Showing 12 posts in Consumer Financial Protection Bureau.

Is CFPB's Constitutionality Headed for the U.S. Supreme Court?

June 25, 2018 by Vaishali S. Rao

At the close of a 108 page decision filed in response to motions to dismiss a CFPB enforcement action, Consumer Financial Protection Bureau v. RD Legal Funding, LLC, C.A. No. 17-cv-890, Judge Loretta Preska of the U.S. District for the Southern District of New York (within Second Circuit jurisdiction) granted the motions by concluding the CFPB's structure was unconstitutional. This is significant because the D.C. Circuit had determined en banc earlier this year that the CFPB was constitutional in PHH Corp. v. CFPB. More ›

Credit Card Holder has Remedies under the TILA and FCBA against Issuer due to unauthorized use of Credit Card according to Third Circuit

May 23, 2018 by Hinshaw & Culbertson LLP

In Krieger v. Bank of America, the plaintiff unknowingly gave a scammer access to his personal computer, which was used to make a $657 Western Union charge on his Bank of America (BOA) credit card. Upon realizing the scam, the plaintiff immediately contacted BOA and was told that nothing could be done until he received his monthly billing statement. On receipt of the statement one month later, the plaintiff again contacted BOA, which credited his account while it investigated. In a confirmatory letter, BOA stated that, although Western Union could provide additional facts, BOA considered the dispute resolved. Although the plaintiff's next statement showed the credit, BOA followed up with a subsequent letter, which stated that, based upon additional information from Western Union, BOA believed the charge was in fact valid and would reinstate it to the plaintiff's account. The plaintiff then sent a letter detailing the events, declaring the charge invalid, and requested it be removed. BOA denied his request. The plaintiff paid the charge and filed suit. More ›

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