In filings submitted last week, the Consumer Financial Protection Bureau (the Bureau) both opposed and moved for summary judgment in PayPal, Inc. v. Consumer Financial Protection Bureau, asking the court to put an end to...more
On August 14, 2019, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) wrote a letter imploring Consumer Financial Protection Bureau Director Kathy Kraninger to implement the payments provisions of the 2017 Payday...more
8/21/2019
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Stays ,
Title Loans
On September 21, 2018, the Attorney General for the State of Washington filed a lawsuit (see complaint) against several companies engaged in purchasing charged-off consumer debts, for operating as “collection agencies”...more
The U.S. Court of Appeals for the Third Circuit held in Tepper v. Amos Fin., LLC, that debt buyers (i.e., entities collecting, on their own behalf, consumer debts they acquired when the debts were in default), can qualify as...more
In a recent decision, a federal court in the Southern District of New York (SDNY) dismissed a putative class action complaint alleging, among other things, that a mortgage servicer violated the Fair Debt Collection Practices...more
7/24/2018
/ Consumer Financial Products ,
Excessive Fees ,
FDCPA ,
Financial Services Industry ,
Inspection Rights ,
Mortgage Servicers ,
Mortgages ,
Motion to Dismiss ,
Notice of Default ,
Putative Class Actions ,
RICO
On November 28, 2017, the Federal Reserve Board announced a Consent Order with Peoples Bank (Peoples) in Lawrence, Kansas. The Order charges Peoples with violating Section 5 of the Federal Trade Commission Act (FTCA) by...more
On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more
7/20/2017
/ Administrative Procedure Act ,
Banking Sector ,
Department of Justice (DOJ) ,
Due Process ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
OCC ,
Online Marketplace Lending ,
Operation Choke Point ,
Payday Loans ,
Proposed Legislation