Plaintiffs’ lawyer Jay Edelson slams $380 million Equifax deal in amicus brief at 11th Circuit

(Reuters) – Jay Edelson is a class action plaintiffs’ lawyer who specializes in privacy cases. His eponymous firm has had a lead role in some of the biggest cases of the past few years, including a $650 million biometric privacy settlement with Facebook in 2020 and a 2019 jury verdict of more than $900 million in a Telephone Consumer Protection Act case against the telemarketer ViSalus. Edelson has a powerful interest, in other words, in the integrity of the class action system.

He claims that Equifax’s $380.5 million data breach settlement undermines public faith in that system, accusing the judge and class counsel of adding to cynicism about the benefits of class actions.

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Consumer Financial Protection Bureau Sues Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Encore Capital Group, Inc. and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The companies, which are headquartered in San Diego, California, together comprise the largest debt collector and debt buyer in the United States, with annual revenue exceeding $1 billion and annual net income exceeding $75 million. Encore and its subsidiaries are currently subject to a 2015 consent order with the Bureau based on the Bureau’s previous findings that they violated the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA), and Fair Credit Reporting Act. The Bureau alleges that Encore and its subsidiaries have violated the terms of this consent order and again violated the FDCPA and CFPA. The Bureau’s complaint seeks injunctions against them, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and civil money penalties.

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6 reasons mortgage rates will decline in fall 2020

 

Mortgage rates are always in the news — and lately, the news for borrowers has been terrific. In early September, the typical 30-year mortgage was priced at 3.10 percent, according to Bankrate’s national survey of lenders. That’s a record low.

But what about the next few months? Where will rates wind up in the fall? Should we look for steeper interest costs or something lower?

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Use of OFAC Data in Spotlight: Consumer Reporting Agency Sued Again for False Positive Terrorist Watch List Data in Consumer Reports

The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) maintains the Specially Designated Nationals (“SDN”) list, which is published to identify suspected terrorists and other bad actors.  US persons are generally prohibited from dealing with anyone on the list, so companies and governments regularly run checks against the SDN list and other “terrorist watch list” data to ensure that they are not doing business with such bad actors.  Some consumer reporting agencies (“CRAs”) provide these checks to alert users of a possible terrorist in order to prevent prohibited transactions with such individuals.  Often these users are legally required to run such checks.

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Credit Score Outta Shape

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Mortgage Rates Today, September 1, 2020 | Rates rise

Several key mortgage rates increased today. The average for a 30-year fixed-rate mortgage cruised higher, but the average rate on a 15-year fixed decreased. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, inched up.

Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just don’t do so without shopping around first.

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