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Troutman Pepper Locke

CFSA Attempts to Renew Small Dollar Lending Rule Litigation in Supreme Court Petition

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On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more

Orrick, Herrington & Sutcliffe LLP

Ninth Circuit upholds CFPB’s restitution order against lending company, affirming waiver of jury trial rights

On January 3, the U.S. Court of Appeals for the Ninth Circuit published an opinion in a case involving a consumer lending company’s appeal of the district court’s order to pay more than $134 million in legal restitution,...more

A&O Shearman

UK Financial Conduct Authority Supports Expedition of Appeals of Motor Finance Decisions

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The U.K. Financial Conduct Authority has published a letter addressed to the Supreme Court regarding the applications for permission to appeal to the SC and requests for expedition in the recent motor finance commission...more

Ballard Spahr LLP

Appeals Court sets March 30, 2025 as effective date of CFPB payday lending rule

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A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule....more

Ballard Spahr LLP

Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a...

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On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in...more

Ballard Spahr LLP

CFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order...

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In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which...more

Goodwin

CFPB Files Opening Brief in its Appeal of District Court Ruling that ECOA Applies Only to Applicants

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On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). The CFPB’s...more

Sheppard Mullin Richter & Hampton LLP

Eleventh Circuit orders en banc rehearing in Hunstein

On November 17, a majority of the active judges of the U.S. Court of Appeals for the Eleventh Circuit issued an order sua sponte to rehear Hunstein v. Preferred Collection and Management Services, Inc., en banc. The order...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – April 2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Bradley Arant Boult Cummings LLP

Maryland Court of Appeals Bars Confessed Judgment Clauses in Consumer Contracts

A recent decision from the Maryland Court of Appeals provided somewhat surprising new guidance on the permissibility of confessed judgment clauses in consumer contracts. In Goshen Run Homeowners Association, Inc. v. Cisneros,...more

Carlton Fields

Third Circuit Finds Class Members’ Cash Advance Agreements May Fall Short of a True Assignment

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On April 26, 2019, the Third Circuit Court of Appeals reversed in part and affirmed in part a district court order purporting to void cash advance agreements entered into by and between class members and litigation funding...more

Burr & Forman

Fifth Circuit Holds that Statute of Limitations Extended by Cross-Collateralization Clause

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Under the Mississippi law a deficiency suit must be brought “within one-year from the date of the foreclosure or sale” of the collateral. See Miss. Code Ann. § 15-1-23. The United States Court for the Fifth Circuit has...more

Goodwin

California Supreme Court Rules that Loans Can be Unconscionable Due to High Interest Rates, Despite Lack of Interest Rate Cap

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On August 13, 2018, the California Supreme Court answered a question certified to it by the Ninth Circuit, holding that a loan with a high interest rate can be unconscionable, even if the legislature specifically declined to...more

Burr & Forman

11th Circuit Draws a Line on Actual Damages Under RESPA

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In Baez v. Specialized Loan Servicing, LLC, 16-17292, 2017 WL 4220292 (11th Cir. Sept. 22, 2017) the Eleventh Circuit Court of Appeal recognized a limit to the requirement to the phrase “actual damages” in Section 2605 of the...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending February 10, 2017

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REAL PROPERTY UPDATE - Foreclosure: where foreclosing bank, who purchased debt from original mortgagee, failed to establish standing to enforce lost note “through evidence of a valid assignment, proof of purchase of the...more

Ballard Spahr LLP

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

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The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more

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