News & Analysis as of

Consumer Financial Products Unfair or Deceptive Trade Practices Fair Debt Collection Practices Act

Venable LLP

Navigating the New Consumer Financial Services Landscape: Enforcement, Compliance, and Litigation Risks

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Financial services companies may feel relief from the aggressive federal oversight and regulation that defined the past decade. However, regulatory risk has not disappeared—it has shifted. ...more

McGlinchey Stafford

Litigation Byte (February 2025 Edition)

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The District of Maryland rejected a plaintiff’s arguments that a debt collector’s verification of a debt in response to a letter refusing to pay, but disputing the debt, violated the cease communication directive under the...more

Troutman Pepper Locke

Seventh Circuit Reverses Summary Judgment in FDCPA Debt Dispute Case

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This week, the U.S. Court of Appeals for the Seventh Circuit issued a decision reversing a summary judgment order in a Fair Debt Collection Practices Act (FDCPA) case. The court found that there were genuine issues of...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 15, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB and Several States Order Vocational Education Company to Pay Fines, Cancel Loans, and Cease Operations After Allegedly...

Goodwin on

On November 20, 2023, the Consumer Financial Protection Bureau (CFPB) announced that, in conjunction with 11 states, it entered into a stipulated final judgment with a Delaware-based vocational education company that...more

Hudson Cook, LLP

CFPB Imposes Industry Ban on Medical Debt Collector

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On December 15, 2023, the CFPB announced a settlement with a medical debt collector to resolve allegations that it violated the Fair Credit Reporting Act ("FCRA"), its implementing Regulation V, the Fair Debt Collection...more

Troutman Pepper Locke

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

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On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

McGlinchey Stafford

The Fuss About Junk Fees, Pt. 1: Biden, CFPB, and FTC Collaborate

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Anyone who has financed the purchase of a good or service, had a bank account, bought a car, or purchased sporting event tickets has almost assuredly encountered what the Biden Administration and various regulatory agencies...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit affirms dismissal of FDCPA, FCRA, RICO action

On January 19, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a debt collection action related to alleged violations of the FCRA, FDCPA, and the Racketeer and Influenced and Corrupt Organizations...more

Goodwin

CFPB Announces $860,000 Settlement with Debt Collection Company for Alleged Deceptive Practices and CFPA Violations

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On April 6, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a third-party debt collection company and its former owner for alleged violations of the Consumer Financial...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – May 2020

Consumer Law Hinsights is a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies....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

Carlton Fields

Financial Services Update: Week Ending November 1, 2019

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Financial Services Update - FCCPA and FDCPA: The plaintiff did not demonstrate a genuine issue of material fact that medical providers and their attorney violated the FCCPA and FDCPA by conditioning medical services on a...more

Ballard Spahr LLP

Kraninger sets tone for vigorous enforcement agenda in decisions on five petitions to modify or set aside CFPB CIDs

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Consumer advocates have heavily criticized Director Kraninger and former Acting Director Mick Mulvaney for taking a much less aggressive attitude towards enforcement than former Director Cordray. ...more

Wilson Sonsini Goodrich & Rosati

Quarterly Regulatory and Legal Update for E-Commerce, E-Banking, and Blockchain

This Quarterly Update highlights certain notable developments during Q1 2019 in consumer-facing areas of e-commerce, e-banking and blockchain. This update is particularly focused on consumer-level regulatory activities of the...more

Ballard Spahr LLP

False Representation Must Be Material to Violate FDCPA, Second Circuit Rules

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Resolving tension between New York and federal law, the U.S. Court of Appeals for the Second Circuit has ruled that a debtor must show that a debt collector's alleged false representation was material for it to be a "false,...more

Ballard Spahr LLP

CFPB announces settlement with consumer lenders charged with unlawful debt collection and credit reporting practices

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The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more

Smith Debnam Narron Drake Saintsing & Myers,...

Consumer Financial Services Spring 2018 Update

District Court Takes Expansive View of Deceptive or Misleading Practices under FDCPA - The FDCPA prohibits a debt collector from using "any false, deceptive, or misleading representation" in connection with the collection...more

Smith Debnam Narron Drake Saintsing & Myers,...

Second Circuit Seeks to Provide Clarity as to Interest Disclosure

The Seventh Circuit recently joined the Fourth and Ninth Circuits in holding that a debt collection discharges its obligation as to debt validation by verifying that its letters accurately conveyed the information received...more

Ballard Spahr LLP

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

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The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to...more

Ballard Spahr LLP

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

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The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

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