May, 2017

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Guest Post: CFPB Issues Request for Information Regarding Small Business Lending

Consumer Financial Services Law

By Vanessa Garrido The CFPB has issued a Request for Information (RFI) to collect data that will shed light on how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses. Of the estimated 27.6 million small businesses in the United States, over 7 million of these businesses are minority-owned and over 8.4 million are women-owned.

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Searching For The Meaning Of “Meaningful Involvement”

FDCPA Defense

Grappling with the meaning of the so-called “meaningful involvement” doctrine is one of the most elusive and frustrating compliance challenges for collection attorneys and their clients. What exactly must a collection attorney do to ensure they are “meaningfully involved” in a file before sending a collection letter to a consumer? When, if ever, should collection law firms include disclaimers on their collection letters, indicating that no attorney of the firm has reviewed the particular circums

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Supreme Court Reverses Bankruptcy Proof of Claim Case

Consumer Financial Services Law

“The law has long treated unenforceability of a claim (due to the expiration of the limitations period) as an affirmative defense … And we see nothing misleading or deceptive in the filing of a proof of claim that, in effect, follows the Code’s similar system.” Midland Funding, LLC v. Johnson , (May 15, 2017). Yesterday, the Supreme Court reversed the Eleventh Circuit’s holding in Midland Funding v.

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CFPB Seeks Comment on Effectiveness of the RESPA Mortgage Servicing Rule

Consumer Financial Services Law

As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities and outcomes to a baseline that would exist if the Rule has not been implemented. Specifically, the CFPB’s assessment plan will examine how well the Servicing Rule has met its purpose of: Providing borrowers with timely and understandable information; Protecting borrowers fro

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

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.

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District Court Takes on the Intersection of Bankruptcy and the FDCPA

Consumer Financial Services Law

A New York District Court recently tackled the intersection between bankruptcy and pre-petition FDCPA claims and the application of judicial estoppel to undisclosed claims. In December 2013, Jeziorowski filed a complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and the Telephone Consumer Protection Act of 1991 (TCPA). Jeziorowski v.

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CFPB's Monthly Report Focuses on Student Loan Products

Consumer Financial Services Law

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by company and by state. Complaint Volume by Product The three most complained of consumer products remain debt collection, credit reporting and mortgage.