News & Analysis as of

Financial Services Industry Loan Servicer Fair Debt Collection Practices Act

Orrick, Herrington & Sutcliffe LLP

District court grants summary judgment to mortgage servicer in payoff statement fee case

On August 22, the U.S. District Court for the Western District of Washington granted summary judgment in favor of a defendant mortgage servicer in a class action lawsuit challenging fees charged for expedited delivery of...more

Hudson Cook, LLP

CFPB takes action against Student Loan Servicer for Allegedly Delaying Default Rehabilitation Process to Acquire Collection Fees

Hudson Cook, LLP on

On December 9, 2024, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Fair Debt Collection Practices Act ("FDCPA") with respect to its...more

Hinshaw & Culbertson - Consumer Crossroads

Tips for Loan Servicers on Defending Consumer Claims in Federal Court and Making Successful Article III Standing Challenges

Loan servicers and their counsel are often sued by consumers during contested mortgage foreclosure proceedings. The United States Supreme Court’s opinions in Spokeo, Inc. v. Robins and TransUnion v. Ramirez continue to be an...more

Orrick, Herrington & Sutcliffe LLP

CFPB to ban servicer from federal student loan servicing and pay $120M

On November 12, the CFPB filed a proposed stipulated final judgment and order against a student loan servicer (the defendant) for alleged violations of the CFPA, the FCRA and the FDCPA. As previously covered by InfoBytes, the...more

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

Hudson Cook, LLP on

After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Hudson Cook, LLP

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

Hudson Cook, LLP on

If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,...more

Hinshaw & Culbertson - Consumer Crossroads

House Passes Comprehensive Debt Collection Improvement Act That Would Expand Multiple Consumer Finance Laws

Last week, the U.S. House of Representatives passed a bill, H.R. 2547, on a strict party-line vote. Titled "The Comprehensive Debt Collection Improvement Act, the bill would amend several consumer finance statutes for the...more

Holland & Knight LLP

California Legislative Roundup 2020: Financial Services

Holland & Knight LLP on

Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Troutman Pepper Locke

The Eastern District of Wisconsin Reaffirms the Importance of the Least Sophisticated Consumer Standard in Drafting Collection...

Troutman Pepper Locke on

A recent decision out of the Eastern District of Wisconsin provides an important reminder to loan servicers that a statement in a debt collection letter could be considered misleading under the Fair Debt Collection Practices...more

Alston & Bird

These Developments Will Change How Lenders and Servicers Do Business

Alston & Bird on

Our Financial Services & Products Group explores the effects lenders and servicers could face in the wake of new rules on real-estate-related transactions, a Third Circuit decision that creates uncertainly for FDCPA...more

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