A federal district court in Illinois recently dismissed a putative class action against a foreclosure firm, holding that an allegation in a foreclosure complaint that the mortgagor is personally liable for any deficiency on a...more
In the wake of SFR Investments Pool 1, LLC v. U.S. Bank, N.A., in which the Nevada Supreme Court held that an HOA foreclosure sale may extinguish a first position deed of trust, lenders have advanced numerous arguments as to...more
Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more
10/12/2015
/ Cause of Action Accrual ,
Consumer Bankruptcy ,
Consumer Complaint Management ,
Consumer Financial Products ,
Credit Cards ,
Credit Reporting Agencies ,
Credit Reports ,
Debt ,
Dischargeable Debts ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions
The Sixth Circuit Court of Appeals recently held that a limited liability company (“LLC”) constitutes a “person” within the meaning of the Fair Debt Collection Practices Act (FDCPA or the “Act”), in Anarion Investments LLC v....more
8/27/2015
/ Appeals ,
Banking Sector ,
Banks ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Limited Liability Company (LLC) ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Wrongful Foreclosures
Phone calls made to promote a movie constituted “telemarketing” under the Telephone Consumer Protection Act (TCPA) even though the two prerecorded messages left on the plaintiffs’ home phone line made no reference to the...more
7/30/2015
/ Article III ,
Class Action ,
Corporate Counsel ,
Do Not Call List ,
Popular ,
Putative Class Actions ,
Robocalling ,
SCOTUS ,
Spokeo ,
Spokeo v Robins ,
Standing ,
TCPA ,
Telemarketing
A federal court in Pennsylvania has ruled that a debt collector violated the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the plaintiff’s...more
The Sixth Circuit recently held that standing to sue under the Telephone Consumer Protection Act (TCPA) does not require the plaintiff to have printed, or even viewed, a fax advertisement that violates the TCPA. The Court...more
While an amended Nevada Senate bill does not change the Nevada Supreme Court’s seminal holding that an association lien is a true priority lien that, when properly foreclosed, may extinguish a first deed of trust, the new law...more
Federal Communications Commission (FCC) Chairman Tom Wheeler has issued a fact sheet describing his proposed declaratory rulings on various issues involving the FCC’s interpretation of the Telephone Consumer Protection Act...more
Last week, in Morgan Drexen, Inc. v. Consumer Financial Protection Bureau, a divided panel of the D.C. Circuit Court of Appeals affirmed the dismissal of an action challenging the constitutionality of the CFPB. The court did...more
In a recent putative class action by borrowers against a mortgage servicer alleging violations of the Truth in Lending Act (“TILA”), the Seventh Circuit Court of Appeals found that mortgage servicers must credit electronic...more
Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City. The session addressed recent developments and upcoming...more
The Federal Trade Commission—and numerous other federal, state, and local law enforcement agencies in the United States and Canada—recently announced that an enforcement initiative dubbed “Operation Ruse Control” has resulted...more
In a civil action brought by the Consumer Financial Protection Bureau involving student loans, an Indiana federal court recently granted in part and denied in part a motion to dismiss by ITT Educational Services, Inc. The...more
The Supreme Court of South Carolina recently held that a lienholder’s ability to obtain equitable subordination of a prior mortgage was not precluded by its agent’s knowledge that the prior mortgage had not been satisfied. In...more
The U.S. Department of Justice (DOJ) and the North Carolina Department of Justice recently requested court approval of a consent decree arising out of alleged racial discrimination by two North Carolina car dealerships in...more
Today, the CFPB entered a consent order that requires subprime credit card company, Continental Finance Company, LLC (“Continental”), to refund an estimated $2.7 million to consumers who were charged alleged illegal credit...more
Last December, the CFPB sued a Texas-based company, Union Workers Credit Services, alleging that the company deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card...more
The consumer financial services attorney (the petitioner) who sued the New York State Department of Financial Services (DFS) and its superintendent, Benjamin Lawsky, to obtain access to DFS’s database of alleged illegal...more
The U.S. Court of Appeals for the 11th Circuit recently held that a class action was not mooted by the unaccepted offers of judgment made by the defendant to each putative class representative in the full amount of his or her...more
The Federal Trade Commission (FTC) and the Attorneys General of Ohio and Illinois recently entered into a stipulated settlement order with a credit monitoring company arising out of the company’s alleged conduct concerning...more
The Federal Trade Commission (FTC) recently announced that it is seeking supplemental public comments on proposed changes to its Used Motor Vehicle Trade Regulation Rule (Used Car Rule) and the Used Car Buyers Guide (Buyers...more
The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more
Yesterday, the Second Circuit held that a plaintiff did not provide his “prior express consent” under the federal Telephone Consumer Protection Act (TCPA) to automated calls to his cell phone when he gave his cell phone...more
A consumer financial services attorney (the petitioner) recently filed a petition in New York state court against the New York State Department of Financial Services (DFS) and its superintendent, Benjamin Lawsky. The lawsuit...more