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Articles by Elanor A. Mulhern
CFPB and European Commission Report on Coordinated Efforts Concerning Consumer Financial Protection and Identify Emerging Technologies as an Area of Shared Interest | Ballard Spahr LLP - JDSupra
Following their announcement last July regarding their plans to coordinate on a range of consumer financial protection issues , the CFPB Director and his European counterpart, the Commissioner for Justice and Consumer Protection of the European Commission, have released a joint statement highlighting some areas those coordinated efforts have identified for ongoing monitoring and particular focus.
FOIA Request Seeks Names of Organizations That Have Received Payments from CFPB’s Civil Penalty Fund | JD Supra
Federal News Wire – a non-partisan news group focusing on the activities of federal agencies – has issued a Freedom of Information Act (“FOIA”) request to the Consumer Financial Protection Bureau, seeking a list of all organizations who have received payments from the Bureau’s “Civil Penalty Fund” (“CPF”) since the Bureau’s formation in 2011. The CPF, which was established by section 1017 of the Dodd-Frank Act, collects funds received from the Bureau’s enforcement actions.
CBA weighs in on the CFPB’s proposed expansion of what constitutes a credit report | JD Supra
The Consumer Bankers Association (“CBA”) recently published a letter it sent to the CFPB describing the information that banks typically use for identity verification and fraud prevention and addressing the impact of subjecting such information to the requirements of the Fair Credit Reporting Act (“FCRA”). The letter is a response to CFPB Director Chopra’s recent remarks detailing proposed changes to the FCRA.
Consumer Finance Monitor
On May 24, 2017, the FTC will hold a daylong conference on identity theft in Washington, D.C. The conference, “Planning for the Future,” will include panel discussions about how identity thieves acquire and use consumer information, how websites trade in stolen consumer information, the impact of identity theft on financial services, health care and other sectors, the challenges that identity theft victims face, and resources available to identity theft victims. … Continue Reading
CFPB Consumer Response Annual Report Highlights Increasing Complaints Regarding Credit Reporting and Student Loans | JD Supra
The CFPB has issued its “Consumer Response Annual Report,” which analyzes patterns and trends in the approximately 1,287,000 consumer complaints submitted to the Bureau in 2022. The annual report is required by the Consumer Financial Protection Act. The CFPB indicated that the largest increase in complaints, accounting for more than 75% of all consumer complaints, was related to dissatisfaction with credit reporting – including inaccurate information on credit reports and improper use of reports.
$167 million restitution and penalty award ordered in CFPB v. CashCall,Inc. et al. | JD Supra
A judge in the U.S. District Court for the Central District of California recently ordered the defendants in CashCall, Inc. (which included Cash Call Inc.’s CEO Paul Reddman) to pay $134 million in restitution and $33 million in civil penalties. The decision comes after the Ninth Circuit affirmed the district court’s 2016 award of summary judgment to the CFPB, finding the defendants had violated the CFPA.
$167 Million Restitution and Penalty Award Ordered in CFPB v. CashCall,Inc. et al.
A judge in the U.S. District Court for the Central District of California recently ordered Defendants in CashCall, Inc. (which included Cash Call Inc.'s CEO Paul Reddman) to pay $134 million in restitution and $33 million in civil penalties.
$167 Million Restitution and Penalty Award Ordered in CFPB v. CashCall,Inc. et al.
A judge in the U.S. District Court for the Central District of California recently ordered Defendants in CashCall, Inc. (which included Cash Call Inc.’s CEO Paul Reddman) to pay $134 million in restitution and $33 million in civil penalties. The decision comes after the Ninth Circuit affirmed the District Court’s 2016 award of summary judgment to the CFPB, finding Defendants had violated the CFPA.
Justice Department announces new guidance for handling bankruptcy discharge of federal student loans | JD Supra
In conjunction with efforts to forgive federal student debt for certain borrowers, President Biden’s Justice Department recently announced new guidance for its attorneys to use when deciding whether to recommend that a bankruptcy judge discharge an individual’s federal student loans. The guidance seeks to streamline the process of discharging federal student debt which, unlike other consumer debt, is not automatically discharged through bankruptcy.
Justice Department announces new guidance for handling bankruptcy discharge of federal student loans
In conjunction with efforts to forgive federal student debt for certain borrowers, President Biden’s Justice Department recently announced new guidance for its attorneys to use when deciding whether to recommend that a bankruptcy judge discharge an individual’s federal student loans. The guidance seeks to streamline the process of discharging federal student debt which, unlike other consumer debt, is not automatically discharged through bankruptcy.
Justice Department announces new guidance for handling bankruptcy discharge of federal student loans
In conjunction with efforts to forgive federal student debt for certain borrowers, President Biden's Justice Department recently announced new guidance for its attorneys to use when deciding whether to recommend that a bankruptcy judge discharge an individual's federal student loans. The guidance seeks to streamline the process of discharging federal student debt which, unlike other [...]
CFPB files lawsuit against online event registration company alleging unlawful practices in connection with fees charged for membership club | JD Supra
Last week, the CFPB filed a lawsuit against ACTIVE Network LLC (“Active”), an online event registration company, in a Texas federal district court alleging that the company is deceiving customers into joining its fee-based membership club, “Active Advantage.” Event organizers seeking to host community activities such as youth camps and charity race events contract with Active to provide online registration and payment processing services.
CFPB Signals Increased Scrutiny of Credit Card Industry Interest Rates | JD Supra
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at least one credit card, half of which carry a balance that continues to accrue increasingly high interest rates.
CFPB Signals Increased Scrutiny of Credit Card Industry Interest Rates
In a blog post that appeared last week, the CFPB reported on research into various factors considered significant in explaining current credit card interest rates. The CFPB reported that over 175 million Americans have at least one credit card, half of which carry a balance that continues to accrue increasingly high interest rates.
Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates | JD Supra
Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state. If not picked up by the state legislature this summer, the proposal would ask voters to approve a state statute capping payday loan interest rates, that can currently reach over 370% APR, at no more than 36% APR.
Consumer Finance Monitor
Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state.
Consumer Finance Monitor
Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state.
Credit unions obtain preliminary injunction blocking enforcement of NY law reducing debt judgment interest rate | JD Supra
A federal district court judge in the Southern District of New York ruled late last week that three credit unions had successfully established a likelihood of success on their claims that the retroactive application of New York’s recently-passed rate reduction law constitutes a regulatory taking in violation of the U.S. Constitution and preliminarily enjoined state sheriffs’ offices from enforcing the law.
Credit unions seek injunction blocking enforcement of NY law reducing debt judgment interest rate
Three credit unions have filed a federal class action lawsuit in the Southern District of New York seeking to halt the enforcement or implementation of New York’s recently passed S.B. 5724A which would retroactively and prospectively lower the statutory annual interest rate on consumer debt judgments from 9% to 2%.
Consumer Finance Monitor
We recently published a blog about the OCC’s proposed rule “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which would clarify that a bank (or savings association) is properly regarded as the “true lender” when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan. We also published a separate blog discussing a comment submitted to the OCC by Ballard Spahr in support of the Proposed Rule.
CFPB Sues LendUp Loans for Allegedly Violating 2016 Consent Order and Allegedly Continuing to Deceive Borrowers | JD Supra
The CFPB has filed a lawsuit against Oakland, CA-based online lender LendUpLoans alleging that LendUp is in violation of a 2016 Consent Order that required the lender to pay over $3.5 million in consumer redress as well as civil penalties and to cease misleading consumers with alleged false claims about the cost of loans and the benefits of repeat borrowing.
CFPB Sues LendUp Loans for Allegedly Violating 2016 Consent Order and Allegedly Continuing to Deceive Borrowers
The CFPB has filed a lawsuit against Oakland, CA-based online lender LendUpLoans alleging that LendUp is in violation of a 2016 Consent Order that required the lender to pay over $3.5 million in consumer redress as well as civil penalties and to cease misleading consumers with alleged false claims about the cost of loans and the benefits of repeat borrowing.
CFPB Pursues Claim Against Former Debt Collection Company Executive And His Family For Allegedly Seeking To Fraudulently Transfer Assets To Undermine An Earlier Consent Decree - Finance and Banking - United States
United States: CFPB Pursues Claim Against Former Debt Collection Company Executive And His Family For Allegedly Seeking To Fraudulently Transfer Assets To Undermine An Earlier Consent Decree 31 May 2021 Ballard Spahr LLP To print this article, all you need is to be registered or login on Mondaq.com.
CFPB Brings Claim Against Former Debt Collection Company Executive and His Family for Allegedly Seeking to Fraudulently Transfer Assets to Undermine Earlier Consent Decree | Ballard Spahr LLP - JDSupra
Recently, the CFPB and New York Attorney General filed a complaint against Douglas MacKinnon and members of his immediate family to unwind the allegedly fraudulent conveyance of MacKinnon’s $1.6 million home made shortly after he learned his business practices were the subject of CFPB and NYAG investigations. This complaint follows a 2019 consent decree, in which MacKinnon was one of three defendants who had entered a stipulated final judgment with the CFPB and NYAG.
CFPB Pursues Claim against Former Debt Collection Company Executive and His Family for Allegedly Seeking to Fraudulently Transfer Assets to Undermine an Earlier Consent Decree | Ballard Spahr LLP - JDSupra
Recently, the CFPB and New York Attorney General filed a Complaint against Douglas MacKinnon and members of his immediate family to unwind the allegedly fraudulent conveyance of MacKinnon’s $1.6 million home made shortly after he learned his business practices were the subject of CFPB and NYAG investigations. This Complaint follows a 2019 consent decree, in which MacKinnon was one of three defendants who had entered a stipulated final judgment with the CFPB and NYAG.
California’s Check Seller, Bill Payer and Proraters Law Expanded to Require non-California Domiciled Debt Settlement Providers to be Licensed and Comply with Substantive Provisions | Ballard Spahr LLP - JDSupra
Among the suite of consumer protection bills signed into law last month by California Governor Gavin Newsom is AB 2524. The bill, as enacted, is a less-expansive version of an assembly bill that would have created an entirely new and broad system of regulation over debt settlement companies through amendments to the Check Sellers, Bill Payers and Proraters Law.
CFPB announces partial settlement of lawsuit for alleged violations of Telemarketing Sales Rule in connection with marketing of debt-relief services offered by attorneys | Ballard Spahr LLP - JDSupra
The CFPB recently filed suit in the Central District of California against Texas-based GST Factoring Inc. and two of its owners, along with Champion Marketing Solutions, LLC (“CMS”), its owner, and four separate attorneys. In its complaint, the CFPB alleged that defendants violated the Telemarketing Sales Rule (TSR) prohibition on receiving advance fees for debt-relief services sold via telemarketing.
CFPB announces partial settlement of lawsuit for alleged violations of Telemarketing Sales Rule in connection with marketing of debt-relief services offered by attorneys | LexBlog
The CFPB recently filed suit in the Central District of California against Texas-based GST Factoring Inc. and two of its owners, along with Champion Marketing Solutions, LLC (“CMS”), its owner, and four separate attorneys. In its complaint, the CFPB alleged that defendants violated the Telemarketing Sales Rule (TSR) prohibition on receiving advance fees for debt-relief services sold via telemarketing.
Facebook Class Action Filed Claiming Discrimination by Financial Services Advertisers | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Facebook Class Action Filed Claiming Discrimination by Financial Services Advertisers
A purported class action filed last week in the U.S. District Court for the Northern District of California, accuses Facebook of discriminating against women and individuals over 40 who were denied advertisements and information about certain financial services opportunities, including those for bank accounts, insurance and investing.
FTC’s Section 13(b) Powers Undermined by Two Circuit Courts | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Third Circuit: FDCPA Class Plaintiff who Received QR-Coded Envelope from Debt Collector had Standing Under Spokeo | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Themes of FTC’s “Strictly Business” Forum on Small Business Financing
Monday, May 13, 2019 On Wednesday, May 8, the Federal Trade Commission hosted a special forum exploring small business lending practices, regulations, and policies.
FFIEC Adopts Policy Statement Updating the Uniform Report of Examination
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
OCC and N.Y. State Department of Financial Services Trade Contentious Pre-Motion Letters in Fintech Charter Dispute
Friday, November 30, 2018 Attorneys for defendants, U.S. Comptroller and the Office of the Comptroller of the Currency (together “the OCC”), in the pending Southern District of New York lawsuit, Vullo v. OCC, submitted a letter to the court announcing their intent to move to dismiss the complaint brought by New York’s Superintendent of the Department of Financial Services (“DFS”).
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