The Federal Trade Commission recently released its preliminary report on two studies it conducted to help understand the effectiveness of class action settlement notices and to “develop information to help improve settlement outcomes for consumers.”  The report shows that claims rates, regardless of the form of notice, are very low and that some of the more costly forms of notice, like publications in magazines and national newspapers, do not significantly increase the claims rate. … Continue Reading

The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin enforcement actions brought by the Administrator against the banks’ nonbank partners.  According to the complaints, these nonbank partners market and service loans originated by the banks, and the banks sometimes sell these loans to their partners.… Continue Reading

The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.”

The CFPB, the FTC and fifteen states announced a series of lawsuits against what they characterize as “foreclosure relief scammers.” The CFPB filed three lawsuits against individuals and companies – all law firms or associated with law firms – seeking compensation for victims, civil fines and injunctions.… Continue Reading