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Feb 1, 2024 | 
jdsupra.com | Massie P. Cooper |Anthony C. Kaye |Kalama Lui-Kwan
On January 15, the American Arbitration Association (AAA) issued amended Mass Arbitration Supplementary Rules and new Consumer Mass Arbitration and Mediation Fee Schedules (collectively, the New Rules). The New Rules will apply to all mass arbitration cases filed on or after January 15, but not to any mass arbitrations filed prior to that date. The New Rules aim to reduce friction and enhance process efficiency.
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Jan 31, 2024 | 
lexblog.com | Jeremy T. Rosenblum |Massie P. Cooper |Anthony C. Kaye |Kalama Lui-Kwan
On January 15, the American Arbitration Association (AAA) issued amended Mass Arbitration Supplementary Rules and new Consumer Mass Arbitration and Mediation Fee Schedules (collectively, the New Rules). The New Rules will apply to all mass arbitration cases filed on or after January 15, but not to any mass arbitrations filed prior to that date. The New Rules aim to reduce friction and enhance process efficiency.
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Sep 20, 2023 | 
jdsupra.com | David Anthony |Anthony C. Kaye |Jeremy M. Rosenblum
In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail mandatory pre-dispute arbitration provisions.
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Sep 19, 2023 | 
lexblog.com | David Anthony |Anthony C. Kaye |Jeremy M. Rosenblum |Chris Willis
In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail mandatory pre-dispute arbitration provisions.
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Sep 19, 2023 | 
lexology.com | David Anthony |Anthony C. Kaye |Jeremy T. Rosenblum |Chris Willis |Alan D. Wingfield
In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail mandatory pre-dispute arbitration provisions.
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Jul 13, 2023 | 
lexblog.com | Jason Cover |Mark J. Furletti |Taylor Gess |Anthony C. Kaye
On June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. As discussed here, with this bill, Connecticut joins several other states that have set strict rate caps on consumer loans, including Illinois, New Mexico, Colorado, and California, and those that expressly provide for a predominant economic interest test for true lender purposes. The law will take effect on October 1, 2023.
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Jul 13, 2023 | 
lexology.com | Jason Cover |Mark J. Furletti |Taylor Gess |Anthony C. Kaye |Caleb Rosenberg
On June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. As discussed here, with this bill, Connecticut joins several other states that have set strict rate caps on consumer loans, including Illinois, New Mexico, Colorado, and California, and those that expressly provide for a predominant economic interest test for true lender purposes. The law will take effect on October 1, 2023.
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Jun 22, 2023 | 
jdsupra.com | Keith Barnett |Anthony C. Kaye |Joshua McBeain
On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The report found that in 2022, servicemembers submitted over 66,400 complaints, representing a 55% increase from 2021, and a 62% increase from 2020. As in prior years, credit reporting remained the top issue for servicemembers, followed by debt collection and credit cards.
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Jun 21, 2023 | 
lexblog.com | Keith Barnett |Anthony C. Kaye |Josh McBeain |Carlin McCrory
On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The report found that in 2022, servicemembers submitted over 66,400 complaints, representing a 55% increase from 2021, and a 62% increase from 2020. As in prior years, credit reporting remained the top issue for servicemembers, followed by debt collection and credit cards.
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Apr 13, 2023 | 
jdsupra.com | Anthony C. Kaye |Alan D. Wingfield
Today, the Fourth Circuit Court of Appeals issued a much-awaited opinion affirming the dismissal of a servicemember’s class-action suit brought under the Military Lending Act (MLA or Act) because, even though the secured automobile loan at issue financed guaranteed asset protection (GAP) coverage and other fees, the loan was still given for the “express purpose” of financing the car purchase.
