On November 4, 2015, the Federal Trade Commission (FTC) announced a new enforcement initiative targeting debt collection companies. The initiative, which is known as “Operation Collection Protection,” involves partnerships with state authorities to investigate debt collectors and prosecute civil and criminal enforcement actions against debt collection companies engaged in illegal…
A month has passed since the new TILA-RESPA Integrated Disclosure (“TRID” or “Know Before You Owe”) requirements went into effect on October 3, 2015, and while the transition has not been completely smooth, it has gone better than many expected. Below is a recap of some of the issues that…
On November 5, 2015, the DOJ’s U.S. Trustee Program announced that it entered into a nationwide settlement agreement with a national bank over allegations the bank failed to file mortgage payment change notices in bankruptcy proceedings. When a debtor has entered Chapter 13 bankruptcy proceedings, federal bankruptcy law requires mortgage…
On November 3, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report detailing the Bureau’s supervision efforts for May through August of 2015. The report summarizes the violations of consumer protection laws the Bureau observed during the four-month period and identifies the areas in which the Bureau has…
On November 2, 2015, the California Attorney General’s Office announced that it had entered into a $100 million stipulated judgment with a national bank over allegations that the bank engaged in abusive debt collection practices, in violation of California’s Fair Debt Collection Practices Act. The allegations relate to the bank’s…
Sabrina Rose-Smith, a partner in Goodwin Procter’s Consumer Financial Services Litigation Practice will speak November 5, 2015 at the Payday Loan Bar Association Annual Conference in Scottsdale, Arizona. This Annual Meeting is the yearly review of legal developments in payday lending, and Goodwin Procter is a sponsor. Sabrina will discuss…