In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a federal magistrate judge has recommended dismissal based on federal ...
Regulators are keeping a close eye on credit repair companies as evidenced by a pair of new lawsuits filed by the Illinois attorney general and a separate action brought by the Federal Trade Commission (FTC).
It now looks as though the Supreme Court is ready to receive, and we think grant, a petition for writ of certiorari in Blair v. Rent-A-Center (and related cases) that could spell doom for California’s McGill rule under which arbitration agreements are enforceable only if they exclude court ...
Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform.
In the latest update to the Department of Justice’s (DOJ) Foreign Corrupt Practices Act (FCPA) Corporate Enforcement Policy, the agency formalized prior guidance as to how companies can voluntarily disclose information in order to receive leniency.
In a cautionary tale for banks, the U.S. Court of Appeals, Eleventh Circuit held that a plaintiff could move forward with his Fair Credit Reporting Act (FCRA) suit after a national bank allegedly failed to investigate a disputed item and used false pretenses to obtain multiple credit reports.
In a victory for common sense, the Supreme Court has ruled, in Rotkiske v. Klemm, that the Fair Debt Collection Practices Act’s statute of limitations begins to run when the alleged FDCPA violation occurs, not when the violation is discovered.
Can the Supreme Court’s 2017 decision in Kokesh v. SEC, which found that disgorgement is a penalty and not an equitable remedy for statute of limitations purposes, be logically expanded to spell the end of the SEC’s long-standing and widely accepted practice of seeking disgorgement from ...
Addressing two issues of first impression in the U.S. Court of Appeals, Ninth Circuit, a panel ruled that a consumer suffers a concrete, Article III injury-in-fact when a third party obtains her credit report for a purpose not authorized by the Fair Credit Reporting Act (FCRA).
Even though the Supreme Court generally moves relatively slowly, the Court’s recent decision to grant certiorari in the Seila Law v. CFPB case is forcing courts and litigants to adjust quickly.