July 31, 2014 Overdraft fees drive people out of banking system, product should be banned CHICAGO—Confusing information provided by the nation’s biggest banks is making it difficult for consumers to understand the real costs of overdraft and make informed decisions, a mystery shopping investigation released today by four organizations from across the country found.  The four organizations—California… Read More

Federal Appellate Court to Consider FTC Data Security Authority By Jeff Kosseff on August 1st, 2014 The U.S. Court of Appeals for the Third Circuit this week agreed to consider whether the Federal Trade Commission has the authority to regulate companies’ data security practices. On Tuesday, the Third Circuit granted Wyndham Hotel and Resorts’ petition for interlocutory review… Read More

The following is from the Indiana Lawyer   Ruling may expedite demise of Marion County township venues Dave Stafford July 16, 2014 Marion County’s unique township small claims courts may be on the verge of extinction, hastened by a game-changing ruling this month by the full 7th Circuit Court of Appeals. “The message here is that… Read More

Two other lawsuits against debt collectors for filing suits in the wrong Marion County, Indiana townships have been reversed and sent back to the District Court for further proceedings.  They are against  LVNV Funding and  Portfolio Recovery Associates.… Read More

From Rolling Stone:   Chase Made Errors in Nine Percent of Credit-Card Collection Lawsuits, Internal Survey Finds Chris Ratcliffe/Bloomberg via Getty Images J.P. Morgan Chase CEO Jamie Dimon. Yet another damning fact on the bank emerges By Matt Taibbi | July 11, 2013 A piece in the Wall Street Journal dug up yet another damning fact about Jamie Dimon’s… Read More

      OCC BULLETIN 2014-37 Subject: Consumer Debt Sales Date: August 4, 2014 To: Chief Executive Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties Description: Risk Management Guidance Summary This bulletin provides guidance from the Office of the… Read More

From Inside Higher Ed Colleges Warned About Campus Financial Products August 7, 2014 The Consumer Financial Protection Bureau on Wednesday sent letters to a dozen universities criticizing them for not fully disclosing the arrangements they have with companies to market financial products on their campuses. “We wanted to alert you that this failure to be… Read More

A California federal court recently held that a lender violated the Electronic Fund Transfer Act (EFTA) prohibition on “condition[ing] the extension of credit” on a borrower’s repayment “by means of preauthorized electronic fund transfers.” The court found the lender violated this prohibition by requiring borrowers to agree to repay their loans by payments made through… Read More

Debt Collectors in Memphis and New York State Settle with FTC Concerning Multiple Federal Law Violations Two Operations to Pay Total of Two Million Dollars in Civil Penalties A Memphis-based debt collector has agreed to stop deceiving and harassing consumers and otherwise violating federal debt collection laws, and will pay a $1.5 million civil penalty… Read More