Newsletters

04.24.19

What’s Old Is New: FTC Settles With Online Lender

An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans.


04.24.19

Arbitration: Supreme Court Deals a Near Death Blow to Class Action Arbitration

The Supreme Court, in a sharply-divided 5-4 ruling issued on April 24, ruled that nothing in the Federal Arbitration Act allows courts to compel class action arbitration even if the contract is ambiguous in that regard, and notwithstanding rules that direct courts to interpret such ambiguities most ...


04.24.19

Arbitration: Supreme Court Deals a Near Death Blow to Class Action Arbitration

The Supreme Court, in a sharply-divided 5-4 ruling issued on April 24, ruled that nothing in the Federal Arbitration Act allows courts to compel class action arbitration even if the contract is ambiguous in that regard, and notwithstanding rules that direct courts to interpret such ambiguities most ...


04.10.19

California’s DBO: New Leader, New Enforcement, New Bureau?

The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm.


04.10.19

CFPB News: Advisory Committee Changes, Constitutionality Hearing

What’s new at the Consumer Financial Protection Bureau (CFPB or Bureau)?


03.27.19

Third Circuit Snares Passive Debt Buyers in FDCPA

Passive debt buyers are debt collectors under the Fair Debt Collection Practices Act (FDCPA) if their “principal purpose” is buying debt, even if they outsource collections, the U.S. Court of Appeals for the Third Circuit has ruled, broadening liability under the statute.


03.27.19

Madden Litigation Sputters Out With Settlement

After eight years of litigation—and a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a chilling effect for lenders—the parties in Madden v. Midland Funding have reached a deal that would bring the case to a close.


03.20.19

Supremes Resolve Circuit Split Under FDCPA Impacting Law Firms

In a key decision resolving a split among appeals courts, the Supreme Court unanimously ruled today, in Obduskey v. McCarthy & Holthus LLP, that law firms that carry out nonjudicial foreclosures are not considered debt collectors under the Fair Debt Collection Practices Act.


03.13.19

Deal Final in FTC’s Action Against Online Lender

The Federal Trade Commission (FTC) has finalized its deal with SoFi, an online lender that the agency had accused of making false statements about student loan refinancing.


03.13.19

From Fintech Charters to Sandboxes

Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits by the Conference of State Bank Supervisors (CSBS) and ...