On February 7, 2024, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s Order granting a motion for judgment on the pleadings and holding that a charged-off loan made by a lender licensed under the...more
The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance...more
The Payroll Protection Program (“PPP”) was created by Congress through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to loan money to certain businesses for the primary purpose of providing money to...more
Failing to pay your credit card bills doesn’t pay. And it shouldn’t. But that doesn’t stop some debtors from at least trying to make a personal pay day out of it under the Fair Credit Reporting Act (“FCRA”), as evidenced by...more
Since the beginning of the COVID pandemic in early 2020, consumers and the business community have had to navigate new realities. The pandemic has dramatically changed the ways in which we interact, presenting challenges that...more
On Brian Brooks’ first day as Acting Comptroller of the Currency, the OCC issued a final rule intended to resolve the legal uncertainty created by the Second Circuit’s decision in Madden v. Midland Funding. In that decision,...more
The parties in Madden v. Midland Funding, LLC. have filed a joint motion with the New York federal district court seeking preliminary approval of a class settlement....more
In Loja v. Main Street Acquisition Corporation, the plaintiff filed a lawsuit in federal district court for alleged FDCPA violations against Main Street Acquisition Corporation and the law firm it retained to file a state...more
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
In a recent decision pitting the Bankruptcy Code against the Federal Arbitration Act (FAA), the U.S. Court of Appeals for the Second Circuit held that a creditor could not compel arbitration of a debtor's class action claims...more
The FDCPA prohibits a debt collector from using “any false, deceptive, or misleading representation” in connection with the collection of a debt. See 15 U.S.C. § 1692e. Recently, the Eastern District of New York took an...more