Consumer Financial Services Law

FEBRUARY 20, 2017

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into without any admission of liability, requires UniRush and its vendor/payment processor to pay an estimated $10 million in restitution to affected consumers and a civil monetary penalty of $3 million.

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Financial services 40

SimplicityCollectionSoftware

FEBRUARY 6, 2017

Simplicity Debt Collection Software is pleased to announce the roll out of its new Enterprise Debtor Payment Portal. This fully functional portal allows you to empower your debtors to make payments, settle accounts, set up payment plans, confirm their information and so much more. Use this application easily from your own website or direct them to our portal, either option is now available.

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Consumer Financial Services Law

FEBRUARY 17, 2017

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling average of complaints. Each month, the report focuses on a category of consumer financial products. Here are the highlights of the most recent report: IN GENERAL · Student loans showed the greatest increase in complaints comparing October -December 2015 with October-December 2

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Student loans Student Loans Foreclosure Loans 40

Consumer Financial Services Law

FEBRUARY 14, 2017

The Ninth Circuit recently weighed in on the limitations of prior express consent and revocation under the Telephone Consumer Protection Act (the “TCPA”). In Van Patten v. Vertical Fitness Group, LLC, the consumer provided his cell number when meeting with a fitness gym about joining. Van Patten v. Vertical Fitness Group, LLC, 2017 U.S. App. LEXIS 1591 (9 th Cir.

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Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

Consumer Financial Services Law

FEBRUARY 13, 2017

A district court out of Missouri has served up a reminder as to the limitations of a motion to dismiss based upon subject matter jurisdiction. In May v. Consumer Adjustment Co., the consumer filed an FDCPA complaint is state court alleging that the initial demand letter violated 15 U.S.C. §1692g. May v. Consumer Adjustment Co., 2017 U.S. Dist. LEXIS 7401 (E.D.

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Accrued Interest Debt collector Collections 40

Consumer Financial Services Law

FEBRUARY 3, 2017

A district court from New York recently ruled that even assuming a creditor’s initial TILA disclosures fell short under the statutory requirements, the plaintiff must show an injury in fact in order to have standing under Article III. In Kelen v. Nordstrom , the plaintiff sued the retailer alleging the retailer’s disclosures in connection with its credit card accounts violated the Truth in Lending Act.

Retail 40

Retail Creditors Banks 40

Consumer Financial Services Law

FEBRUARY 9, 2017

A Virginia bankruptcy court recently ruled that an objection to a proof of claim was not barred by the doctrine of res judicata when an order of confirmation was entered prior to the objection being filed. In re Haskins, No. 15-60644 (W.D. Va. Jan. 27, 2017) [Dkt No. 31]. The creditor, a debt buyer, filed its unsecured proof of claim prior to confirmation of the debtor’s Chapter 13 plan.

Bankruptcy 40

Bankruptcy Debtor Creditors Collections 40

SimplicityCollectionSoftware

FEBRUARY 6, 2017

Simplicity Debt Collection Software is pleased to announce the roll out of its new Enterprise Debtor Payment Portal. This fully functional portal allows you to empower your debtors to make payments, settle accounts, set up payment plans, confirm their information and so much more. Use this application easily from your own website or direct them to our portal, either option is now available.

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Debtor Collections 40

Consumer Financial Services Law

FEBRUARY 1, 2017

A demand letter sent by a debt collector was not doomed by an incorrect statement of the creditor’s name. In Santibanez v. National Credit Systems, Inc., the debt collector’s initial letter stated as follows: Re: ENCOMPASS MANAGEMENT CONSULTANTS Account #: 3118797 Balance: $875.33 Dear CARLOS SANTIBANEZ, It is imperative that you give this matter your prompt attention.

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Debt collector Debtor Creditors Judgment 40

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Consumer Financial Services Law

FEBRUARY 21, 2017

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in their briefs: Is the CFPB's structure as a single-Director independent agency consistent with Article II of the Constitution and, if not, is the proper remedy to sever the for-cause provision of the statute?

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