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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.
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.
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.
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.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
For purposes of RESPA, is there a difference to be had between “servicing” a loan and being a “servicer”? The question was recently addressed by a district court from Florida. Buyea v. Select Portfolio Servicing, No. 9:16-cv-80347, 2016 U.S. Dist. LEXIS 140571 (S.D. Fla. Oct. 11, 2016). In Buyea, the consumer submitted a request for information (“RFI”) requesting the identity, address and telephone number of the current owner or assignee of the mortgage.
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For purposes of RESPA, is there a difference to be had between “servicing” a loan and being a “servicer”? The question was recently addressed by a district court from Florida. Buyea v. Select Portfolio Servicing, No. 9:16-cv-80347, 2016 U.S. Dist. LEXIS 140571 (S.D. Fla. Oct. 11, 2016). In Buyea, the consumer submitted a request for information (“RFI”) requesting the identity, address and telephone number of the current owner or assignee of the mortgage.
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.
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
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.
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.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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.
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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