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Dykema
CFPB Announces New Appeals Process For Adverse Findings: CFPB Still Judge, Jury and Final Word

by: Edward (Ted) W. Somers and Jeffrey E. Jamison Last week's announcement of the CFPB's new "appeal process" for supervised entities offers little solace to those organizations subject to an adverse finding or compliance rating...

Timothy Raub
High Court Hears Oral Arguments in Debt Collection Case Over Costs Awards

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court heard oral arguments on Nov. 7 over whether a prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) lawsuit may be awarded costs even though the lawsuit was not brought in bad...

Timothy Raub
Parties Seek Approval of $80M Settlement in Madoff Feeder Fund Suit

NEW YORK - (Mealey's) Investors on Nov. 6 asked a federal judge in New York to preliminarily approve a potential $80.25 million settlement of claims that defendants concealed that the investors' funds were being placed in accounts that were...

Dykema
CFPB Issues New Warnings for Financial Institutions In Its Denial of Another Petition to Modify or Set Aside a Civil Investigative Demand

by Richard E. Gottlieb and Jeffrey E. Jamison By now you may have heard that the Consumer Financial Protection Bureau has now twice denied petitions to modify or set aside a civil investigative demand (CID). No surprises here, and the CFPB has...

Dykema
CFPB To Oversee Debt Collectors, and Debt Collection Attorneys: Can Enforcement Actions Be Far Behind?

by Richard E. Gottlieb and Jeffrey E. Jamison On October 24, 2012, the Consumer Financial Protection Bureau (CFPB) announced that, beginning January 2, 2013, certain debt collection agencies and debt collection firms will come under federal supervision...

Timothy Raub
U.S. Government Hits Bank Of America With $1 Billion Lawsuit Over Lending Program

NEW YORK - (Mealey's) The U.S. government on Oct. 24 filed a $1 billion lawsuit against Bank of America Corp., as successor for Countrywide Financial Corp., alleging that Countrywide violated provisions of the False Claims Act by engaging in...