A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. Tyler v. Fabrizio & Brook,...more
The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. ...more
A recent decision from the North District of Illinois has expanded on the Seventh Circuit’s holding in Pantoja v. Portfolio Recovery Assocs., LLC, 852 F.3d 679 (7th Cir. 2017) regarding revival warnings in collections letters...more
3/1/2018
/ Banking Sector ,
Class Action ,
Class Certification ,
Collection Action ,
Credit Cards ,
FDCPA ,
Financial Services Industry ,
Midland Funding ,
Statute of Limitations ,
Statutory Violations ,
Time-Barred Debt
Last week, the CFPB issued its Strategic Plan for Fiscal Years 2018-2022. The Plan reflects Acting Director Mick Mulvaney’s vision for the CFPB and reflects a contrasting vision to what was reflected in the prior draft which...more
Any opinion that starts out by stating “[t]his case is about $82.00” is not likely to go well for one party and in this instance, that was the case for Nestor Saroza. ...more
The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. In doing so, the Tenth Circuit has joined a split in the circuits on the issue. With the Tenth Circuit’s decision the...more
On November 24, 2017, the White House appointed Mick Mulvaney as acting director of the CFPB, effective November 27, 2017. Since then, concerns have been raised that Mulvaney might ‘gut” the agency. Here is a quick look at...more
Mortgage servicers need to carefully review their Transfer Notices when the debt is in default at the time of transfer. In an unpublished decision, the Eastern District of New York recently held that a “Notice of Servicing...more
7/12/2017
/ Banking Sector ,
Debt Collection ,
Disclosure Requirements ,
FDCPA ,
Financial Services Industry ,
Interest Rates ,
Mortgage Servicers ,
Mortgages ,
Motion to Dismiss ,
Principal Balance ,
Transfer of Interest
The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company...more
A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. ...more
The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more
The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more
The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more
3/31/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Regulatory Oversight ,
Rewards Programs ,
Student Loans
The CFPB issued its monthly report on consumer complaints this month, providing a high-level snapshot of the recent trends in consumer complaints. The Report provides a summary of the volume of complaints by product category...more
In a brief opinion, the Eleventh Circuit recently examined Regulation X’s requirement that a loan servicer provide a written response acknowledging receipt of a written request for information (“RFI”) pursuant to 12 C.F.R....more
The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more
The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more
2/21/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Vacated
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
2/17/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Escrow Accounts ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB recently entered into consent orders with several Citibank subsidiaries attacking their mortgage servicing practices during the early days of the Mortgage Servicing Rules despite the CFPB’s assurances that early...more
A district court from New York recently ruled that even assuming a creditor’s initial TILA disclosures fell short under the statutory requirements, the plaintiff must show an injury in fact in order to have standing under...more
2/3/2017
/ Article III ,
Banking Sector ,
Comenity Bank ,
Credit Cards ,
Disclosure Requirements ,
Fees ,
Injury-in-Fact ,
Lenders ,
Motion to Dismiss ,
Nordstrom Inc. ,
Retail Market ,
Retailers ,
Standing ,
Truth in Lending Act (TILA)