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Our Financial Services Litigation Team examines the latest effort by the Consumer Financial Protection Bureau to crack down on deceptive and unfair acts and practices – is it a harbinger of things to come under the Biden Administration?
A panoply of Acts allegedly violated
Accusation that the lender’s business model is deceptive
How may this show what is on the horizon?
The number of enforcement actions by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB made clear that cracking down on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a core focus, with 11 of the 15 complaints it filed last year alleging such violations.
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On January 5, 2021, the Consumer Financial Protection Bureau (CFPB) Taskforce on Federal Consumer Financial Law (Taskforce) issued a final report (Report) with recommendations on how to.
Tesla Solar Faces More California Lawsuits for Alleged False Credit Reporting of Solar City Purchase Power Agreements.
These PPA agreements are not loans and Tesla has no business reporting them to the credit bureaus as loans, and I am quite confident that our lawsuits will prompt Tesla to discontinue this practice.” Robert F. Brennan
LOS ANGELES, CA, UNITED STATES, January 20, 2021 /EINPresswire.com/ Five more California consumers have filed lawsuits against Tesla Energy for falsely credit-reporting their SolarCity Power Purchase Agreements (“PPA Agreements”) on their credit reports as large-balance five-figure outstanding loans. To date, six different consumers have brought actions in California federal courts against Tesla for alleged violations of the Fair Credit Reporting Act and other related laws.
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On January 13, 2021, the U.S. District Court for the District of Columbia denied a motion to compel arbitration filed by First Premier Corp. (“First Premier”) in a Fair Credit Reporting Act case, on the grounds that First Premier did not sufficiently establish that the card agreement containing the arbitration clause was mailed to the cardholder.
Proctor v. First Premier Corp., 2021 U.S. Dist. LEXIS 6502 (D.D.C. Jan. 13, 2021).
The plaintiff, Charnita Proctor sued First Premier and other creditors, alleging that they “reported inaccurate or incomplete information” to Equifax and “failed to conduct a reasonable investigation” of the plaintiff’s credit disputes. 2021 U.S. Dist. LEXIS 6502 at 4-5. First Premier moved to compel arbitration of the plaintiff’s FCRA claim pursuant to the terms of its credit card agreement, and a declaration of a First Premier employee attesting that “after Plaintiff open