Less than three years after the U.S. Supreme Court reviewed the CFPB’s appointment structure, the bureau again finds itself before the Court in what could prove the most consequential case for the financial services industry in years. Four months ago, the Fifth Circuit Court of Appeals issued a decision in Community Financial Services Association of
Andrew J. Narod
Andrew Narod is an experienced litigator who represents bank and non-bank financial services institutions and other types of businesses in class-action litigation, complex commercial litigation, and other high-profile litigation disputes nationwide. His clients entrust him to navigate some of their most sensitive litigation matters in some of the most difficult venues in the country.
Supreme Court to Decide CFPB’s Validity
CFPB Issues Proposal Requiring Nonbank Institutions to Register and Report Violations of Consumer Protection Laws Issued by Other Agencies and Courts
Posted in CFPB, Compliance, Consumer Protection Act, UDAAP
The Consumer Financial Protection Bureau (CFPB) issued a release on December 12, 2022, considering a proposed rule that would require nonbank financial institutions to register with the CFPB following a confirmed violation of consumer protection laws.
This proposed rule notably seeks not only registration, but also reporting by nonbank institutions, each time they are subject…
FCC Declares Ringless Voicemails Are Subject to TCPA’s Robocall Restrictions
By Grant A. Premo & Andrew J. Narod on
Posted in Class Actions, TCPA
In a recently issued ruling, the Federal Communications Commission (FCC) declared that “ringless voicemails” are “calls” subject to the requirements of the Telephone Consumer Protection Act (TCPA). Ringless voicemail technology delivers messages directly to wireless users’ voicemail boxes without ringing their devices. The FCC’s new ruling clarifies that ringless voicemails are treated no differently…
We Wish You a Happy Thanksgiving as We Count Our Blessings
By Christy W. Hancock, Jonathan R. Kolodziej, Gregory B. Pipes, Caroline Waters, Andrew J. Narod, Christopher K. Friedman, Shelby D. Lomax, Elizabeth R. Brusa & Alexandra Dugan on
Posted in Banking, Bankruptcy, CFPB, Compliance, COVID-19 (Coronavirus), State Law Developments
As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our blessings and looking back at another remarkable year. We are thankful for being able to…
FTC Settlement with Auto Dealer Group Demonstrates Treatment of Discriminatory Conduct as “Unfair”
Posted in Automobile Finance, ECOA, Fair Lending, FTC
The FTC issued a release on October 18, 2022, to announce that it has initiated an enforcement action in Maryland against a Washington, D.C.-area auto dealer group, Passport Automotive Group, as well as two of its executives, Everett Hellmuth and Jay Klein. In the same release, the FTC announced that Passport, Hellmuth, and Klein have…
CFPB Plans to Increase Regulation over “Buy Now, Pay Later” Lenders
By David T. Long Jr. & Andrew J. Narod on
Posted in CFPB, Compliance, Fair Lending, TILA
The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study on the industry.
In its press release, the CFPB…
CFPB and DOJ Caution Auto Industry on SCRA Protections
Posted in Automobile Finance, CFPB, SCRA
Auto finance companies and others in the auto space should take note of a recent joint letter issued by the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) about the legal protections under the Servicemembers Civil Relief Act (SCRA). In the letter, CFPB Director Rohit Chopra set out that “[t]he CFPB is closely…
CFPB, DOJ File Complaint Against Non-Bank Mortgage Lender for Deliberate Discrimination Against Minority Families
By Britney M. Crawford, Christy W. Hancock, Andrew J. Narod, Christopher K. Friedman & David T. Long Jr. on
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and the United States Department of Justice (DOJ) filed a complaint in the United States District Court for the Eastern District of Pennsylvania against Trident Mortgage Company LP for alleged discrimination against minority families in the greater Philadelphia area.
According to the CFPB’s press release…
CFPB Issues Advisory Opinion Clarifying Its Views on When Debt Collectors Can Charge Consumers “Convenience Fees”
Posted in CFPB, Compliance, Debt Collection, FDCPA
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed in the underlying loan documents, such as payment by phone or on the web. The…
CFPB Provides New Guidance on Discrimination in Algorithmic Credit Decisions
Posted in CFPB, Compliance, ECOA, Fair Housing, Fair Lending, Fair Servicing
As we have repeatedly discussed this year in our Financial Services Perspectives blog, the current leadership of the CFPB has placed a significant emphasis upon fair lending. Seemingly once a month, or even more frequently at times, Director Rohit Chopra has announced a new initiative concerning fair lending and discrimination in the financial services industry.