Posts from April 2016.

On April 25, the Consumer Financial Protection Bureau ("CFPB") entered into a Consent Order with a New Jersey debt collection law firm, Pressler & Pressler, LLP, and two of its managing partners, Sheldon H. Pressler, and Gerard J. Felt (collectively "the Firm").[1]

The Firm agreed to pay a civil penalty of $1 million dollars in addition to adhering to the provisions contained within the Order. This Order raises questions about whether there is or should be a limit to the federal regulation of attorney practice and litigation strategy. The CFPB appears to be asserting authority ...

Posted in: CFPB, FDCPA

The CFPB received a lesson in the importance of specificity on April 21st when the United States District Court for the District of Columbia's Judge Richard J. Leon found that it overreached in its attempt to enforce a Civil Investigative Demand ("CID") it served on the Accrediting Council for Independent Colleges and Schools ("ACICS").

The Opinion warned the CFPB to be "especially prudent before choosing to plow head long into fields not clearly ceded to them by Congress". Yet the takeaway for the CFPB is likely one related to the editing of its CID language rather than a true ...

Posted in: CFPB

In a joint release, Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Federal Housing Finance Agency; National Credit Union Administration; and U.S. Securities and Exchange Commission, (collectively "Regulators"), have issued their long-anticipated Proposed Rule limiting incentive-based compensation for bankers Thursday.

This 2016 Proposed Rule is stronger and broader than the one Regulators initially proposed in 2011. The Rule largely mirrors the industry trends in ...

Posted in: Compensation

Florida's Third District Court of Appeal retreated from one of its most unpopular opinions this morning. The Third DCA surprised many with its original ruling in Deutsche Bank Trust Company Americas v. Beauvais ¸ 3D14-575 when it split with the Fourth District Court of Appeal and held that if a prior foreclosure is dismissed without prejudice, the statute of limitations continues to run from the date of the first foreclosure filing. In the year that followed, the Third DCA's Beauvais opinion was universally panned by the First, Fourth, and Fifth District Courts of Appeal and numerous ...

Posted in: Uncategorized
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