Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau

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Photo of Consumer Financial Services Law Blog Samantha L. Walls
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Showing 8 posts by Samantha L. Walls.

Michigan Supreme Court Holds Full Credit Bid Does Not Impact Lenders’ Right to Recover From Third Parties

In an important ruling for mortgage lenders and servicers, the Michigan Supreme Court clarified in Bank of America v First American Title Ins Co, Docket No. 149599 (2016) the impact of a full credit bid—when a lender bids the full amount of the outstanding debt at a foreclosure sale—on a lender’s ability to bring claims against a third party following foreclosure. In doing so, the Supreme Court expressly overruled a previous holding by the Court of Appeals in New Freedom Mtg Corp v Globe Mtg Corp, 281 Mich App 63; 761 NW2d 832 (2008). Read More ›

Sixth Circuit Issues Important TCPA Ruling on “Prior Express Consent”

On February 12, 2016, the United States Court of Appeals for the Sixth Circuit issued its opinion in Baisden v. Credit Adjustments, Inc., 15-3411 (CA 6) (for publication), affirming dismissal of a purported class action under the Telephone Consumer Protection Act (“TCPA”). In Baisden, plaintiffs were the recipients of medical services from Mount Caramel Hospital in Ohio. As part of the care provided, plaintiffs received anesthesiology services from Consultant Anesthesiologists, an anesthesiologist group working within the hospital. When plaintiffs failed to pay for the services rendered, Consultant Anesthesiologists sent their accounts to debt collector, Credit Adjustments. Credit Adjustments used an automatic telephone dialing system and prerecorded messages to contact plaintiffs on their cell phones to request payment. Read More ›

Sixth Circuit Holds Voicemail From Debt Collector Does Not Violate FDCPA

On October 22, 2015, the Sixth Circuit Court of Appeals, in a 2-1 decision, clarified the types of “communication” that can violate the Fair Debt Collection Practices Act FDCPA). In Brown v. Van Ru Credit Corp., No. 15-1323 (recommended for publication), the Sixth Circuit affirmed the trial court’s order granting judgment on the pleadings, holding that debtor failed to allege a “communication” to a third party as defined by the statute. Read More ›

Eleventh Circuit Narrows Definition of Debt Collector Under FDCPA

When is a bank collecting a debt not a debt collector? According to a newly issued opinion from the Eleventh Circuit, when that bank is collecting its own debt—even if the account was in default at the time it was acquired. Read More ›

Democrats Push End to Mandatory Arbitration

On Thursday, May 21, 2015, fifty-eight Democratic members of Congress pushed the Consumer Financial Protection Bureau (“CFPB”) to prohibit mandatory arbitration clauses in consumer financial contracts. The clauses, which Democrats argue unfairly deprive consumers of their day in court, are often included as standard language in contracts for regularly utilized products such as credit cards and banking accounts. Read More ›

Bill Introduced to Permanently Extend Protecting Tenants at Foreclosure Act

On March 13, 2015, Senator Richard Blumenthal (D-CT) and Representative Keith Ellison (D-MN) introduced a bill seeking to extend the protections of the Protecting Tenants at Foreclosure Act (the Act) permanently. The Act, which expired December 31, 2014, provided protection for tenants living in a foreclosed property. Read More ›

CFPB Reports On Credit Card Marketing To College Students

The pitch is familiar to almost everyone who has attended college: “Free pizza! Just sign up for a credit card with Bank!” or “No strings attached! Free T-shirt when you register with Bank!” Unfortunately, for many students these gimmicks lead to out of control spending and an early brush with systematic debt. On December 15, 2014, the Consumer Financial Protection Bureau (CFPB) issued its yearly report analyzing the agreements financial institutions make with colleges to market credit cards to students. Read More ›

Seventh Circuit Rules Federal Government Not Immune from Fair Credit Reporting Act Claims

In a decision issued Tuesday, July 23, 2014, the Seventh Circuit ruled that the federal government does not enjoy immunity from Fair Credit Reporting Act related damages.  Although Bormes v. U.S., No. 13-1602 (7th Cir. July 22, 2014), a class-action suit, was ultimately dismissed on other grounds, the decision stands as the first appellate case to address the issue of whether government immunity is a defense to FCRA claims. Read More ›