Potential CFPB Reform in the Wake of the Election

The results of the recent election have led to speculation regarding what legal changes are in store for the consumer financial services industry and the CFPB in particular.  Although President-elect Trump and other Republicans have made statements regarding “dismantling” the Dodd-Frank Act, few concrete proposals have been put forward.  In…

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DC Court of Appeals Rules CFPB Director's "For-Cause Only" Removal Unconstitutional; Reinforces Long-Standing RESPA Interpretation

Today the United States Court of Appeals for the DC Circuit issued its long-awaited ruling in the PHH v. CFPB appeal (opinion here).  LLW has written about the PHH case here and here before, and below are some quick takeaways from the court’s 110-page ruling for industry watchers: The court determined that…

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Hefferon to Co-Chair ACI's 26th National Consumer Finance: Class Actions & Litigation Forum in Chicago

Goodwin Procter partner Thomas Hefferon will serve as co-chair of the July 28-29, 2016 conference, and will speak on a panel titled “Fair Lending: Managing and Defending Against Claims of Discriminatory, Predatory, and Abusive Lending and Assessing the Status of ‘Disparate Impact’ in Lending Litigation and Enforcement” on July 29, 2015.

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Eleventh Circuit Appellate Panel Finds FDCPA Claims Not Preempted by the Bankruptcy Code on Time Barred Debts

In an opinion issued May 24th in two consolidated cases, a federal appellate panel for the Eleventh Circuit could not find an “irreconcilable conflict” between the Bankruptcy Code and the Fair Debt Collections Practices Act (“FDCPA”) as determined by the district court in a putative class action brought by bankruptcy debtors…

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Mike Flynn to Speak at MBA's HMDA Implementation Workshop

Goodwin Procter’s Financial Institutions Group partner Mike Flynn will speak at the MBA’s HMDA Implementation Workshop on June 10 in Austin, Texas.  The MBA program will focus on the new Home Mortgage Disclosure Act (HMDA) rule, with a panel of MBA and industry experts discussing all aspects of the rule as…

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Divided Supreme Court Vacates Ninth Circuit Decision in Spokeo, Remands for Further Proceedings

Today, the Supreme Court released its opinion in Spokeo v. Robins, vacating the Ninth Circuit’s decision and remanding the case for further proceedings.  Our earlier posts on the case (here, here, and here) provide more detailed background on the facts of the case, but by way of short introduction, Spokeo…

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Yenouskas To Give Strafford CLE Webinar On Defending Consumer Finance Class Actions

Joe Yenouskas, a partner in Goodwin Procter’s Consumer Financial Services Litigation Group, will speak on a June 2, 2016 webinar about consumer finance class actions. His presentation will examine recent developments and trends in class action claims alleging violations of federal consumer protection laws governing the financial services industry, including…

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Consumer Financial Protection Bureau Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau issued long-expected proposed rules that will drastically limit the use of pre-dispute arbitration clauses in contracts for consumer financial products and services. First, the proposed rules would prohibit pre-dispute arbitration agreements that bar consumers from filing or participating in a class…

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Federal Trade Commission Issues Report to the Consumer Financial Protection Bureau of its Enforcement of the Fair Debt Collection Practices Act

On February 12, 2016, the Federal Trade Commission (FTC) issued a report to the Consumer Financial Protection Bureau regarding its efforts to implement the Fair Debt Collection Practices Act.  The full report can be reviewed here. According to the report, in 2015, the Commission: coordinated the first federal-state-local enforcement initiative targeting deceptive…

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Tenth Circuit Bankruptcy Appellate Panel Approves Settlement Agreement with Foreclosing Lender Over Objections of the Debtor

Often overlooked by lenders and servicers, sometimes striking a deal with the Chapter 7 Trustee in bankruptcy court, is the more prudent and cost effective approach to resolving frivolous lawsuits filed by defaulting borrowers in state court.  In Brumfiel v. Lewis, Chapter 7 Trustee, et al. (In re Lisa Kay…

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Hefferon Serves As Co-Chair and Panelist for ACI's 24th National Conference on Consumer Finance Class Actions & Litigation Conference – January 26-27, 2016

Thomas Hefferon, chair of Goodwin Procter’s Consumer Financial Services Litigation Practice, will serve as a conference co-chair and speak on a panel regarding the CFPB’s increasing regulation of the consumer finance industry titled “Evaluating the Lessons Learned from Recent CFPB Enforcement Actions, Regulation of Arbitration Agreements in Consumer Credit Contracts,…

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Permut to Speak at ACI’s 19th National Forum on Residential Mortgage Litigation & Regulatory Enforcement in San Francisco – January 14-15, 2016

David Permut, a partner in Goodwin Procter’s Consumer Financial Services Litigation Practice will speak on the panel ” Focus on Class Actions: New Trends in Certification Motions; the Latest on Early Resolution and Settlement Strategy; Recent CAFA and Removal Developments; and Reviewing Campbell-Ewald v. Gomez on Rule 68, Offering Relief…

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Goodwin Procter Sponsors ABA Consumer Financial Services Committee Winter Meeting in Park City, UT - January 9-12, 2016

Don’t miss the Goodwin Procter team (Margaret Crockett, Michael Flynn and David Permut) at the Welcome Reception on January 9, 2016 at 6:30.  Other highlights of the Winter Meeting, include: a panel presentation, moderated by Goodwin’s Michael Flynn, called “RESPA Update: Lighthouse, and PHH, and MSAs, oh my!” and a…

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Hefferon And Permut To Speak About Litigation Trends At MBA's Regulatory Compliance Conference in DC

David Permut, a partner in Goodwin Procter’s Consumer Financial Services Litigation Practice will be a panelist September 20, 2015 at the Mortgage Bankers Association’s Regulatory Compliance Conference in Washington DC.  Permut’s panel will be reviewing claims against the mortgage industry, including buybacks and repurchases, claims related to MERS, UDAAPs and claims…

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Goodwin Procter Expands Financial Institutions Group with Addition of Michael Flynn in Washington, D.C.

Goodwin Procter announced today that Michael Flynn has joined the firm as a partner in its Financial Institutions Group in Washington, D.C. Flynn comes to Goodwin from Flagstar Bancorp, where he served as Chief Legal Officer, General Counsel and Executive Vice President. Flynn has more than 25 years’ experience in the financial…

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Servicers Beware: RESPA Transfer of Servicing Letter May Trigger FDCPA Initial Debtor Communication Disclosure Requirement

In Hart v. FCI Lender Services, Inc., the Second Circuit made it clear that servicers should pay close attention to initial communications with borrowers upon commencing loan servicing when it determined in an August 12, 2015 ruling that FCI Lender Services, Inc.’s (FCI) initial communication with a borrower was not merely…

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