On Wednesday the Supreme Court, in Kellogg Brown & Root Services, Inc. v. United States ex rel. Carter, No. 12-1497 (2015), held that the Wartime Suspension of Limitations Act (“WSLA”) only tolls the statute of limitations for criminal offenses, not civil claims under the False Claims Act (“FCA”). The Court also held that the
Employer Antiretaliation Liability to Employees that Blow the Whistle against Former, Unrelated employers?
Does the False Claims Act’s antiretaliation provision, 31 U.S.C. § 3730(h)(1), apply to an “employer that fire[s] an employee after discovering that the employee was a whistleblower and relator in an ongoing qui tam action under the FCA against his former, unrelated employer”? Cestra v. Mylan, Inc, No. 14-825, 2015 U.S. Dist. LEXIS 67069 (W.D.
CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule
The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. Once effective, the TRID will drastically alter, among other things, the pre-closing disclosures that creditors, mortgage brokers and settlement agents must provide to borrowers under
CFPB Fines Military Allotment Processor $3.1 Million
Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members into paying millions of dollars in hidden fees.
Fort Knox National Co., through MAC, is one of the largest processors of military
Pro Se Relators May Not Pursue Qui Tam Actions on Behalf of the Government
In Gunn v. Credit Suisse Group AG., No. 13-4738, 2015 WL 1787011, — F. App’x — (3d Cir. Apr. 21, 2015) (unpublished), the Third Circuit joined the District of Columbia, Second, Fourth, Seventh, Eighth, and Ninth Circuits, in holding that a pro se relator cannot maintain a qui tam action after the government has declined
CFPB Targets PayPal’s Consumer Lending Service
In a recent filing with the Securities and Exchange Commission, eBay’s PayPal division disclosed that it could be hit with an enforcement lawsuit by the Consumer Financial Protection Bureau (CFPB) as early as the second quarter of 2015. The potential suit arises from CFPB inquiries into PayPal Credit, the company’s consumer lending service formerly known
Mortgage Shopping Toolkit Available for Compliance Guidance
The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative designed to improve compliance and help consumers understand mortgage loans. This toolkit will guide potential homeowners in securing mortgages, understanding closing costs and offering helpful hints for consumers to
SEC Charges Group of Unregistered Broker-Dealers Trading in Corporate Bond Market
Last week, the Securities and Exchange Commission (SEC) charged more than 20 individuals and companies with violations of the Securities Exchange Act of 1934 (the Exchange Act) related to the buying and selling of investment-grade corporate bonds. The SEC charged the respondents with trading in corporate bonds without first registering as broker-dealers. Two respondents, Global
CFPB Launches Inquiry into the Credit Card Industry
Last week, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment from consumers on how the credit card market is functioning following several initiatives imposed by the Credit Card Accountability Responsibility and Disclosure Act of 2009, H.R. 627 (CARD Act), which amended various provisions of the Truth in Lending Act, 15 U.S.C
CFPB Releases Study on Use of Arbitration Clauses in Consumer Contracts
Last week, the Consumer Financial Protection Bureau (CFPB) released its 728-page report on the use of arbitration clauses in consumer financial products and services contracts. The findings in the report come from a three-year study, which CFPB Director Richard Cordray called “the most comprehensive empirical study of consumer financial arbitration ever conducted.” In addition to