Consumer Financial Services Law

OCTOBER 31, 2016

A New Jersey district court’s recent dismissal of a single count claim brought under the Fair and Accurate Transactions Act (“FACTA”) reinforces the need for consumers to carefully identify their injury in fact. In Kamal v. J. Crew Group, Inc., 2016 U.S. Dist. LEXIS 145392 (D.N.J. Oct. 20, 2016), the consumer filed a putative class action alleging that defendant violated FACTA by displaying the first six digits and last four digits of his credit card on the electronically printed receipt.

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Debt Free Colorado

OCTOBER 15, 2016

Updated 11/21/2019. Your household income is an important element in determining whether you are eligible for a Chapter 7 Bankruptcy and calculating the payment amount and duration of a Chapter 13 Bankruptcy repayment plan. The bankruptcy means test compares your income to the median income for the same-size household in your state. If you make less than the median, you’re presumed to qualify for a Chapter 7 or you are eligible for a Chapter 13 plan that ends after 3 years of payments.

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Consumer Financial Services Law

OCTOBER 27, 2016

The CFPB issued its Monthly Report this week. The report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state. Additionally, each month it highlights a product type and a geographic area. This month’s report highlights prepaid card products and emphasizes the CFPB’s concern for the unbanked and underbanked population.

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Student loans Student Loans Financial services Loans 40

Consumer Financial Services Law

OCTOBER 26, 2016

In his prepared remarks to the Mortgage Bankers Association, CFPB Director Richard Cordray offered some insight into his office’s examination priorities with respect to the mortgage industry. Here are the key takeaways: TRID: In his remarks, Cordray characterized the CFPB’s early examinations of TRID compliance to be “diagnostic and corrective, not punitive.

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Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

Consumer Financial Services Law

OCTOBER 25, 2016

The Eleventh Circuit recently issued an opinion emphasizing the importance of timing under the Mortgage Servicing Rules. In Lage v. 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.

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Foreclosure Loans 40

Consumer Financial Services Law

OCTOBER 18, 2016

A district court in California has dismissed a complaint alleging violations of the FCRA’s informational provisions because the plaintiff did not have Article III standing. Nokchan v. Lyft, Inc. , Case No. 15-cv-03008-JCS. 2016 U.S. Dist. LEXIS (N.D. Cal. Oct. 5, 2016). In Nokchan, an employee of Lyft alleged Lyft failed to provide certain disclosures regarding credit and background checks during the application process.

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Consumer Financial Services Law

OCTOBER 17, 2016

Last week, the Supreme Court agreed to hear Midland Funding v. Johnson and resolve the split in the circuits over whether the filing of a time barred proof of claim violates the FDCPA and whether the Bankruptcy Code preempts the FDCPA regarding proofs of claim. As many know, Johnson was the Eleventh Circuit’s encore act to Crawford v. LVNV in which it not only supported its position in Crawford but expanded it by addressing the issue left unanswered in Crawford : whether the Bankruptcy Code pree

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Bankruptcy Debt collector Creditors Acquisition 40

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.

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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.

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Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

Banks

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.

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Consumer Financial Services Law

OCTOBER 4, 2016

They say bad news comes in threes and Wells Fargo capped off September entering into its third Consent Order in roughly a month. This time, the Consent Order resolved issues with the bank’s compliance with the Servicemembers Civil Relief Act (“SCRA”). According to the OCC, the bank violated three separate provisions of the SCRA by failing to provide the 6% interest rate limit to servicemembers’ obligations or liabilities incurred before military service, failing to accurately disclose servicemem

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