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May Debtors Recover Damages for Emotional Distress Arising From Violations of the Automatic Stay?

The Bankruptcy code provides in 11 U.S.C. § 362(k)(1) that “an individual injured by any willful violation of a stay provided by this section shall recover actual damages, including costs and attorneys’ fees, and — in appropriate circumstances — may recover punitive damages.” The question for courts is whether the “actual damages” provision of section […]

A Turn of the Screw

On July 10, the Consumer Financial Protection Bureau issued a rule banning companies from denying arbitration to groups of people. For auto retail dealers and lenders, this change is just one more turn of the screw clamping down on the ability to do business. The new ruling stipulates that auto dealers and their lending partners […]

CFPB Upheaval [SPONSORED]

The Consumer Financial Protection Bureau had a busy first quarter defending itself. In the process of appealing the ruling from the U.S. Court of Appeals for the District of Columbia calling the CFPB “unconstitutionally structured,” the Department of Justice and 15 state Attorneys General joined the fray of government entities agreeing with the initial ruling. […]

Arbitration Rule to Prompt Confusion for Renegotiated Terms

The Consumer Financial Protection Bureau’s new arbitration rule — which bans companies from using arbitration clauses to deny groups of people their day in court — might lead to confusion for auto finance institutions over whether certain actions will be considered new transactions or not, Tom Alleman a lawyer at Dykema Cox Smith, told Auto Finance News. If a person […]

Law to Revamp CFPB Unlikely, Lawyer Says

A House of Representatives panel on Tuesday approved a proposal to revamp the Dodd-Frank Act, by voting to send the Financial CHOICE Act to the floor for consideration. There are a few aspects of the bill — introduced this summer by committee chairman, Jeb Hensarling (R-Texas) — that particularly pertain to the financial services sector, John Redding, a partner at BuckleySandler […]

Top 10 CFPB Headlines of 2015

Not surprisingly, the Consumer Financial Protection Bureau dominated the headlines in 2015, for a second year running. It was another busy year for the CFPB. The bureau continued to reach numerous consent orders and level fines against various auto lenders. While Santander Consumer USA picked up the most CFPB complaints in the first half of […]
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