Rule Proposed by Consumer Financial Protection Bureau Regarding Arbitration...
The Consumer Financial Protection Bureau (the “CFPB”), a consumer watchdog agency, unveiled a proposed rule that would restrict the use of arbitration clauses in contracts with respect to consumer...
View ArticleOPT-IN vs. OPT-OUT
As technology continues to make it easier for businesses across the globe to collect, maintain, and use personally identifiable information (“PII”), securing PII has become increasingly important. For...
View ArticleCFPB Issues Proposed Rule to Restrict the Use of Mandatory Arbitration...
If implemented, the Proposed Rule will result in an increase in class action lawsuits against consumer finance companies that currently include class action waivers in their contracts. Please see full...
View ArticleBC Takes Action to Protect Real Estate Sellers
On May 10, 2016, BC Finance Minister Michael de Jong announced amendments to the Real Estate Services Regulation regarding the imposition of additional obligations on licensees (persons described in s...
View ArticleCFPB’s Proposed Rule Would Put the Brakes on Pre-Dispute Arbitration Clauses...
Congress enacted the Federal Arbitration Act in the 1920s to deter hostility toward arbitration. Despite numerous Supreme Court rulings over the decades upholding that goal, arbitration continues to...
View ArticleCFPB Releases Spring 2016 Rulemaking Agenda
The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016...
View ArticleHouse FY 2017 appropriations bill would curb CFPB authority, require another...
The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the...
View ArticleCFPB Releases 2016 Rulemaking Agenda
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update,...
View ArticleDLA Piper response to UK FCA's 'Call for Input' on Consumer Credit Act review
DLA Piper UK LLP (DLA Piper) welcomes the Financial Conduct Authority's (FCA) engagement with the consumer credit industry and is supportive of not just the FCA's review of the Consumer Credit Act 1974...
View ArticleWhat You Need to Know about CFPB’s Proposal to Ban Mandatory Arbitration...
On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB”) published in the Federal Register its 376-page proposed rule to limit the use of mandatory arbitration clauses in certain financial...
View Article“Nonbank” Lender Seeks Injunction Restraining CFPB Administrative Action
On May 9, 2016, Integrity Advance, LLC and its CEO James Carnes filed suit against the Consumer Financial Protection Bureau (“CFPB”) in United States District Court for the District of Columbia seeking...
View ArticleNC Attorney General Reaches $9 Milllion Settlement With "American Indian...
You will remember the North Carolina Attorney General's lawsuit against Western Sky Fin'l, LLC. It generated an opinion from the Business Court last year in which Judge McGuire enjoined the Defendants...
View ArticleUK Financial Regulatory Developments - June 2016 #13
Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the...
View ArticleArkansas AG Settles Payday Lending Lawsuit for $750,000
On June 24, the Arkansas Attorney General (AG) announced a settlement with three entities and two individuals, resolving allegations that the defendants conspired to offer illegal payday loans to...
View ArticleDistrict of Columbia Settles Unlawful Collection Claims Against Debt Collector
On June 21, the Attorney General for the District of Columbia announced a settlement with a debt collector for alleged violations of the District’s debt collection and consumer protection laws....
View ArticleHouse approves FY 2017 appropriations bill containing curbs on CFPB authority
By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would...
View ArticleClass Rep Can Opt Out of Arbitration for All (And Other Recent State Court...
Continuing last week’s theme of “States Gone Wild,” here are three more oddball summer decisions from state supreme courts. All of them find interesting paths around federal case law (IMHO). Georgia...
View ArticleUnfair contract terms will soon apply to contracts with small business
Do you need to review your standard form contracts? This update provides a summary of the new laws extending the unfair contract terms prohibition to standard form contracts with small business in...
View ArticleFreedom of contract prevails as the Paciocco class action draws to a close
The recent decision by the High Court in Paciocco v Australia and New Zealand Banking Group Limited [2016] HCA 28 marked the end of a long representative action involving bank fees for late credit card...
View ArticleEleventh Circuit Invalidates Another Western Sky Arbitration Clause
On August 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia decision invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509)....
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