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Credit Grantors

A credit grantor is any individual or business that extends credit to customers. The credit can be for other businesses or consumers and can come in many forms, such as closed-end loans (like auto loans, mortgages, and student loans), revolving loans (like credit cards or certain home equity loans), or a hybrid of the two. Some credit is backed by property or assets.

In the U.S., the primary credit grantors are large commercial banks and credit unions. But credit is also extended by small businesses, governments, and other organizations.

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Mammoth CFPB Payday Rule Would Dramatically Change the Lending Marketplace

In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the short-term payday, auto title, and longer-term installment lending markets. The proposed rule follows the same basic approach the CFPB foreshadowed in its April 2015 Outline of Proposals, which […]

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Wells Fargo Exec Singled Out by CFPB Says He Accepted Settlement Because He Couldn’t Afford to Fight the Agency

Late last week the Consumer Financial Protection Bureau (CFPB) announced it had taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s […]

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Eleventh Circuit Court of Appeals Determines that a “Debt Collector” filing a Bankruptcy Court Proof of Claim on a Time-Barred Account is an FDCPA Violation

In an opinion issued yesterday in two consolidated cases, the Eleventh Circuit Court of Appeals determined that “a particular subset of creditors—debt collectors”—may be liable under the Fair Debt Collection Practices Act (FDCPA) for bankruptcy Proof of Claim filings on debt they know to be time-barred. Both cases were appeals from decisions from the United States District Court for the Southern District of Alabama.

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Maryland Debt Collection Litigation Bill Signed Into Law

SACRAMENTO, Calif. — On Thursday, May 19th, Maryland Governor Larry Hogan signed SB 771/ HB 1491 (Chapter 579) into law, addressing the treatment of out-of-statute debt and statutorily codifies several provisions contained in the Maryland Rules of Procedure (MRP) concerning the litigation of consumer debt. Given that the language from the MRP was copied verbatim, DBA International […]

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Consent Order Compliance: Navigating The CFPB’s Unofficial “Rules” Governing Debt Collection

The CFPB has entered into consent orders with major creditors, debt buyers, and law firms during the past year relating to key areas of their collection practices.  The consent orders impose significant new requirements relating to data integrity, dispute handling, debt substantiation, debt sales, affidavit practices, and litigation practices.  The orders are not formal “rules” […]

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How Spokeo May Limit Consumer Financial Services Litigation

This week’s decision from the U.S. Supreme Court in Spokeo v. Robins should bolster the defense of companies subject to several federal consumer protection statutes. The ruling addresses lawsuits that claim an injury created solely by the violation of a federal statute and require the plaintiff to demonstrate not only that the statute was violated, but that the plaintiff herself suffered harm.

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LiveVox Partners with CBA to Discuss the Latest Vicarious Liability Trends for Retail Banking Contact Centers

SAN FRANCISCO, Calif. – LiveVox Inc., a leading provider of cloud contact center solutions for enterprise operations, announced it has partnered with the CBA to host a panel of legal and operations experts as they discuss the unique impacts and approaches to vicarious liability for retail banking consumer contact centers. The webinar takes place this Friday, May […]

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CFPB Moves Ahead to Block Arbitration Clauses, Discounting SBREFA Comments

This article originally appeared as an alert on ClarkHill.com and is republished here with permission. On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) released its anticipated proposed rule that would ban the use of mandatory arbitration clauses to avoid consumers’ class action lawsuits in contract disputes. Arbitration clauses are found in a variety […]