• 04.24.19

    CFPB: New CID Policy, Kraninger FFIEC Slot, Other Musings

    In Consumer Financial Protection Bureau (CFPB or Bureau) news, the Bureau announced a major change regarding civil investigative demands (CIDs) and Director Kathy Kraninger became the first CFPB director to serve as chairperson of the interagency Federal Financial Institutions Examination Council ...

  • 04.24.19

    California, New York Increase Student Loan Servicer Oversight

    Student loan servicers should prepare for heightened regulation with the passage of a new law in New York and new regulations in effect in California.

  • 04.24.19

    State AGs Keep Busy With Enforcement Actions

    Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime.

  • 04.24.19

    What’s Old Is New: FTC Settles With Online Lender

    An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans.

  • 04.24.19

    Arbitration: Supreme Court Deals a Near Death Blow to Class Action Arbitration

    The Supreme Court, in a sharply-divided 5-4 ruling issued on April 24, ruled that nothing in the Federal Arbitration Act allows courts to compel class action arbitration even if the contract is ambiguous in that regard, and notwithstanding rules that direct courts to interpret such ambiguities most ...

  • 04.24.19

    Arbitration: Supreme Court Deals a Near Death Blow to Class Action Arbitration

    The Supreme Court, in a sharply-divided 5-4 ruling issued on April 24, ruled that nothing in the Federal Arbitration Act allows courts to compel class action arbitration even if the contract is ambiguous in that regard, and notwithstanding rules that direct courts to interpret such ambiguities most ...

  • 04.10.19

    California’s DBO: New Leader, New Enforcement, New Bureau?

    The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm.

  • 04.10.19

    CFPB News: Advisory Committee Changes, Constitutionality Hearing

    What’s new at the Consumer Financial Protection Bureau (CFPB or Bureau)?

  • 03.27.19

    Third Circuit Snares Passive Debt Buyers in FDCPA

    Passive debt buyers are debt collectors under the Fair Debt Collection Practices Act (FDCPA) if their “principal purpose” is buying debt, even if they outsource collections, the U.S. Court of Appeals for the Third Circuit has ruled, broadening liability under the statute.

  • 03.27.19

    Madden Litigation Sputters Out With Settlement

    After eight years of litigation—and a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a chilling effect for lenders—the parties in Madden v. Midland Funding have reached a deal that would bring the case to a close.