CFSL Bulletin

FDCPA Fee-Shifting Applies To Appellate Proceedings, Tenth Circuit Holds

Trent M. Johnson — Thu, 02 Sep 2010 10:07:46 -0600

In Anchondo v. Anderson, Crenshaw & Associates, L.L.C, --- F.3d ---, 2010 WL 3261155 (10th Cir. Aug. 16, 2010), the Tenth Circuit held that, like that of the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act’s (FDCPA) fee-shifting provision encompasses appellate...

Enforcement of the new Consumer Financial Protection Act

Thomas Elkind — Wed, 01 Sep 2010 12:02:36 -0600

The new Consumer Financial Protection Act (the "Act") creates a Consumer Financial Protection Bureau (the "Bureau") which will become the primary enforcer of the provisions of the Act. When fully operational, the Bureau is expected to have a bigger budget than the Equal...

11th Circuit Affirms Drastically Reduced FDCPA Attorneys' Fee Award

Thomas R. Mikrut — Fri, 27 Aug 2010 12:12:52 -0600

In a decision that will affect some attorneys' willingness to prosecute Fair Debt Collection Practices Act ("FDCPA") claims, the Eleventh Circuit recently affirmed a drastic reduction in attorneys' fees in a successful FDCPA case. In Hepsen v. J.C. Christensen & Assocs.,...

CFPA Q&A: Describe The Bureau's Rulemaking Authority.

Martin J. Bishop — Fri, 27 Aug 2010 12:03:19 -0600

Expansive. The Consumer Financial Protection Act's ("CFPA") Bureau of Consumer Financial Protection ("Bureau") will not only be big, but it will have broad and sweeping rulemaking authority. Specifically, the Bureau's Director, once selected and...

Third Circuit Decides Case at the Intersection of the FCRA and Patriot Act

Thomas K. Anderson — Thu, 26 Aug 2010 17:00:00 -0600

In Cortez v. Trans Union LLC, the United States Court of Appeals for the Third Circuit decided a case at the intersection of the Fair Credit Reporting Act (FCRA) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, better...

Ninth Circuit Dismisses Claims Under the CCRAA

Jennifer N. Toussaint — Tue, 24 Aug 2010 17:33:59 -0600

In Carvalho v. Equifax Information Services, LLC, No. 09-15030, 2010 W.L. 3239477 (9th Cir., Aug. 18, 2010), the Ninth Circuit affirmed a lower court’s grant of summary judgment dismissing Plaintiff’s claims under the California Consumer Credit Reporting Agencies Act...

CFPA Q&A: How Big Will The Bureau Be?

Martin J. Bishop — Tue, 24 Aug 2010 09:11:06 -0600

Big. The Dodd Frank Act created the Consumer Financial Protection Bureau ("Bureau"), which will have the responsibility for protecting consumers in the financial services area. The Bureau is an independent federal agency funded by the Federal Reserve Board. While...

Ninth Circuit Creates Split About the Meaning of the Word "Sue" as Used in the CROA

Sonia Salinas — Mon, 23 Aug 2010 17:41:02 -0600

The Credit Repair Organizations Act (CROA), found at 15 U.S.C. § 1679, was enacted to ensure consumers of services of credit repair organizations are provided with the information necessary to make informed decisions regarding the purchase of such services; and to protect the public from...

Consumer Financial Protection Act: Preemption Questions Web Conference

Michael C. Lueder — Mon, 23 Aug 2010 11:15:08 -0600

Please join Foley attorneys on August 26 for the second installment of our Web series on the new Consumer Financial Protection Act. Topics include: Preemption standards under the new law, including the National Bank Act and the Home Owners’ Loan Act The Barnett Bank standard New...

Fed Targets Loan Originations

Matthew G. Breuer — Mon, 23 Aug 2010 09:19:37 -0600

Last week, the Federal Reserve Board announced rules aimed at protecting consumers from what many consumer advocates considered abusive lending practices. In connection with its release of the new rules, the Fed stated that the rules will help “prevent loan originators from increasing their...

Seventh Circuit Applies Twombly, Iqbal and Erickson Pleading Requirements to Fair Housing Act Claims

Julie A. Angelini — Wed, 18 Aug 2010 10:10:05 -0600

In Swanson v. Citibank, N.A., 2010 WL 2977297 (7th Cir. May 26, 2010), the Seventh Circuit applied the pleading requirements under Twombly, Iqbal and Erickson to Fair Housing Act claims. The plaintiff in Swanson sued Citibank (as well as an...

The Changing of the Guard at the Comptroller of the Currency

Christi R. Adams — Tue, 17 Aug 2010 10:26:20 -0600

After a five-year term of office, John C. Dugan stepped down as Comptroller of the Currency on Sunday. John Walsh was named the acting Comptroller of the Currency. This appointment may have been a surprise for those that expected the current Deputy Comptroller, Julie Williams, to be tapped for the...

The Consumer Financial Protection Act's Provisions on Preemption

Michael C. Lueder — Mon, 16 Aug 2010 15:33:05 -0600

The Dodd-Frank Wall Street Reform and Consumer Protection Act (CFPA) directly addresses its own preemptive effect on State law and amends the National Bank Act to clarify the standards that apply to national banks. The CFPA greatly increases the powers of states to make and enforce laws...

Seventh Circuit Limits Scope of FACTA

Thomas R. Mikrut — Thu, 12 Aug 2010 12:42:23 -0600

On August 10, 2010, the Seventh Circuit in Shlahtichman v. 1-800 Contacts, Inc., held that the Fair and Accurate Credit Transactions Act of 2003’s (“FACTA”) prohibition from printing more than the last five digits of a credit card number or its expiration date on a receipt did not...

Third Circuit Reverses Dismissal of RESPA 8(b) Markup Claim

Jennifer M. Keas — Thu, 12 Aug 2010 11:37:34 -0600

In Tubbs v. North American Title Agency, Inc., No. 09-2757, 2010 U.S. App. LEXIS 16342, 2010 WL 3044067 (3d Cir. Aug. 5, 2010), the Third Circuit held that a lower court erred in dismissing a RESPA Section 8(b) claim. Plaintiffs’ allegations concerned North American Title Agency’s role...

Seventh Circuit Says No Express Demand for Repayment Required For A Communication To Be In Connection With Collecting A Debt

Thomas K. Anderson — Tue, 03 Aug 2010 15:33:19 -0600

In the recently-decided Gburek v. Litton Loan Servicing LP, the Seventh Circuit had occasion to add color to what communications will be deemed “in connection with the collection of any debt” under the Fair Debt Collection Practices Act (FDCPA). Gburek was in default on a mortgage...

Fifth Circuit Affirms Dismissal of Truth in Lending Act and Fair Debt Collection Practices Act Claims Under Res Judicata Doctrine

Rebecca R. Hanson — Wed, 28 Jul 2010 09:14:24 -0600

In Hargrove v. Barclays Capital Real Estate Inc., Slip Copy, 2010 WL 2836167 (5th Cir. July 20, 2010) (per curiam), the Fifth Circuit recently affirmed a Southern District of Texas opinion in favor of a loan servicer in a lawsuit brought by pro se mortgagors who sought to quiet title on their...

The Pressure Mounts to Appoint Warren

Thomas R. Mikrut — Tue, 27 Jul 2010 18:02:55 -0600

President Obama faces growing pressure to appoint Elizabeth Warren to head the Bureau of Consumer Financial Protection, but even some Senate Democrats are wary of her nomination and Senator Dodd has already warned that she may not have the 60 votes required to avoid a...

Fifth Circuit Interprets Texas Constitution, Upholds Variable Rate Home Equity Loan

Katherine E. Licup — Tue, 27 Jul 2010 08:58:01 -0600

On July 22, 2010, the Fifth Circuit affirmed a Western District of Texas opinion in favor of a lender and loan servicer in a lawsuit brought by mortgagors who alleged that the terms of their home equity loan violated the Texas Constitution. Cerda v. 2004-EQR1 LLC and Barclays Capital Real...

Learn More About The Bureau And The CFPA

Martin J. Bishop — Mon, 26 Jul 2010 14:07:48 -0600

Title X of the Dodd-Frank Act creates a new comprehensive statutory framework and federal regulatory watchdog to deal with the offering and provision of consumer financial products or services. There is little doubt that this legislation will have a major impact on the financial industry...