Andrew Soven, Dan Booker and Molly Campbell secured a precedential Third Circuit victory of a putative class action asserted against firm client M&T Bank Corp. and its subsidiaries claiming that, under the Real Estate Settlement Procedures Act (“RESPA”) and unjust
Consumer Finance Spotlight
Salient insights on key enforcement and legal trends pertaining to the consumer financial services sector
Consumer Finance Spotlight, published by Reed Smith LLP, focuses on legal developments and regulatory issues in consumer finance. The blog covers topics such as the constitutional challenges and regulatory authority of the Consumer Financial Protection Bureau (CFPB), commercial lending regulations including small business lending and state disclosure laws, enforcement trends, and the impact of federal and state regulatory actions on financial services providers. It also addresses emerging issues in financial regulation, including responses to crises in sectors like cryptocurrency, and provides analysis of litigation and policy developments affecting consumer and commercial finance markets.
Latest from Consumer Finance Spotlight - Page 5
Pa. Judge Strikes Class Allegations in Bank of America Suit
Reed Smith attorneys secured a decertification of a putative class action asserted against Bank of America, N.A. in the U.S. District Court for the Eastern District of Pennsylvania on February 3, 2016. The Honorable Petrese B. Tucker struck class allegations…
Reed Smith Issues Report on Marketplace Lending
Reed Smith has issued the first comprehensive white paper discussing the comments submitted in response to Treasury’s July 2015 Request for Information (RFI) on marketplace lending. The RFI, entitled “Public Input on Expanding Access to Credit through Online Marketplace Lending,”…
CFPB Asserts No SOL
On January 15, 2016, the CFPB Office of Enforcement asserted that claims pursued in administrative enforcement actions are not subject to the three-year statute of limitations set forth in the Consumer Financial Protection Act, signaling that the agency is willing…
Settlement Offer Does Not Moot Class Action
In a 6-3 decision issued today, the Supreme Court ruled that defendants cannot rely on a strategic offer of judgment to the named plaintiff to moot the claims of the putative class.
After an unfavorable Ninth Circuit decision, U.S. Navy…
Definition of an Autodialer a Question for the Jury
A recent opinion from the Southern District of California suggests that now there is no bright-line rule regarding what qualifies as human intervention for purposes of determining whether an autodialer was used. In denying a motion for summary judgment filed by…
Supreme Court to Decide False Claims Act “Implied Certification” Theory
On December 4, 2015, the U.S. Supreme Court granted certiorari in Universal Health Services, Inc. v. United States ex rel. Escobar, No. 15-7, to review the so-called “implied certification” theory of liability under the federal False Claims Act (FCA). That…
Supreme Court re Arbitration : Go Ask Your Congress
With its last opinion of 2015, the Supreme Court added DIRECTV v. Imburgia to the ever-growing line of decisions reversing California courts refusal to enforce provisions in arbitration agreements that barred class arbitration. Imburgia presents the Court’s second look at…
Target “Data Breach Task Force” Documents Deemed Privileged
The Minnesota magistrate judge presiding over discovery in the litigation seeking to hold Target Corp. liable for the retailer’s 2013 data breach issued an order denying the motion by a plaintiff class of about 9,000 banks to compel production of…
What has the CFPB said about that?
As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents. The first is a compilation of all nine issues of the CFPB’s Supervisory…