The FDIC has filed its reply in support of its motion for summary judgment in the lawsuit filed by a group of state attorneys general to set aside the FDIC’s “Madden-fix” rule.  The reply responds to the AGs’ opposition to the FDIC’s summary judgment motion.  The state AGs have also filed a motion for summary judgment.  The FDIC’s filing concludes the briefing on the cross-motions for summary judgment.  Oral argument on the motions…

The Department of Defense (DoD) has issued a report to the House Committee on Armed Services regarding the impact of a Military Annual Percentage Rate (MAPR) cap lower than 30% on military readiness and servicemember retention.  The DoD, in consultation with the Treasury Department, was required to provide the report by the National Defense Authorization Act for Fiscal Year 2021. The report includes the following highlights: The DoD “believes the MLA [36% MAPR] is currently…

After reviewing the facts and holding in Ramirez, we discuss how the decision clarifies the concrete harm requirement established by SCOTUS’s Spokeo decision, Ramirez’s implications for class action and individual lawsuits alleging violations of federal consumer financial protection laws, and the potential impact on state court litigation. Chris Willis, Co-Chair of Ballard Spahr’s Consumer Financial Services Group, hosts the conversation, joined by Dan McKenna, Practice Group Leader of the firm’s Consumer Financial Services Litigation Group. Click here to listen to…

A Florida federal district court has dismissed a lawsuit filed by a borrower alleging FCRA violations by Clarity Services, Inc. (Clarity), the consumer reporting agency that provided the borrower’s consumer report to her lender.  In dismissing the plaintiff’s FCRA claims, the district court rejected the plaintiff’s argument that the FCRA requires a consumer reporting agency, before providing a consumer report, to verify the legitimacy of the business of the report’s end user. In Beckford v. …

Last week, the OCC, Federal Reserve Board, and FDIC issued proposed guidance for banking organizations on managing risks associated with third-party relationships, including those with financial technology-focused entities such as bank/fintech sponsorship arrangements.  The agencies have made clear that if banks have ineffective risk management processes, agency examiners will closely scrutinize their third-party risk management and identify and report deficiencies in examination reports and recommend appropriate supervisory actions. On August 6, 2021 from 12:00 p.m.…

Today marks the tenth anniversary of our blog, Consumer Finance Monitor.  Originally named CFPB Monitor, we launched our blog to coincide with the CFPB’s first day. Over the past ten years, our blog has received numerous awards and been recognized as a source of authoritative analysis and commentary.  Since launching our blog, it has been our hope that our readers not only find it to be a place where they can go to get up-to-the-minute…