Consumer Financial Services Law

SEPTEMBER 27, 2016

By: Caren Enloe and Parker Dozier September 26, 2016 A bankruptcy court has dealt a blow to a TCPA defendant’s attempt to moot a class action lawsuit by entering into a settlement with the class representative’s bankruptcy trustee. 12-60237 (Bankr. 663 (2016). In re Presswood , Case No. See Campbell-Ewald Co. Gomez , 136 S.

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Consumer Financial Services Law

OCTOBER 25, 2016

Ocwen Loan Servicing, the court considered whether the mortgage servicer had an obligation to evaluate a loss mitigation application when, at the time the completed application was submitted, a foreclosure sale was scheduled to occur in two days. Ocwen Loan Servicing, 2016 U.S. 12 CR 1024.41(c)(1).

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Fico Collections

SEPTEMBER 13, 2022

Tue, 11/10/2020 - 12:17. As the UK economy transitions from the pandemic to the cost-of-living crisis, is there anything that can be learnt from how the 2008 financial crisis impacted credit card usage? Between 2010-2015, missed payment balances decreased significantly; although they increased steadily between 2016-2020.

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Consumer Financial Services Law

NOVEMBER 16, 2016

Financial Recovery Services, Inc., 3, 2016) at Dkt No. Illobre at *12. A New York district court recently dismissed an FDCPA putative class action attempting to penalize a collection agency for disclosing the FDCPA’s cease and desist requirements to a consumer. Recovery Servs., LEXIS 153525, 16 CV 452 (S.D.N.Y.

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Consumer Financial Services Law

JUNE 11, 2016

The 2015 report attempted to make a case that few consumers ever bring individual actions against financial service institutions and that class actions provide a more effective means to challenge and deter prohibited financial service practices. Proposed 12 CFR 1040.3 Proposed 12 CFR 1040.4(a)(1).

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Consumer Financial Services Law

DECEMBER 21, 2016

Unifund CCR, LLC, 2016 U.S. Carney at * 12. A recent decision by a Minnesota district court sheds some light on the issue and provides a positive decision for debt collection attorneys. LEXIS 168707 (Dec. The case arose from the law firm’s post judgment efforts to garnish wages.

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Burr Forman

JANUARY 29, 2021

Americredit Financial Services, Inc. , 12-6238 (PGH) (LHG), 2014 WL 647970 (D.N.J. 24, 2016), Docket No. June 15, 2016), Docket No. Early cases to consider this issue resulted in a grant of summary judgment for the defendant upon a finding that the data was accurately reported according to the CRRG guidelines.

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Consumer Financial Services Law

MARCH 8, 2017

due on March 25, 2016. In doing so, the court considered first, whether there was a concrete injury sufficient to support jurisdiction and secondly whether the plaintiff had stated a plausible claim under Rule 12(b)(6). Further, the second option indicated a first payment date of March 25, 2016. payment option was an error.

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Consumer Financial Services Law

DECEMBER 12, 2016

1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account. Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. In Parker Burns v. LEXIS 165587 (E.D.

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Consumer Financial Services Law

JANUARY 24, 2017

First, TCF customers who opened accounts online between 2010 and 2016, with no face-to-face interaction with TCF employees, opted in to TCF’s overdraft protection at a consistent rate of over 60%. See 12 CFR 1005.17. TCF further asserts that the complaint is contradicted by two key facts.

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Collection Industry News

AUGUST 23, 2022

The CFPB also outlined actionable steps financial institutions can take to protect consumer data, including: Implementing multi-factor authentication. In many ways, the recent circular revives UDAAP as a tool previously used by the CFPB to require enhanced consumer protections related to the offering and provision of financial services.

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Consumer Financial Services Law

SEPTEMBER 19, 2016

8, 2016) , the Fifth Circuit joined the Sixth and Seventh Circuit in holding that “a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such a debt is judicially enforceable, can be sufficiently deceptive or misleading to violate the FDCPA.” In Daugherty v.

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Troutman Sanders

APRIL 18, 2023

On April 19, the House of Representatives Committee on Financial Services will hold a hearing on “Understanding Stablecoins’ Role in Payments and the Need for Legislation.” On April 12, the attorneys representing defunct cryptocurrency exchange FTX in its bankruptcy proceeding announced that FTX recovered approximately $7.3

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