Relman Colfax PLLC’s Post

Honored to have been able to contribute to the policy and advocacy efforts that have led to the Consumer Financial Protection Bureau’s victory in this important case — a legal fight that could have determined the agency’s funding mechanism and its very existence. No matter how one may feel about the agency, its work for fairness and transparency in the financial system has saved consumers and working-class families billions of dollars. Essentially, protecting vulnerable people from unfair and deceptive practices transcends party lines; a recent poll found that two-thirds of independents, three-quarters of Republicans, and over eight in ten Democrats support the CFPB. As I wrote in May last year, the bottom line is that we need a strong CFPB to continue to crack down on the industry’s illegal and discriminatory actions — and right now, despite the pressure from its opponents, the CFPB is delivering. —— P.S: Last year, as the CFPB was still waiting for a decision from the Supreme Court, I wrote an op-ed highlighting the consumer agency’s crucial work. Feel free to click the link on top of this New York Times piece to read my op-ed. https://lnkd.in/ezuffqv4 —— #cfpb #protectconsumers

Check out my latest blog post for EBG's Commercial Litigation Update Blog and the impact the Supreme Court's pending decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd., et al. continues to have on CFPB civil investigative demands. #financialservices #practiceoflaw #consumerfinancialprotectionbureau #SupremeCourt

I've posted the following new paper on SSRN: "Policy Brief: On Remand in Cantero, the Second Circuit Should Uphold New York's Interest-on-Escrow Law and Reject Bank of America's Preemption Claim," https://lnkd.in/ewsDTBD4. My paper discusses the Supreme Court's recent decision in Cantero v. Bank of America, N.A., 144 S. Ct. 1290 (2024), and explains why the Second Circuit should uphold the validity of a New York consumer protection law on remand from the Supreme Court.

Consumers are learning their rights and are not taking advantage of the system. The system only favors the rich with big attorneys. As soon as a regular consumer takes action, it becomes a problem for the system. Adding to this is the lack of consumer attorneys willing to take these cases, as 99% consider them not worthy unless they can earn six figures. #ConsumerRights #LegalEquality #SystemicIssues #FairRepresentation #JusticeForAll #FinancialFairness #ConsumerProtection #LegalReform

What are NY's most important developments? If you know me, you know I am passionate about the latest state-level #estateplanning, #taxplanning and #matrimonial law developments 😊. It's that time of year when I publish my list of NY’s Top 10 Developments for 2023 for the New York Law Journal and key state-level planning developments across the U.S. for Trusts & Estates Magazine, which my colleague James Byrne and I just published.   On the #newyork front, areas of interest include: - Malpractice cases that serve as cautionary reminders for estate planning attorneys - How revocable trusts can help avoid judicial obstacles - The enactment of New York’s LLC Transparency Act, not requiring a public database   The full state-level roundup from across the country in Trusts & Estates Magazine to follow! #estateplan #estateplanningattorney #estateplanninglawyer #estateplanningtips

INDUSTRY NEWS: Our latest blog post dives into the dramatic increase in consumer complaints and lawsuits against financial practices. January 2024 saw a significant rise in legal actions related to the FDCPA, TCPA, and FCRA - with numbers reaching record-breaking heights. Understand the implications for the ARM industry and the importance of staying informed to mitigate risks and remain compliant. Click through to read the full analysis, see all the facts and figures, and gain insights into navigating these developments. READ THE FULL ARTICLE HERE: https://lnkd.in/ebCU9mT8 #CornerstoneLicensingServices #ConsumerComplaints #LegalTrends #FinancialCompliance #IndustryNews #ARMIndustry

🚨 Breaking News for Financial Advisors 🚨 LPL Financial faces a new lawsuit over low sweep account interest rates, prioritizing company profits over client benefits. This legal issue raises concerns about transparency and client trust. If you’re an advisor at LPL, now might be the time to consider a firm that values both your reputation and your clients' best interests. 🌟 Stay ahead and ensure your clients receive the best service! 🔍💼 #FinancialAdvisor #LPL #ClientFirst #FinancialPlanning #AdvisorLife #Transparency #Trust #FinanceNews Read more: [AdvisorHub](https://lnkd.in/ebddAmGv)

https://lnkd.in/e4NmnBvb Good day for consumers! The US Supreme Court upheld the constitutionality of the CFPB funding structure challenged by payday lenders who didn’t like having limits on their behavior. For too long the oversight and enforcement of federal consumer law and regulation was fractured, confusing and often stymied. The CFPB has unified the process and does so effectively and efficiently. Are you a consumer with a problem with a company? The complaint process with the CFPB is a great place to start. (And then finding a consumer attorney if that doesn’t work).

Low-income people pay for your credit card rewards. The higher interest rates and late fees offset the cost of rewards. Credit card companies charged $12 BILLION in late fees in 2020 alone and slip in provisions to prevent you from suing the company. This disproportionally affects BIPOC and low-income communities. Doesn’t that sound like class warfare to you? We have the receipts: #creditcards #forcedarbitration

In a pivotal decision, the Third Circuit Court has ruled on Barclift v. Keystone Credit Services, LLC, setting a precedent on consumer standing under the FDCPA. The court decided that sharing debtor information with a mailing vendor doesn't constitute "public disclosure," thus, the consumer lacked standing to sue. This ruling not only highlights the nuanced "kind of harm" test but also reinforces the ongoing debate among circuits regarding consumer standing in privacy-related cases. Read more from Tucker Arensberg, P.C. attorney Aaron Walayat about how this decision impacts the interpretation of "injury-in-fact" and the broader implications for consumers and debt collection practices: https://hubs.ly/Q02nzRvZ0 #legalnews #consumerrights #privacylaw