On Monday, January 30, 2017, the Court of Appeals for the Ninth Circuit held in Van Patten v. Vertical Fitness Group, LLC, No. 14-55980, that the plaintiff’s allegation that he received unsolicited text messages in violation of the Telephone Consumer Protection Act (TCPA) satisfied the “concrete injury” standing requirement as articulated…
Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer finance industry in 2016. The second annual report, produced by the firm’s Financial Industry and Consumer…
On December 21, 2016, the Financial Industry Regulatory Authority (FINRA) announced that it was fining 12 firms a total of $14.4 million for failing to comply with FINRA cybersecurity regulations, having identified “significant deficiencies relating to the preservation of broker-dealer and customer records in a format that prevents alteration.” FINRA…
Privacy and cybersecurity continue to be among the top issues facing companies and in-house counsel. From the rise of artificial intelligence and the internet of things (IoT), to ransomware and the Privacy Shield, the ever-evolving privacy landscape presents unique risks for businesses across industries. Please join Goodwin’s newest Privacy partner,…
On December 2, 2016, the Consumer Financial Protection Bureau (CFPB) released a status update regarding various initiatives that were proposed in its fall 2016 rulemaking agenda. The update provides readers with an overview of the CFPB’s proposals and observes that comments submitted in connection with a number of the proposals…
The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information. In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…
On November 8, 2016, the U.S. Supreme Court heard oral arguments in Lightfoot v. Cendant Mortg. Corp., a case that will decide an important jurisdictional issue for Federal National Mortgage Association (FNMA). See 769 F.3d 681 (9th Cir. 2014), cert. granted, 136 S. Ct. 2536 (2016). The question before the Court…
At the end of October, the Office of the Comptroller of the Currency (“OCC”) released its Recommendations and Decisions for Implementing a Responsible Innovation Framework (the “Recommendations”). The Recommendations are the latest step in a long process the OCC has undertaken to try to revamp its approach to new financial…
On October 13, 2016, the United States District Court for the Southern District of Florida denied class certification in a Telephone Consumer Protection Act (“TCPA”) suit. In Newhart v. Quicken Loans Inc., Case No. 9:15-cv-81250, the plaintiff alleged that he received a number of calls on his cell phone from…
On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly making misleading representations and charging illegal fees. The case, CFPB v. Prime Marketing Holdings, LLC, No. 2:16-cv-7111 (C.D. Cal.),…
On August 31, 2016, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report for August 2016, this month focusing on complaints concerning bank accounts and related services. The report, which compiles data from the CFPB’s complaint database to compare consumer complaints by subject, geography, and company on a…
On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals it is considering as potential elements of a new, comprehensive regulatory scheme to implement the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 (FDCPA). The proposed regulations, if implemented, would represent a major change…
On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among stakeholders about what framework the OCC should adopt to encourage responsible innovation and provide…
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, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending. Below are highlights of…
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing consumer usage and default patterns for certain single-payment vehicle title loans (the “Report”). Vehicle title loans are loans issued to borrowers by non-depository lenders in exchange for a security interest in their vehicles. A unique aspect of vehicle…
On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.” The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…
On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage principal reductions to certain borrowers who are seriously delinquent and underwater, and second, it announced new enhancements to…
On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech) space. The white paper, titled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective,”…
In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…
On March 15, 2016, the Federal Housing Administration (FHA) announced final changes to its loan-level certification form, 92900-A HUD/VA Addendum to the Uniform Residential Loan Application. The announcement represents important and highly-anticipated changes to the FHA’s required certification. The FHA’s loan-level certification form, which the lender completes for every loan…