Up-to-date Information on Banking Institutions
The Consumer Financial Protection Bureau adopted its proposed rule barring financial companies regulated by the agency from including class action waivers in arbitration agreements as expected, and with few changes. Arbitration clauses in brand brand brand new agreements providing a customer financial service or product will have to add specified language indicating that arbitration may not be utilized to prevent the customer from pursuing a class action. Read On
The Ninth Circuit Holds That Enforcing The Safety Interest Just Isn’t Necessarily Business Collection Agencies
On Oct. 19, 2016, the Ninth Circuit held that merely enforcing a protection interest is certainly not вЂњdebt collectionвЂќ underneath the federal Fair Debt Collection techniques Act (вЂњFDCPAвЂќ). In therefore keeping, the Ninth Circuit disagreed with previous choices by the Fourth and Sixth Circuits, developing a split which may fundamentally be settled by the U.S. Supreme Court.
CFPB Prevails On Summary Judgment Against CashCall, Inc.
The United States District Court in Los Angeles ruled that CashCall, Inc. violated the Consumer Financial Protection Act in connection with efforts to collect on certain loans that would have been held void under state law had CashCall originated the loans in question in the states where the borrowers resided on August 31, 2016, in a ground breaking decision. (Pokračování textu…)