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Posts published in “Consumer Financial Services Law”

Maryland High Court Holds Private Litigants Cannot Bar AG or CFPB from Separately Suing on Same Claims

The Maryland Court of Appeals recently held that victims on whose behalf money is collected or property is recovered by the Maryland Consumer Protection Division of the Attorney General's Office (CPD) or federal Consumer Financial Protection Bureau have no authority, through a private settlement, whether or not approved by a court, to preclude the CPD or CFPB from pursuing their own remedies.

What is ‘Abusive’ Conduct Under Dodd-Frank? CFPB Provides an Answer by Issuing Its Policy on Abusive Acts and Practices

Following its enaction, the Dodd-Frank Act left the financial services industry with uncertainty in many areas. For nearly 10 years, the industry has wondered and speculated about the inclusion of a prohibition against abusive acts and practices.  What exactly is abusive conduct? Is abusive conduct different from false and misleading acts or unfairness? How will the CFPB handle enforcement?

2019: A Watershed Year for Consumer Financial Services Law

It has been an extraordinary 365 days for consumer financial services law. I cannot recall a year where so many states introduced legislation or proposed regulations or rules impacting the credit industry. At the federal level, proposed rules for the Fair Debt Collection Practices Act were (finally) released and California also proposed regulations under the California Consumer Privacy Act.

2019 Bankruptcy Year in Review: What We Have Seen and What to Expect in 2020

The year 2020 offers to be an interesting one for bankruptcy litigation. With several issues before the Supreme Court, at least one will have a material effect on financial services. In addition, higher credit costs will spur an increase in the number of bankruptcy filings, both on the consumer and commercial side. With the California Consumer Privacy Act taking effect on Jan. 1, it will not be long before we see issues arising from it percolating into bankruptcy cases. 

5th Cir. Holds Bankruptcy Courts Cannot Enforce Discharge Injunctions From Other Districts

The U.S. Court of Appeals for the Fifth Circuit recently held that a bankruptcy court lacks the power to enforce discharge injunctions entered in other districts, and that the debtors’ particular private education loans were not excepted from discharge. A copy of the opinion in…

CFPB Releases Proposed Rules to Govern Collection Activities Under the FDCPA and Dodd-Frank Act

The Consumer Financial Protection Bureau today released its Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act. Years in the making, the proposed rules if adopted would bring significant changes to the form and manner of debt collector communications to consumers, credit…