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APPEALS COURT TIES ATTORNEY’S FEES RECOVERED IN SUMMARY JUDGMENT TO AMOUNT CLAIMED BY CLASS
- The Seventh Circuit Court of Appeals last week issued a ruling that brings to end a decade-old case involving the Telephone Consumer Protection Act, which, more importantly, ties the amount of legal fees recouped by the plaintiffs’ attorneys to the amount of money claimed by the entire class in a class-action lawsuit. This is the third time that the Seventh Circuit has issued a ruling in this case, which involved a class-action lawsuit that was filed after the defendant distributed a newsletter via unsolicited faxes to the plaintiffs.
RUMORED SUCCESSION PLANS AT CFPB MAY NOT BE LEGAL: LAW PROFESSOR
- There is a wrinkle in the proposed plan to install Mick Mulvaney as interim director of the Consumer Financial Protection Bureau when Richard Cordray resigns; it might not be legal. The Consumer Financial Protection Act, not the Federal Vacancies Reform Act controls succession at the CFPB, according to one law professor. Under the CFPA, the deputy director assumes the role of interim director, which would mean that David Silverman would run the bureau until President Trump names a permanent replacement that would need to be confirmed by the Senate.
TCPA, FDCPA SUIT TOTALS KEEP DROPPING WHILE FCRA NUMBERS STILL RISING: WEBRECON
- Could it be that lawsuits alleging violations of the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act are falling out of favor with consumer attorneys? That is one possible explanation why the number of suits involving those statutes continue to drop on a monthly basis, according to data released yesterday by WebRecon.
CFPB FINES CITIBANK $6.5 MILLION FOR STUDENT LOAN SERVICING ‘FAILURES’
- The Consumer Financial Protection Bureau yesterday entered into a consent order with Citibank after accusing the lender of student loan servicing “failures that harmed borrowers.” As part of the consent order, Citibank will pay $3.75 million back to consumers and a fine of $2.75 million.
THE COST OF FINANCIAL REGULATION
- The amount spent by financial institutions on compliance is rising, and while the amount spent by smaller institutions represents more of their total expenses than at larger institutions, the increase during the past two years has been higher at larger organizations, according to a published report. For institutions with between $1 billion and $10 billion in assets, the amount spent on compliance has more than doubled, to 5.98% of total expenses, from 2.54% in 2014.
COUNTY GOVERNMENT ISSUES RFP LOOKING FOR COLLECTION AGENCY PARTNER
- Pacific County, Wash., has issued a Request For Proposal, inviting collection agencies that want to help recover unpaid fines and fees due the local government. More details about the scope of work and what is required to submit a bid can be found here.
WORTH NOTING: “Partridge Family” star David Cassidy died yesterday … The crazy, stupid, and rude things that people do while shopping on Black Friday … Uber did not disclose a data breach that affected more than 57 million of its customers … What Amazon CEO Jeff Bezos and his wife say they are doing to make sure they are raising kids who are self-reliant … Five ways you are wasting your customer’s time on the phone … What people are buying and serving for Thanksgiving dinner … Why your jeans have that tiny front pocket … This thing is cute for about three days and then it becomes a hassle … Families feel richer this year, but don’t plan to spend more on holiday gifts … What the repeal of net neutrality rules means for you … Wonder Woman talks about how rejection can boost your career.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
