Nation Enterprises, held that payday lending companies failed to prove by a preponderance of the evidence that they were “arms of” Indian tribes. Therefore, the lenders were not immune from complying with a California state lending law. In its decision, the Court reaffirmed …
CashCall Inc. and Western Sky Financial LLC have settled another state action over alleged charging of interest rates in excess of the 18 percent limit. The action, filed by the Florida Office of Attorney General, alleged that loans with illegal interest rates were made to consumers by Western Sky and were later purchased, serviced, …
On December 28, the New York Department of Financial Services (“NY DFS”) released its highly anticipated revised cyber security rule. As we previously noted here, the proposed regulations would require banks, insurance companies, and other financial services institutions to establish and maintain a cybersecurity program and to take other measures to protect against data…
We are pleased to announce that Troutman Sanders partners John Lynch and Chad Fuller will be featured moderators and speakers, respectively, at the American Conference Institute’s 27th National Conference on Consumer Finance Class Actions and Litigation on January 24, 2017 at the W Miami Hotel.
John will moderate the second portion of the panel …
The Consumer Financial Protection Bureau has released a new tool designed to help the public track consumer lending trends as well as identify future risks. The tool, available on the CFPB website, is called “Consumer Credit Trends,” and it currently tracks originations of mortgages, credit cards, auto loans and student loans. Within each of…
On December 16, the Consumer Financial Protection Bureau executed a consent order with Moneytree, Inc., whereby Moneytree was required to pay $255,000 in redress and an additional $250,000 in civil monetary penalties arising out of the Bureau’s allegations that Moneytree violated the Consumer Financial Protection Act (“CFPA”) and the Electronic Funds Transfer Act (“EFTA”). According…
On December 20, the Consumer Financial Protection Bureau executed a consent order with Military Credit Services, LLC, whereby the lender was required to pay a $200,000 civil monetary penalty, implement certain compliance measures, and hire an independent consultant to review the company’s compliance with federal laws. The order arose out of Military Credit Services’ alleged …
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