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NYDFS Cybersecurity Regulation: Focus on Proactive Cybersecurity and Incident Reporting

Goodwin invites you to join us for our upcoming webinar on the NYDFS Cybersecurity Regulation. Now in its fifth year, the NYDFS Cybersecurity Regulation is a standout among state-level information security regulations.  This year, the NYDFS is investing additional resources into cybersecurity, with a new NYDFS Cyber Intelligence Unit formed…

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U.S. Paycheck Protection Program Lenders: Risks of False Claims Act Enforcement Actions

Congress has recently updated the Paycheck Protection Program (PPP) to stabilize the economy in response to the troubling economic impact of the COVID-19 pandemic.  Lenders should be aware that the federal government’s efforts to provide loans to small businesses in the wake of the pandemic may also result in increased…

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Fair Lending Considerations in a COVID-19 World: Fair Servicing and Consumer Relief in the U.S.

The sudden financial impact of the COVID-19 pandemic on consumers has led to calls for loan servicers and other interested parties to provide temporary or permanent relief for borrowers who are unable to continue making loan payments.  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), guidance in the…

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Fair Lending Considerations in a COVID-19 World: U.S. Paycheck Protection Program Issues

The first wave of class actions relating to the COVID-19 pandemic is here, including a number of cases concerning so-called “gating” eligibility rules that are legitimately applied by many lenders to manage the flow of applications for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). We expect these…

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Supreme Court Rules that CAFA Does Not Allow Removal By Third-Party Counterclaim Defendants

On May 28, 2019, the U.S. Supreme Court issued its opinion in Home Depot U.S.A., Inc. v. Jackson, 578 U.S. ___ (2019), holding that third-party counterclaim defendants cannot remove under the Class Action Fairness Act (CAFA), even if the claim satisfies CAFA’s other jurisdictional requirements.  CAFA allows for removal by…

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CFPB Releases Notice for Comment on Proposal to Delay Compliance with 2017 Final Payday Rule

On February 6, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rescission of the 2017 “Payday, Vehicle Title, and Certain High-Cost Installment Loans” final rule (Payday Rule), along with a “Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date” (Delay of Compliance) notice.  The Payday…

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Southern District of California Dismisses TCPA Case For Failure to Plead ATDS Element

On January 16, 2019, the Southern District of California dismissed a Telephone Consumer Protection Act (TCPA) claim against Lyft because the plaintiff failed to support the automatic telephone dialing system (ATDS) element of his claim.  Like many similar TCPA plaintiffs, the plaintiff in Bodie v. Lyft, No. 3:16-cv-02558-L-NLS (S.D. Cal.) sought…

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FCC Establishes Reassigned Number Database and TCPA Safe Harbor

On December 13, 2018, the Federal Communications Commission (FCC) released a Second Report and Order addressing issues with reassigned phone numbers and potential Telephone Consumer Protection Act (TCPA) liability, and establishing a safe harbor for business callers.  Currently, there is no comprehensive database which allows businesses to determine whether a phone number…

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Northern District of California Kicks TCPA Case Challenging Confirmatory Text Messages

On December 13, 2018, the Northern District of California granted summary judgment to a Telephone Consumer Protection Act (TCPA) defendant in a case involving confirmatory text messages. In Phan v. Agoda Company, No. 5:16-cv-07243 (N.D. Cal. Dec. 13, 2018), the plaintiff alleged that text messages he received from the defendant…

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District of Minnesota Rejects Marks, Grants Defendant Summary Judgment in TCPA Case

On November 13, 2018, the District of Minnesota rejected the Ninth Circuit’s expansive interpretation of the Telephone Consumer Protection Act’s (TCPA’s) automatic telephone dialing system (ATDS) provision in Marks v. Crunch San Diego, LLC.  In Roark v. Credit One Bank, N.A., No. 16-cv-00173 (D. Minn. Nov. 13, 2018), the court…

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Goodwin Releases Annual Review of Key Developments Within the Consumer Financial Services Industry

Goodwin announces the release of its third annual Consumer Finance Year in Review, an in-depth report that analyzes the principal litigation, enforcement actions and regulations that have impacted the consumer finance industry over the prior year. This report synthesizes Goodwin’s consumer finance coverage from 2017 and offers predictions and insights…

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D.C. Circuit Issues Long-awaited Decision in PHH Corp. v. CFPB, Reinstating the Panel's RESPA Holdings

On January 31, 2018, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit), sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act shielding the single director of the Consumer Financial Protection Bureau (CFPB) from removal without cause…

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