By: Andrew C. Glass, Brian M. Forbes, Gregory N. Blase, and R. Nicholas Perkins
On 25 June 2021, the U.S. Supreme Court issued its decision in TransUnion LLC v. Ramirez, clarifying the nature of the harm sufficient
Consumer Financial Services Watch
Consumer Financial Services Watch, published by K&L Gates, covers legal developments and regulatory issues affecting consumer financial services. The blog addresses topics such as litigation and enforcement under the Fair Credit Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA), mortgage servicing regulations including those related to the CARES Act and COVID-19 pandemic relief measures, and emerging trends in financial technology (FinTech) compliance and litigation. It also discusses consumer protection law as it relates to credit reporting, debt collection, mortgage foreclosure, loss mitigation, and the impact of federal regulatory proposals and court decisions on financial institutions and consumers.
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Latest from Consumer Financial Services Watch
Not a Preferred Course: 11th Circuit Decides FDCPA Question in Hunstein v. Preferred Collection and Management Services
By: Andrew C. Glass, Gregory N. Blase, David E. Fialkow, and Keith J. McCarthy
On 21 April 2021, the 11th Circuit held that a debt collector’s transmittal of a customer’s debt-related data to a third-party letter preparation…
2021 Consumer Financial Services Symposium – Virtual Edition: Panel 2 – Litigation and Enforcement in a Post-Pandemic World
Thursday20 May 20211:00 – 2:15 p.m. ET
Moderator: Jeffrey S. Patterson; Panelists: Ryan M. Tosi, Phoebe S. Winder, David E. Fialkow, Edward Mikolinski
Please join K&L Gates for our 2021 Consumer Financial Services Symposium – Virtual…
COVID-19: CFPB’s Proposed Mortgage Servicing Amendments Add Loss Mitigation Protections for Borrowers and Signal Heightened Expectations for Mortgage Servicers’ Operational Loss Mitigation Efforts
By: Phoebe S. Winder, Ryan M. Tosi, and Stacey L. Gorman
On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X,[1] which amendments are intended to assist mortgage borrowers…
2021 Consumer Financial Services Symposium – Virtual Edition: Panel 1 – FinTech Trends, Developments, and New Directions
Wednesday21 April 20211:00 – 2:00 p.m. ETVirtual – Login information will be sent after you complete your registration.1 hour of CLE/CPD credit available in: Pennsylvania, California, Texas, Illinois, New York, Australia, and the UKREGISTER HERE by 20 April 2021.…
Potential Major Change for U.S. Prepaid Products: PayPal vs CFPB Court Vacates Two Significant Restrictions in CFPB’s Prepaid Account Rule
By Judith Rinearson, Andrew C. Glass, Gregory N. Blase, and Hollee M. Boudreau
On 30 December 2020, the United States District Court for the District of Columbia entered an order invalidating two provisions of the “Prepaid Account…
An Abundance of Riches: Do Increasing Deposits Mean Less for Borrowers?
Attracting deposits for banks isn’t always an easy thing, witness the use of brokered deposits. But these days, since the beginning of the pandemic, deposits in banks have jumped to over $15.8 trillion in the first quarter,…
COVID-19: Echoes Don’t Fade: Lessons Learned From the Home Affordable Modification Program for the Next Wave of Mortgage Class Action Litigation
By Brian M. Forbes and Robert W. Sparkes, III
As the country grapples with the impacts of the COVID-19 pandemic, financial service providers should hold fast to the adage that those who forget the past are destined to repeat it.…
COVID-19: Emergency Regulations Do Not Pass Constitutional Muster
Federal Judge Enjoins Enforcement of Massachusetts Attorney General’s Debt Collection Ban Under First Amendment
By Sean R. Higgins, John ReVeal, and Hollee M. Boudreau
In response to the COVID-19 emergency, the Massachusetts Attorney General’s Office (“AGO”) issued a set…
COVID-19: Massachusetts Joins the Five Other New England States in Temporarily Permitting Remote Notarization
By Lindsay Sampson Bishop, Abigail P. Hemnes, Christopher J. Valente, and R. Nicholas Perkins
On 27 April 2020, Massachusetts Governor Charlie Baker signed Senate Bill 2645, “An Act Providing for Virtual Notarization to Address Challenges Related…