In A.D. vs. Credit One Bank, N.A., the U.S. Court of Appeals for the Seventh Circuit reversed a district court order compelling individual arbitration of a putative class action for Credit One's alleged violations of the...more
3/28/2018
/ Appeals ,
Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Certification ,
Consumer Contracts ,
Contract Terms ,
Debit and Credit Card Transactions ,
Motion to Compel ,
Non-Signatories ,
Putative Class Actions ,
TCPA
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
3/27/2018
/ Appeals ,
Arbitration ,
Banking Sector ,
Bankruptcy Code ,
Chapter 7 ,
Charge-Off ,
Consumer Bankruptcy ,
Consumer Contracts ,
Credit Cards ,
Credit Reports ,
Creditors ,
Debt Buyers ,
Dischargeable Debts ,
Federal Arbitration Act ,
Financial Services Industry ,
Motion to Compel ,
Putative Class Actions
The decision last week by the U.S. Court of Appeals for the D.C. Circuit on petitions seeking review of the Federal Communications Commission’s 2015 Declaratory Ruling and Order implementing the Telephone Consumer Protection...more
The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more
In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more
3/16/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSOC ,
Orderly Liquidation Authority ,
Proposed Legislation ,
Regulatory Burden ,
Regulatory Oversight
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Mick Mulvaney’s appointment by President Trump as CFPB Acting Director became effective on November 25, 2017 upon Richard Cordray’s resignation (which became effective at midnight on November 24). ...more
By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more
On January 30, 2018, the federal district court hearing Leandra English’s action seeking a declaration that she is the lawful Acting CFPB Director granted the parties joint motion to stay further proceedings pending a...more
2/1/2018
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Appeals ,
Appointments Clause ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
Stays ,
Trump Administration
Wednesday, U.S. District Court Judge Timothy J. Kelly denied Leandra English’s motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump’s appointment of Mick Mulvaney to serve as...more
A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more
Democratic Senator Dianne Feinstein announced that she and three other Democratic Senators have introduced a bill, the “Accountability for Wall Street Executives Act of 2017,” that would allow state attorneys general to issue...more
12/28/2017
/ Attorney General ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Authority ,
Financial Institutions ,
Legislative Agendas ,
National Bank Act ,
Proposed Legislation ,
Regulatory Oversight ,
State and Local Government
The DOJ has filed its opposition to Leandra English’s motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director....more
12/20/2017
/ Administrative Agencies ,
Administrative Appointments ,
Appointments Clause ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
As we’ve reported, Lower East Side People’s Federal Credit Union (“People’s”), filed suit in the Southern District of New York to block Mick Mulvaney’s appointment as CFPB Acting Director. On December 12, People’s filed a...more
12/18/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Briefing Schedule ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Financial Services Industry ,
Preliminary Injunctions ,
Presidential Appointments ,
Trump Administration
As we reported recently, the Government Accountability Office has determined that CFPB Bulletin 2013-02 on dealer pricing in indirect auto finance (“Dealer Pricing Bulletin” or “Bulletin”) is a “rule” subject to review under...more
12/14/2017
/ Automotive Loans ,
Banking Sector ,
Car Dealerships ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Fair Lending ,
GAO
As required by Judge Kelly’s scheduling order, yesterday afternoon Leandra English filed a motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to...more
12/7/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amended Complaints ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
Yesterday, the Lower East Side People’s Federal Credit Union filed a complaint in U.S. District Court for the Southern District of New York seeking a declaration that Mick Mulvaney’s appointment as CFPB Acting Director is...more
Following a scheduling conference held earlier yesterday, Judge Kelly entered an order setting a briefing schedule and hearing date for Laurena English’s motion for a preliminary injunction in her action seeking a declaration...more
A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more
12/5/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Misrepresentation ,
Mortgages ,
Popular ,
Presidential Appointments ,
Regulatory Freeze ,
Trump Administration ,
UDAAP ,
Unfair or Deceptive Trade Practices
A bipartisan group of lawmakers has introduced a joint resolution under the Congressional Review Act to override the CFPB’s final payday/auto title/high-rate installment loan rule. House members sponsoring the bill consist...more
12/4/2017
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
Leandra English has filed a Proposed Schedule confirming that she plans to file a motion for a preliminary injunction in her action for declaratory and injunctive relief filed in D.C. federal district court seeking a...more
12/4/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Declaratory Relief ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
Tuesday afternoon, Judge Timothy Kelly of the D.C. federal district court denied Leandra English’s motion for a temporary restraining order (TRO) to prevent President Trump from appointing or recognizing the appointment of a...more
11/30/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Pending Litigation ,
Popular ,
Presidential Appointments ,
Recess Appointments ,
Regulatory Freeze ,
Richard Cordray ,
TRO ,
Trump Administration
As we reported, the DOJ’s Office of Legal Counsel (OLC) has issued a memorandum to the President’s Counsel in which it opined that the President has the legal right to appoint Mick Mulvaney CFPB Acting Director under the...more
11/28/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Presidential Appointments ,
Recess Appointments ,
Richard Cordray ,
Trump Administration
Last Friday, November 24, effective at midnight, Richard Corday resigned as CFPB Director. Earlier in the day, the CFPB issued a press release announcing that Mr. Cordray had named Leandra English, the CFPB’s Chief of Staff,...more