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. §
Consumer Finance Legal Report
A Critical Resource On Consumer Finance Legal Developments
The Consumer Finance Legal Report, published by Perkins Coie LLP, focuses on legal developments and regulatory trends affecting consumer finance. It covers topics such as Consumer Financial Protection Bureau (CFPB) enforcement actions, mortgage servicing regulations, payday lending rules, nonbank financial entities oversight, anti-discrimination efforts in consumer finance, and supervisory highlights on credit, debt collection, and fair lending. The blog analyzes significant court decisions, CFPB reports, and policy changes impacting financial institutions, servicers, and fintech companies. It also addresses compliance challenges related to consumer protection laws, including unfair, deceptive, or abusive acts or practices (UDAAP), and highlights the CFPB's evolving supervisory priorities and enforcement strategies.
Latest from Consumer Finance Legal Report - Page 5
Supreme Court Holds Third-Party Defendant Can’t Remove Class Actions Under CAFA
By Perkins Coie
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…
New Consumer Protection Due Diligence That Your Company May Need to Perform
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…
Justices Rule that Businesses Engaged in Nonjudicial Foreclosure Proceedings are Not “Debt Collectors” under the FDCPA
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…
Caveat Emptor: Debt Buyers Beware!
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…
A Loan Servicer’s Acknowledgment vs. an Oath in New York
By Perkins Coie
Many loan servicers face the daunting task of issuing affidavits for their litigation cases across the United States. For the sake of efficiency, a loan servicer may wonder whether it would be worth it to streamline the affidavit process by…
Ninth Circuit Interprets Automatic Telephone Dialing System Under TCPA, Leaving Circuit Split
The Ninth Circuit recently denied a motion for rehearing en banc in Marks v. Crunch, leaving in place a Ninth Circuit decision that broadly defines “automated telephone dialing system” (autodialer) under the Telephone Consumer Protection Act (TCPA). The decision…
Second Circuit: Mortgage Foreclosure Constitutes “Debt Collection” Under FDCPA
By Perkins Coie
The United States Court of Appeals for the Second Circuit recently made clear that foreclosure actions qualify as “debt collection” under the Fair Debt Collection Practices Act (FDCPA). See Cohen v. Rosicki, Rosicki & Assocs., P.C., 897 F.3d 75 (2d…
California Consumer Privacy Act of 2018 Brings Some GDPR Aspects Stateside
On June 28, 2018, the state of California adopted the strictest general privacy and data security law in the country. The “California Consumer Privacy Act” will become effective on January 1, 2020 and will transform how companies that handle consumer…
Limitations to the New York Foreclosure Statute of Limitations
By Perkins Coie
Because New York residential foreclosures can take several years and several attempts to complete, it is essential for a statute of limitations analysis to be completed during all phases of the foreclosure proceedings. The discussion that follows includes some of…