Litigation and Court Decisions

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The D.C. federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB).  (The CFSA had intervened in the lawsuit.)  In the lawsuit, the NALCAB sought to overturn the CFPB’s July 2020 final…

The U.S. Court of Appeals for the Eleventh Circuit has scheduled oral argument in the rehearing en banc in Hunstein v. Preferred Collection and Management Services, Inc. for February 22, 2022.  After ordering the rehearing en banc in November 2021, the Eleventh Circuit issued a memorandum indicating that for purposes of the rehearing, the Court…

A California appellate court has ruled that bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner.

In BBBB Bonding Corporation v. Caldwell, Kiara Caldwell, to bail a friend out of jail, signed an…

The CFPB has filed its brief with the Fifth Circuit in the appeal filed by the trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).  The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance…

The CFPB, FTC, DOJ, and Federal Reserve Board have filed a joint amicus brief in the U.S. Court of Appeals for the Seventh Circuit urging the court to reverse a district court ruling that an individual who had already received credit from the defendant and who was not currently applying to the defendant for credit…

In the last two weeks, both the CFPB and OCC have been critical of bank overdraft practices and the CFPB has warned of enhanced supervisory and enforcement scrutiny.  The potential costly impact that such increased scrutiny could have on private litigation is demonstrated by the recent proposed settlement in Lowe v. NBT Bank, N.A.,…

Last week, the U.S. Court of Appeals for the Eleventh Circuit ordered rehearing en banc in Hunstein v. Preferred Collection and Management Services, Inc.  Yesterday, the Eleventh Circuit issued a memorandum indicating that for purposes of the en banc rehearing, the Court wants counsel to focus their briefs on the question: “Does Mr. Hunstein…

The trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed their opening brief with the Fifth Circuit.  The trade groups filed an appeal with the Fifth Circuit from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date…

On October 28, 2021, in a 2-1 split panel decision, the Eleventh Circuit Court of Appeals vacated its prior opinion in Hunstein v. Preferred Collection and Management Services, Inc. (published at 994 F.3d 1341 (11th Cir. 2021)), and substituted a new opinion in its place.  The new opinion is published, meaning it has immediate…