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Posts published in “Consumer Financial Services Law”

Four Cases Are Trying to Disrupt the Debt Buying Industry, What You Can Do to Protect Your Company

Managing against unforeseen risks can be a difficult task. But sometimes you can get a hint of potential trouble ahead. In the past few months there have been at least four cases that could cause substantial disruption to debt buyers, creditors and their service providers alike. Here they are:

2020 In Review: Federal and State Activity in Consumer Debt Collection Regulation

During what was an extraordinary and difficult year, there was an abundance of activity at the state and federal levels and a good deal of it was driven by the present COVID-19 pandemic. Here is my take on some of the most significant regulatory activities from the past year in consumer debt collection that will continue to impact both consumers and creditors in the years to come.

Mass. Superior Court Affirms Mutual Request for Attorneys’ Fees in Arbitration Can Provide Requisite Legal Basis for Award of Fees

The Massachusetts Superior Court, Business Litigation Session, recently denied a broker-dealer’s motion to vacate a Financial Industry Regulatory Authority (FINRA) arbitration award requiring it to pay attorneys’ fees to its former employees, holding that the parties’ mutual request for attorneys’ fees in an arbitration can provide the requisite legal basis for an award of attorneys’ fees.

3rd Cir. Rejects Challenge to Parallel State AG and CFPB Prosecutions

The U.S. Court of Appeals for the Third Circuit recently affirmed the denial of a motion to dismiss filed by a federal student loan lender and servicer against claims raised by the Commonwealth of Pennsylvania alleging violations of federal and state consumer protection laws after the Consumer Financial Protection Bureau filed suit raising similar claims.