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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Kevin Connor
Associate
kconnor@dykema.com
312-627-2261
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Showing 4 posts by Kevin Connor.

Lenders Beware: Settlement Suggests Illinois Attorney General Is Cracking Down on Interest Fees

A court settlement involving Illinois lenders suggests that Illinois Attorney General Lisa Madigan is making good on her promise to crack down on lenders’ attempts to charge excessive fees to debtors. The settlement in Illinois v. CMK Investors, Inc., which the Attorney General’s office announced this week, requires CMK Investors, Inc. to both cease efforts to collect on accounts with excessive fees and reimburse customers who overpaid. The settlement also permanently and immediately prohibits CMK from making loans with an interest rate above the state’s 36 percent limit.  Read More ›

Seventh Circuit Rejects Attempt to Expand Liability Under FDCPA

In Bravo v. Midland Credit Management, Inc., the plaintiff urged the U.S. Court of Appeals for the Seventh Circuit to take a liberal view of the Fair Debt Collection Practices Act’s (FDCPA) prohibition against contacting a consumer once he is represented by counsel, or after he has refused to pay a debt. The court dismissed all of plaintiff’s claims, shutting the door on an aggressive attempt to broaden the FDCPA’s reach. Read More ›

Supreme Court Says Companies Cannot Use Settlement Offers to Overcome Class Actions

On January 20, 2016, the Supreme Court ruled that companies cannot defeat class action suits by making settlement offers to named plaintiffs. In a 6-3 decision, the Justices held in Campbell-Ewald Co. v. Gomez that an offer of compensation, equal to or greater than the maximum potential individual damages to a defendant, does not erase a defendant’s interest in a case. The ruling could significantly hinder companies’ ability to overcome pending class action suits. Read More ›

Supreme Court to Tackle Pressing Questions Regarding Lawsuits Under the Fair Credit Reporting Act

Spokeo, Inc. v. Robins, a case pending before the Supreme Court, presents several important questions concerning the scope and reach of the Fair Credit Reporting Act (FCRA). The Court must consider whether a consumer can sue if inaccurate information about him is published, even if he suffers no real-world harm from the publication. The consequences of the Court’s answer may be far-reaching, particularly to companies that provide consumer credit reports. Read More ›