The CFPB’s focus on debt collection continues. In addition to proposing changes to debt collection rules, analyzing debt collector trade lines, and filing and participating as an amicus in debt-collection litigation, the CFPB recently announced a proposed settlement involving over $60 million in redress and penalties with debt collection companies Northern Resolution Group, LLC, Enhanced Acquisitions, and Delray Capital, and the companies’ creators, Douglas MacKinnon and Mark Gray.… Continue Reading
A bipartisan group of 16 state attorneys general has filed an amicus brief in support of a petition for certiorari asking the U.S. Supreme Court to review a Ninth Circuit decision upholding the district court’s approval of a class action cy pres settlement. The petition was filed by objectors to the settlement.… Continue Reading
Earlier this month, Attorney General Jeff Sessions issued a memorandum in which he prohibited DOJ attorneys from entering into settlement agreements on behalf of the United States that require a payment or loan to any non-governmental person or entity that is not a party to the dispute. The AG’s press release explained that the directive was intended to end the use of settlement funds to “to bankroll third party special interest groups or the political friends of whoever is in power.”… Continue Reading
Last week, the Securities and Exchange Commission announced a policy shift concerning settled enforcement actions. The SEC has indicated that it will more frequently require an admission of wrongdoing from defendants as a condition of settlement. For more on the SEC’s policy shift, see our legal alert.
In recent days, the CFPB and the White House have made what looks like a coordinated effort to publicize the relief that military personnel will receive under the $25 billion settlement announced on February 9 between five leading bank mortgage servicers and a coalition of state attorneys general and federal agencies.… Continue Reading
The CFPB is conducting this week its final round of testing in its “Know Before You Owe” project. Instead of asking for comments on side-by-side comparisons of prototypes for the same disclosure, the CFPB is asking for comments on one prototype of a RESPA/TILA integrated application disclosure and one prototype of a RESPA/TILA integrated settlement disclosure.… Continue Reading