Consumer Finance Legal Report

A Critical Resource On Consumer Finance Legal Developments

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Coronavirus (COVID-19) and the Workplace: Practical Considerations and Tips for US Employers

March 4, 2020

As the world reacts to the continued spread of the coronavirus (COVID-19), employers including mortgage lenders and servicers, are rightfully concerned about what, if anything, they should be doing to respond to this global health crisis in relation to their workforce. How companies respond to the COVID-19 pandemic may implicate several areas of employment law, including occupational health and safety regulations, anti-discrimination laws, immigration regulations, employee leave laws, and employee privacy considerations. In this article…

Consumer Finance Legal Report

CCPA Amendments Provide Important Clarification

By Perkins Coie LLP

September 23, 2019

On Friday the 13th of September 2019—the last day of California’s Legislative Session—California lawmakers updated, finalized and sent six bills that would amend the California Consumer Privacy Act (CCPA) to Governor Newsom’s desk for signature. Despite months of efforts from various groups, the CCPA made it through the legislative session with relatively fewer changes than expected. This update provides a brief overview of the six bills that made it out of both houses and how they…

Consumer Finance Legal Report

Seventh Circuit’s “No Harm, No Foul” Holding Requires Concrete Harm in Consumer Lending Cases

By Berkely Cobb

July 29, 2019

In Casillas v. Madison Avenue Associates, Inc., 926 F.3d 329, 333 (7th Cir. 2019), the Seventh Circuit upheld the district court’s holding that a plaintiff lacked standing to pursue a claim under the Fair Debt Collection Practices Act (FDCPA) against a debt collector because the plaintiff could not establish that any damages were caused by the FDCPA violation. The FDCPA requires a debt collector to give written notice to a consumer within five days…

Consumer Finance Legal Report

CCPA and the Scope of the GLBA Exemption

By Perkins Coie LLP

July 12, 2019

The CCPA exempts processing of personal information “pursuant to” the Gramm-Leach-Bliley Act (GLBA). Businesses must analyze their processing activities, including the types of personal information collected and how they are used, to determine which activities are conducted “pursuant to” the GLBA and which fall outside this limited scope and assess how to mitigate risk. Join us for a webinar that will explore the contours of this exemption and examines activities to which financial institutions might…

Consumer Finance Legal Report

Quashing Subpoenas for Borrower Records

By Robert T. Yusko

July 8, 2019

Beyond the Financial Services Modernization Act (also known as the Gramm-Leach-Bliley Act), which generally provides that a financial institution may not disclose a customer’s nonpublic personal information unless it falls under one of the general exceptions of 15 U.S.C. § 6802(e) (e.g., consent of the customer or compliance with a properly authorized civil subpoena), the failure to domesticate a subpoena remains one of the most utilized arguments in motions to quash.…

Consumer Finance Legal Report

Supreme Court Holds Third-Party Defendant Can’t Remove Class Actions Under CAFA

By Perkins Coie

June 13, 2019

Takeaway: The U.S. Supreme Court ever so slightly trimmed removal rules under the Class Action Fairness Act (CAFA) last week in Home Depot U.S.A., Inc. v. Jackson, No. 17-1471. In an opinion by Justice Thomas, the Court held that neither CAFA nor the general removal statute (28 U.S.C. § 1441(a)) permit removal by a third-party counterclaim defendant. That is, a party brought into the suit through a claim filed by the original defendant cannot remove…

Consumer Finance Legal Report

The Homeowner Bill of Rights—A Year in Review

By Ofunne N. Edoziem

June 7, 2019

The California Homeowner Bill of Rights (“HOBR”), codified in Sections 2920.5 et seq. of the Civil Code, became effective January 1, 2013. The statutes impose certain pre-foreclosure loss mitigation duties on mortgage servicers as well as trustees and deed of trust beneficiaries. Certain provisions of the HOBR were repealed as of January 1, 2018. While the legislature enacted new statutes to replace repealed provisions, not all requirements survived the January 2018 enactments, and expired as…

Consumer Finance Legal Report

New Consumer Protection Due Diligence That Your Company May Need to Perform

By Kristine E. Kruger

May 7, 2019

The Ninth Circuit recently held a company vicariously liable for the actions of a downstream vendor of text message and telephone marketing activities. The Telephone Consumer Protection Act (TCPA) is increasingly being used to bring lawsuits with potential statutory damages totaling millions or even hundreds of millions of dollars. Companies should consider due diligence and vendor oversight protocols as counter-measures to limit the risk of liability for digital advertising and text marketing activities. Continue Reading…

Consumer Finance Legal Report

Justices Rule that Businesses Engaged in Nonjudicial Foreclosure Proceedings are Not “Debt Collectors” under the FDCPA

By David T. Biderman, Kristine E. Kruger & Thomas N. Abbott

March 21, 2019

Mortgage service companies (and their lawyers) got a big boost on March 20, 2019, when the Supreme Court delivered a unanimous opinion in Obduskey v. McCarthy & Holthus LLP, holding that a business engaged in no more than nonjudicial foreclosure proceedings is not a “debt collector” under the Fair Debt Collection Practices Act (FDCPA or Act), except for the limited purpose of §1692f(6). This decision will prevent needless and unfair litigation by borrowers seeking to…

Consumer Finance Legal Report

Caveat Emptor: Debt Buyers Beware!

By Deborah (Gutfeld) Kennedy

March 19, 2019

Companies whose primary business purpose is to collect debts—whether or not they actually participate in the debt collection activities—suffered a setback recently. Despite a debt purchaser’s not having any direct contact with the consumer or even approving the debt collection agency’s communications with the consumer, the U.S. Court of Appeals for the Third Circuit found the debt purchaser to be a “debt collector” under the terms of the Fair Debt Collection Practices Act (FDCPA) and…

Consumer Finance Legal Report

A Critical Resource On Consumer Finance Legal Developments

Coronavirus (COVID-19) and the Workplace: Practical Considerations and Tips for US Employers

CCPA Amendments Provide Important Clarification

Seventh Circuit’s “No Harm, No Foul” Holding Requires Concrete Harm in Consumer Lending Cases

CCPA and the Scope of the GLBA Exemption

Quashing Subpoenas for Borrower Records

Supreme Court Holds Third-Party Defendant Can’t Remove Class Actions Under CAFA

The Homeowner Bill of Rights—A Year in Review

New Consumer Protection Due Diligence That Your Company May Need to Perform

Justices Rule that Businesses Engaged in Nonjudicial Foreclosure Proceedings are Not “Debt Collectors” under the FDCPA

Caveat Emptor: Debt Buyers Beware!

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