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Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

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New COVID-19 Economic Relief Legislation Provides Exemption for Economic Impact Payments from Garnishment by Private Creditors and Debt Collectors

By Lori J. Sommerfield on December 28, 2020
Posted in COVID-19, Debt Collection, Regulatory and Enforcement

On December 21, Congress overwhelmingly passed a consolidated bill (H.R. 133) that contains $1.4 trillion in appropriations to keep the federal government funded until October 2021 and $900 billion in coronavirus economic relief. The latter is found in Division N of the lengthy bill (which runs over 5600 pages) entitled “Additional Coronavirus Response and Relief.”… Continue Reading

Nevada Supreme Court Cabins Statute Eliminating Limitations Period On Deposit Claims Against Banks

By Amy L. Schwartz & Dick Thomson on December 2, 2020
Posted in Deposit Accounts, Litigation and Court Decisions

On November 20, 2020, the Nevada Supreme Court handed banks a significant victory by agreeing with the Defendant bank’s interpretation of a Nevada statute concerning the application of statutes of limitation.

In Cantlon v. Wells Fargo Bank, N.A., et al., addressing certified questions from the Bankruptcy Court for the District of Nevada, the Nevada Supreme Court rejected the argument that the statute eliminates temporal limits on claims against banks relating to deposit accounts.  … Continue Reading

CFPB files lawsuit against My Loan Doctor and its founder for alleged deceptive marketing of deposit accounts

By Ballard CFS Group on July 13, 2020
Posted in CFPB, Deposit Accounts, Litigation and Court Decisions, UDAAP

The CFPB filed a complaint on July 6, 2020 in a New York federal district court against My Loan Doctor LLC (“Loan Doctor”) and its founder, Dr. Edgar Radjabli, for allegedly making false, misleading, and inaccurate marketing representations in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.… Continue Reading

Ballard Spahr to hold April 15 webinar on COVID-19 deposit account fraud

By Barbara S. Mishkin on April 9, 2020
Posted in COVID-19, Deposit Accounts

While deposit account fraud can happen at any time, it is particularly likely to occur during times of economic stress.  COVID-19 scams targeting deposit accounts are already running rampant; deposit litigation in response to these scams is certain to increase in the coming months.  On Wednesday, April 15, 2020, from 12 p.m.… Continue Reading

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

By Barbara S. Mishkin on August 31, 2016
Posted in Deposit Accounts, Overdrafts, Regulatory and Enforcement

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or service complaints on March 1, 2012.

As noted below, the report indicates that consumers commonly complain about the use of consumer and credit reporting data for account screening. … Continue Reading

CFPB announces steps to improve checking account access

By Barbara S. Mishkin on February 3, 2016
Posted in Deposit Accounts, Overdrafts, Prepaid Cards, Regulatory and Enforcement

As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts.  These steps consist of a sending a letter to the 25 largest retail banks encouraging them to offer and market “lower-risk” deposit accounts “to help consumers avoid overdrafts,” issuing a bulletin “warning banks and credit unions that failure to meet accuracy obligations when they report negative account histories to credit reporting companies could result in Bureau action,” and releasing new resources to assist consumers in opening and managing check accounts.… Continue Reading

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