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|CPFB Turns Three: Three Years, Big Impact|
Kristen R. Brown, Alexandra Megaris, Jonathan L. Pompan; Venable LLP;
July 28, 2014, previously published on July 24, 2014The Consumer Financial Protection Bureau (“CFPB”) has concluded its third year. Created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Bureau has taken significant steps to define its role in the consumer financial services...
|Eleventh Circuit Holds Consumers May Revoke “Prior Express Consent” Under the TCPA Either Orally or in Writing|
Reid S. Manley, Seth I. Muse; Burr & Forman LLP;
July 26, 2014, previously published on July 22, 2014In Osorio v. State Farm Bank, F.S.B., No. 13-10951 (11th Cir. Mar. 28, 2014), the United States Court of Appeals for the Eleventh Circuit reversed and remanded a Florida district court’s grant of defendant’s motion for summary judgment on plaintiff’s Telephone Consumer Protection...
|CFPB to Scrutinize Nonbank Products: Prepaid Cards, Debt Settlement, Credit Repair, and Pawn and Title Loans|
Jonathan L. Pompan; Venable LLP;
July 25, 2014, previously published on July 21, 2014Three years after it opened for business, on July 21, 2014, the Consumer Financial Protection Bureau (CFPB) announced it was accepting complaints from consumers with problems with (1) prepaid cards; (2) debt settlement services; (3) credit repair services; and (4) pawn and title loans. This signals...
|CFPB to Shine Spotlight on Mini-Correspondent Mortgage Lending?|
Jennifer M. Keas; Foley & Lardner LLP;
July 23, 2014, previously published on July 18, 2014On July 9, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued Policy Guidance on the issue of Mortgage Brokers Transitioning to Mini-Correspondent Lenders (“Policy Guidance”), which highlights risks and considerations that should be taken...
|Georgia Supreme Court Affirms Business Judgment Rule|
Duane Morris LLP;
July 23, 2014, previously published on July 16, 2014The Georgia Supreme Court has, for the first time, affirmed the existence of the business judgment rule in Georgia common law. More specifically, however, the state Supreme Court held that the business judgment rule does not automatically prevent all claims for ordinary negligence against corporate...
|Florida Information Protection Act of 2014 Explained: Data Breach Notification and Protection Requirements for Certain Entities|
Benjamin J. Zellner; Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
July 22, 2014, previously published on July 7, 2014SB 1524, the Florida Information Protection Act of 2014 ("Act"), took effect July 1, 2014. The Act imposes requirements on covered entities that experience data breaches. When a covered entity suffers such a data breach, it must notify government entities and the affected individuals of...
|CFPB Enforcement Action Against Payday Lender Has Broad Implications for Financial Institutions|
Stephen Lillley, Andrew J. Pincus, Jeffrey P. Taft; Mayer Brown LLP;
July 22, 2014, previously published on July 17, 2014The US Consumer Financial Protection Bureau (CFPB) has entered a consent order with a payday lender for debt collection practices that the CFPB alleged violated the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices. The $10 million settlement casts a significant...
|The Florida Information Protection Act of 2014 - Businesses Have New Duties to Protect Personal Data from Security Breaches, and Face Significant Penalties for Failing to Act|
Berger Singerman LLP;
July 21, 2014, previously published on June 2014Spurred by recent national reports of massive electronic data breaches that may have compromised consumer credit and debit cards, the Florida Legislature amended existing laws on protection of electronic information. Effective July 1, 2014, the Florida Information Protection Act of 2014...
|CFPB Proposes Public Disclosure of Consumer Complaint Narratives|
Timothy S. Crisp; Foley & Lardner LLP;
July 19, 2014, previously published on July 16, 2014Will the CFPB start disclosing consumers’ gripes and rants? Would it provide endless hours of salacious reading, like complaints posted on popular online review sites like Yelp and Angie’s List? Could it become a platform for publicizing unverified or, in worst cases, false and...
|CFPB Expands Its Enforcement Efforts Against Payday Lending|
Thomas I. Elkind; Foley & Lardner LLP;
July 19, 2014, previously published on July 17, 2014In November, 2013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its borrowers due to violations of the Military Lending Act. Recently, the CFPB took...