Search Results: What You Need To Know – Background Info On Current Issues

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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CFPB Sends Notification Letters to Landlords Regarding COVID-19 Evictions

On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19.   The Notification Letter points to the Centers for Disease…

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Supreme Court Debates Grammar, Syntax In Case That Will Define the Limits of TCPA Litigation

On December 8, 2020, the United States Supreme Court held oral argument in the case of Facebook, Inc. v. Duguid, No. 19-511, concerning the circuit split over what type of equipment qualifies as an “automatic telephone dialing system” (ATDS) within the statutory definition of that term set forth in Telephone…

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OCC Proposes Rule to Ensure Banks Offer Fair Access to Financial Services

On November 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a proposed rule with the objective of ensuring banks offer fair access to financial services. Certain banks have received significant political pressure from various for-profit and not-for-profit organizations to deny financial services to customers in certain…

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White House Issues Memorandum Urging Federal Agencies to Adopt Protections for Subjects of Enforcement

On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of federal executive departments and agencies to revise their procedures and practices in light of “the…

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CFPB Pilots Advisory Opinion Program to Address “Regulatory Uncertainty”

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On June 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced the launch of its pilot advisory opinion (AO) program.  The CFPB quickly followed this announcement by publishing a procedural rule implementing the pilot AO program, as well as a proposed procedural rule that would establish a permanent AO program…

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CFPB Issues Statement on Temporary Supervisory and Enforcement Practices for Credit Card Electronic Disclosures in Response to COVID-19

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In response to the ongoing impact the COVID-19 pandemic has had on the financial industry, on June 3, 2020, the Consumer Financial Protection Bureau (CFPB) issued a statement (CFPB Statement) announcing that it would provide temporary flexibility for credit card issuers in connection with certain written disclosure requirements. Under Regulation…

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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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Federal Court Enjoins Enforcement of Massachusetts Attorney General’s COVID-19 Debt Collection Regulation

On May 6, 2020, the U.S. District Court for the District of Massachusetts, in ACA International v. Healey, Case No. 1:20-cv-10767-RGS, enjoined Massachusetts Attorney General Maura Healey (AG Healey) from enforcing provisions of the emergency regulation, 940 CMR 35.00, et seq. (Regulation), prohibiting debt collection calls and initiating lawsuits during…

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COVID-19 and State Debt Collection Restrictions: What States Are Doing to Curb Debt Collection and the Industry’s Response

A number of state officials and regulators have taken steps to decrease the economic burdens stemming from COVID-19 on consumers in their states, including by placing additional restrictions on debt collection practices.  Among the more notable of these efforts took place on March 26, 2020, when Massachusetts Attorney General (AG)…

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Trends in U.S. Paycheck Protection Program Class Actions

Early uncertainty and the initial lapse in appropriations for the U.S. CARES Act’s Paycheck Protection Program (PPP) set off a wave of litigation by disgruntled small businesses who have been unable to secure PPP loans.  PPP loans were made available through various lenders to certain COVID-19-affected businesses meeting specific maximum…

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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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Federal Agencies Encourage Access to Small-Dollar Loans in Light of COVID-19

This week LenderLaw Watch covers developments related to small-dollar loans in response to the COVID-19 crisis. Every year the Board of Governors of the Federal Reserve System (Federal Reserve) conducts its Survey of Household Economics & Decision-making, asking households across the country questions related to financial wellbeing and security.  According…

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Court Rules Against Plaintiff Challenging Implementation of Paycheck Protection Program

Two financial institutions have now been sued in separate putative class action lawsuits concerning their implementation of the CARES Act’s Paycheck Protection Program (PPP), which is aimed at assisting small businesses keep employees on their payroll.  Plaintiffs in both lawsuits allege that the financial institutions are unlawfully restricting access to…

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