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FTC Brings Action Against Two Companies Involved in Illegal Student Loan Relief Schemes

On May 8, 2023 the FTC announced that it filed complaints against two loan forgiveness and debt relief companies on April 24, 2023 alleging that they falsely claimed to be affiliated with the Department of Education. The companies allegedly told students that certain fee payments would count toward repayment programs and student…

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CFPB Enters Into $1 Million Consent Order with Nonbank Mortgage Lender

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order​​ with a mortgage lender, resolving allegations that the lender engaged in “a series of repeat offenses,” including violating a 2015 order prohibiting the lender from engaging in allegedly deceptive advertising.  According to the CFPB, the lender sent advertisements to…

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FDIC Issues Cease and Desist Letters to Four Entities

​On February 15, 2023, the Federal Deposit Insurance Corporation (FDIC) announced ​that it has issued letters to four entities demanding that they cease and desist from certain statements they made about FDIC deposit insurance. The entities consist of a cryptocurrency exchange, a non-bank financial provider, and two websites. The FDIC alleges that…

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Colorado Attorney General Reaches Settlement with Affiliated Lender and Debt Management Company

​On December 14, 2022, the Colorado Attorney General (AG) announced ​that it entered into a consent order​ with a California-based debt management company and its sister lending company, resolving the AG’s examination findings that those companies violated Colorado’s Uniform Consumer Credit Code, C.R.S. § 5-1-101, et seq. (“UCCC”) and Debt Management Services Act, C.R.S. § 5-19-201…

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Supreme Court Reinforces Limits on Federal Court Standing, But Important Questions Remain

On June 25, 2021, the U.S. Supreme Court decided TransUnion LLC v. Ramirez, revisiting some of the Article III standing principles it had set forth in Spokeo, Inc. v. Robins, 578 U.S. 330 (2016), and addressing their application to Rule 23 class actions.  Keith Levenberg discusses this decision and its…

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Ninth Circuit Issues Opinion on TCPA ATDS Definition

On September 20, 2018, the Ninth Circuit issued an opinion finding that the Telephone Consumer Protection Act’s (TCPA’s) “automatic telephone dialing system” (ATDS) definition is vague and ambiguous, and interpreting the statutory definition anew.  More specifically, in Marks v. Crunch San Diego, LLC, the court interpreted the TCPA’s ATDS definition…

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Ninth Circuit Affirms Dismissal and Summary Judgment in Default Servicing Class Actions

On August 28, 2018, the Ninth Circuit affirmed Judge Yvonne Gonzalez Rogers’ decisions in two putative class actions challenging Citibank’s and J.P. Morgan Chase’s default servicing practices.  In Stitt v. Citibank, N.A. and Ellis v. J.P. Morgan Chase & Co., the Ninth Circuit concluded that Judge Rogers had correctly dismissed…

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Massachusetts Case Against Equifax Survives Motion to Dismiss

On April 2, 2018, the Superior Court of Suffolk County, Massachusetts denied Equifax, Inc.’s motion to dismiss the Commonwealth’s case against it related to the company’s widely publicized 2017 data breach.  Although the ruling does not determine who will ultimately prevail in the action, it outlines several key considerations for…

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Northern District of Illinois Decertifies TCPA Class Action

On February 13, 2018, the U.S. District Court for the Northern District of Illinois decertified a Telephone Consumer Protection Act (TCPA) text-message class in light of new evidence of consent obtained during the class-member identification process.  Johnson v. Yahoo! Inc., No. 1:14-cv-02028 (N.D. Ill. Feb. 13, 2018), is instructive for TCPA defendants…

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CFPB Announces Implementation Delays and Potential Changes to Two Financial Services Rules

On December 21, 2017, the Consumer Financial Protection Bureau (CFPB) announced delays and potential changes to its Home Mortgage Disclosure Act (HMDA) and pre-paid card regulations.  Both sets of regulations have been subject to criticism by industry participants and others.  Although lenders will have to comply with the CFPB’s HMDA…

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