In an economy where consumers are driving reform, it’s critical for financial institution leaders to stay on top of evolving issues. The CFSL Bulletin, from Foley and Lardner, is your source for candid legal thinking — and a place to share your own views — on significant news and developments in the consumer financial services litigation arena.
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In a decision that will affect some attorneys' willingness to prosecute Fair Debt Collection Practices Act ("FDCPA") claims, the Eleventh Circuit recently affirmed a drastic reduction in attorneys' fees in a successful FDCPA case. In Hepsen v. J.C. Christensen...
The White House has posted its Top 10 list of things you may not know about the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The list, in its entirety, is as follows: Stronger protections for consumers against unfair credit...
In recent years, many creditors instituted convenience or “expedited payment” fees, charging consumers for payments made by telephone and/or online rather than by mail. However, some state regulators, including those in Colorado, Texas and Wyoming, have taken the position that such fees...
The Consumer Financial Protection Bureau Proposes Boundaries for its Nonbank Supervision of Debt Collection and Credit Reporting Organizations
On February 16, 2012, the Consumer Financial Protection Bureau (“CFPB”) proposed a new regulation, pursuant to Section 1024 of the Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act) (the “Act”), intended to establish “the scope of coverage of the Bureau’s supervision...
In In Re: American Express Merchants’ Litigation (No. 06-1871-cv), a two judge panel of the Second Circuit breathes new life into arguments to strike arbitration clauses. The court held that, because of the allegedly prohibitive costs for pursuing antitrust claims on an individual basis, forcing...
Following on the heals of its pro-arbitration decision in Concepcion from earlier this year, the United States Supreme Court ruled today that a federal statute that provides for a private right of action and even for class actions, but is silent as to whether these claims can proceed in...
For nearly six months, President Obama’s nomination of Richard Cordray to be the first Director of the Bureau of Consumer Financial Protection (CFPB) has been blocked by Senate Republicans. Today, the President is attempting to call the Senate’s bluff by making a legally questionable...
In the recent decision, Watkins v. SunTrust Mortg., Inc., No. 10-1915, 2011 WL 6188751 (4th Cir. Dec. 14, 2011), the Fourth Circuit ruled on the specific information that a lender must provide to a borrower in order to comply with TILA’s rescission notice requirement. The Truth in Lending Act, 15...
The Consumer Financial Protection Bureau (CFPB) issued three interim final rules, each effective December 30, 2011, which republish and make minor, nonsubstantive changes to certain existing regulations of the Federal Trade Commission (FTC). The Dodd-Frank Act transferred rulemaking authority for...
Can a lender ever obtain summary judgment in a dispute over delivery of Truth-in-Lending Act rescission right disclosures? A recent decision by the Seventh Circuit raises significant doubts. The Truth-in-Lending Act (TILA) requires that lenders notify consumer borrowers in writing of their right to...