Don't Be Fooled – April 1st Application Deadline for New Louisiana Virtual Currency License

March 7, 2023 by Bonnie E. Dye

April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana Office of Financial Institutions (OFI). Pursuant to the Louisiana Virtual Currency Business Act (VCBA), a license or other equivalent is required for a company to engage in the virtual currency business after June 30, 2023. Applications submitted by April 1, 2023 will be approved, conditionally approved, or denied before June 30. The OFI began accepting applications for the license and registration at the beginning of the year. More ›

SCOTUS Decision in Student Loan Forgiveness Cases May Hinge on Article III Standing

March 2, 2023 by Vaishali S. Rao, Sarah E. King

On February 28th, 2023, the United States Supreme Court heard oral arguments in two related cases, Biden v. Nebraska and Department of Education v. Brown, both of which challenge President Biden's one-time student loan forgiveness program. More ›

Rhode Island Federal Court Concludes FDCPA Lawsuit is Barred by the Doctrine of Claim-Splitting

January 18, 2023 by Samuel C. Bodurtha

In Laccinole v. MRS BPO, LLC, the United States District Court for the District of Rhode Island denied a frequent pro se plaintiff’s multiple lawsuit attempt at pursuing relief against the same company under the Fair Debt Collection Practices Act (FDCPA). Christopher Laccinole filed three separate lawsuits against the same company arising from fourteen different contacts between February 22, 2022 and May 5, 2022, in which Laccinole claimed the company wrongfully sought collection of a debt he did not owe. According to the decision, Laccinole deliberately pursued three separate actions for different FDCPA violations against the same party to circumvent the FDCPA’s cap on damages at $1,000 per defendant. (15 U.S.C. § 1692k(a)(2)(A)) The Court determined that Laccinole was claim-splitting by pursuing three separate lawsuits on additional calls: separate instances of the same course of conduct by one defendant. More ›

First Circuit Expands Strict Compliance Review of a Pre-Foreclosure Notice of Default Beyond Disclosure of a Borrower's Rights

January 10, 2023 by Samuel C. Bodurtha

An ever-expanding review of pre-foreclosure notices of default experienced its latest chapter in the First Circuit's recent decision reversing dismissal of suit in Aubee v. Selene. In Aubee, the borrowers challenged the notice of default they received prior to foreclosure on the grounds that the notice inserted additional language that was misleading and deceptive. The Aubees' mortgage included the standard Paragraph 22 notice of default disclosures requiring the mortgage lender to inform a borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense to acceleration and sale. The Aubees' notice of default stated: "You have the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default and/or the right to bring a court action to assert the non-existence of a default or any other defense to acceleration, foreclosure and/or sale of the property." The Rhode Island federal court dismissed the case because the notice of default provided the Aubees with all disclosures mandated under Paragraph 22, but the First Circuit reversed. More ›

NMLS Renewal Season Is Here – Things to Keep in Mind When Renewing Your Company Licenses

October 31, 2022 by Bonnie E. Dye

For companies that maintain consumer finance licenses on the Nationwide Multistate Licensing System and Registry (NMLS), it’s time to request renewal of your licenses. The 2023 NMLS renewal season opens on November 1, 2022. Licensees can prepare by keeping the following in mind: More ›

What the Veto of California's Digital Financial Assets Law Means for the Future of Cryptocurrency Regulation

October 12, 2022 by Bonnie E. Dye

On September 23, 2022, California Gov. Gavin Newsom vetoed Assembly Bill 2269, known as the Digital Financial Assets Law, which would have implemented a new licensing regime for digital asset businesses operating within California. Without the Governor's veto, these businesses would have been subject to ongoing oversight and examination by the California Department of Financial Protection and Innovation (DFPI) and substantive requirements with respect to consumer disclosures and development of policies and procedures to address perceived risk concerns. More ›

Eleventh Circuit Orders En Banc Rehearing of Hunstein Case and Vacates Opinion

November 17, 2021 by David M. Schultz, Justin M. Penn, Barbara Fernandez

Today, Hunstein took another unique—but favorable—turn for the debt collection industry. The Eleventh Circuit Court of appeals issued an order vacating its last opinion in Hunstein vs. Preferred Collection & Management Services, Inc, and ordered the case to be reheard en banc. More ›

New York State DFS Issues Proposed Amendments to its Debt Collection Rules for Third-Party Debt Collectors and Debt Buyers

November 4, 2021 by Dana B. Briganti

On October 29, 2021, the New York State Department of Financial Services (DFS) posted proposed amendments to its debt collection rules for Third-Party Debt Collectors and Debt Buyers (under 23 New York Codes, Rules, and Regulations Part 1) that could significantly change procedures for communicating with consumers. More ›

Fifth Edition of 50 State Guide on Student Loan Servicing Laws Now Available

October 26, 2021 by Vaishali S. Rao, Sarah E. King

An important resource for financial services compliance professionals has been updated. The Fifth Edition of the 50 State Guide on Student Loan Servicing Laws is a quick reference guide and resource for student loan industry participants regarding enacted state laws, and pending or previously introduced legislation. More ›

In TransUnion LLC v. Ramirez, U.S. Supreme Court Holds "No Harm, No Foul"

June 28, 2021 by Barbara Fernandez

In a special edition of our Consumer Law Hinsights newsletter, we cover the U.S. Supreme Court decision in TransUnion LLC v. Ramirez that was announced last Friday. The Court held "no concrete harm, no standing" in a significant check on federal consumer class actions. Read our analysis.

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