August 31, 2016

Court of Appeals Decision May Spell Trouble for Creditors

The North Carolina Court of Appeals has handed down a ruling that may prove worrisome for creditors. In ruling on two issues of first impression, the Court held that (1)…

August 26, 2016

CFPB Proposed Payday Rule: What You Need to Know

Earlier this summer, the CFPB issued its proposed payday rule. Hailed as an attempt to end “payday traps”, the 1,334-page missive addresses both short term loans and certain longer term…

August 17, 2016

Business Entity is a “Person” and May Have Standing to Sue Under FDCPA

By holding that the term “person” may include artificial entities, the Sixth Circuit expanded the notion of statutory standing under the Fair Debt Collection Practices Act. The…

August 15, 2016

FDIC Seeks to Supplement Vendor Management FIL with Third Party Lending Guidelines

As vendor management continues to be a key issue for regulators, the FDIC has issued its Proposed Guidelines for Third-Party Lending. The deadline to comment was originally September 12, 2016, and…

August 12, 2016

CFPB Summer Supervisory Highlights Report Reveals a Potpourri of Issues that Have Examiners Concerned

The CFPB published its Summer Supervisory Highlights last week, highlighting examinations that were conducted between January 2016 and April 2016 across various financial products.  The Report comes on the heels…

August 10, 2016

Professional TCPA Plaintiff Doesn’t Have Standing to Bring Claims

Professional plaintiffs may need to reconsider their business strategy in the wake of the Supreme Court’s decision in Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (2016). In Stoops v.…

August 8, 2016

CFPB Employs “Mystery Shopper” Strategy in Fair Lending Investigation

The CFPB and the Department of Justice have partnered together to enter into a proposed consent order with BancorpSouth Bank regarding allegations the bank engaged in a practice of redlining…

July 25, 2016

CFPB Continues to Focus on Mortgage Servicing

The CFPB remains dissatisfied with the advancements the mortgage industry has achieved in the wake of the regulatory upheaval, as evidenced in the recently released special edition of its Supervisory…

June 29, 2016

NC Banks: Has The (Deficiency) Worm Turned?

Cases in the past year or two have made it harder and more time consuming to secure judgments on deficiencies. Given that deficiency judgments are rarely collectible, the extra efforts…

June 23, 2016

Furnisher Duties for Collection Agencies-Creating a Good Compliance Management System

Recent FTC consent orders, as well as the CFPB’s continued focus on credit reporting, serve as good reminders for collection agencies and creditors to carefully scrutinize their FCRA policies and…

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