Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. The Consent Order requires Navy Federal Credit Union, the nation’s largest credit union, to pay roughly $23 million in redress to affected consumers and a civil monetary penalty of $5.5 million to the CFPB.

Credit Unions 40

Credit Unions Credit Unions Banks Collections 40

Consumer Financial Services Law

OCTOBER 12, 2016

The Eleventh Circuit recently joined the First and Eighth Circuits in concluding that the FDCPA’s venue provision does not apply to post-judgment garnishment proceedings. In Ray v. McCullough Payne & Haan, LLC, the defendant law firm obtained a judgment against the plaintiff in the Fulton County, Georgia, the judicial district in which the consumer lived.

Garnishment 40

Garnishment Law Firms Judgment Debt collector 40

Consumer Financial Services Law

OCTOBER 10, 2016

The CFPB has made it abundantly clear that it expects fintech companies to abide by the same rules as traditional brick and mortar lenders. The Bureau’s consent order with San Francisco online lender Flurish, Inc. highlights the need for startups to effectively vet their products prior to launch to ensure compliance with the consumer protection regulatory scheme.

Startups 40

Startups Lender Loans Lawyers 40