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Consumer Financial Services Answer Book 2014

 
Author(s): Richard E. Gottlieb, Thomas M. Hanson, Arthur B. Axelson
Practice Area: Banking
Published: Nov 2013
ISBN: 9781402420801
PLI Item #: 47864

The “Consumer Financial Protection Act of 2010” (CFPA), Title X of the Dodd-Frank Act, made major changes in how consumer financial services are regulated, and many of these important changes are now in effect.  The Consumer Financial Services Answer Book 2014 describes in concise detail the new regulatory structure and requirements.  This new publication describes:

  • Updated requirements under such federal statutes as the Truth in Lending Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, and many others
  • The regulatory authority, and the limits on that authority, of the newly created federal Bureau of Consumer Financial Protection, as well as the changed authority of existing financial services regulators
  • The current federal requirements for mortgage loan servicing, foreclosure and eviction
  • The changes to the federal preemption, which require specific findings before preemption may be invoked

The Consumer Financial Services Answer Book 2014 helps the practitioner, through an easy question and answer format, understand the revised regulations in such areas as:

  • The secondary loan market, including securitization and assignee liability
  • Mortgage loan servicing
  • Automotive financing
  • Privacy and identity theft

In addition, the Consumer Financial Services Answer Book 2014 provides practical insight on litigation practices in this area, including special coverage on e-filing and document retention requirements as well as expert, practical insights into consumer financial class actions and other issues of emerging concern.

Richard E. Gottlieb counsels and defends banks, mortgage lenders, servicers, auto finance companies, retailers, insurers and other entities in a wide variety of matters, including the defense of both individual and putative class action suits alleging false or deceptive practices and statutory consumer lending violations, the defense of enforcement matters brought by state and federal agencies, and in providing regulatory and compliance advice. Prior to joining Manatt, Phelps & Phillips, Mr. Gottlieb chaired the Consumer Financial Services practice at an Am Law 150 firm.

Mr. Gottlieb is a recognized national leader in the field of financial services. He has been listed in Chambers USA’s Financial Services Regulation: Consumer Finance Litigation category since its inception. Chambers notes he is praised for his “knowledge and problem-solving abilities,” his particular “expertise in consumer finance matters,” and further describes him as "incredibly client-focused." Richard is also one of only two lawyers to be elected a Fellow of both the American College of Mortgage Attorneys (ACMA) and the American College of Consumer Financial Services Lawyers (ACCFSL), where he is currently serving a four-year term on the governing Board of Regents. He is likewise an active member of various bar and trade associations, where he has held various leadership roles. 

Mr. Gottlieb is a frequent lecturer on financial services, privacy, fair lending, class actions and trial practice matters, and has been interviewed on programs such as NBC Nightly News with Brian Williams and National Public Radio's All Things Considered. He is regularly published and served as co-author and lead editor for PLI's recently-published Consumer Financial Services Answer Book 2016 (Practising Law Institute), as well as all previous editions.

Experience

Mr. Gottlieb’s current and recent representations include the following:

  • Representation of servicers and mortgage lenders in connection with attorney general, state banking and federal agency investigations arising out of alleged defects in residential foreclosure processes.
  • Representation of mortgage lenders in defense of putative class actions alleging race discrimination in the extension of credit under the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA), and other discrimination statutes.
  • Representation of retailers, financial services companies, debt collectors and other entities in defense of putative class actions alleging "blast fax," automated dialer, and related claims under the Telephone Consumer Protection Act (TCPA). 
  • Defense of multiple lenders in qui tam actions under the federal False Claims Act and state law equivalents.
  • Representation of major financial institution in multimillion dollar dispute over servicing transfer rights in connection with large commercial property.
  • Representation of lenders, servicers and insurers in connection with audits, market conduct examinations, civil investigative demands (CIDs), subpoenas, grand jury matters and enforcement activities.
  • Defense of individual and putative class actions alleging violations by lenders of federal Truth in Lending Act (TILA), Home Owners Equity Protection Act (HOEPA) and related statutes and regulations.
  • Defense of putative class actions against collection agencies and debt purchasers alleging violations of Fair Debt Collection Practices Act (FDCPA).
  • Prosecution and defense of numerous commercial, consumer and insurance arbitrations and mediations.
  • Defense of mass actions and putative class actions alleging improper denial of loan modifications under federal Home Affordable Modification Program (HAMP).
  • Representation of automotive financial services clients in proceedings against dealers and guarantors.
  • Representation of major mortgage servicers and lenders in hundreds of actions seeking to circumvent residential foreclosures.

Significant Decisions

  • FM Industries v. Citicorp Credit Services, Inc., 614 F. 3d 335 (7th Cir. 2010). Affirming award of sanctions and fees against plaintiff and its counsel in software-based copyright action.
  • Wahl v. Midland Credit Management, Inc., 556 F. 3d 643 (7th Cir. 2009). Affirming grant of summary judgment in certified FDCPA class action, and broadly holding that an alleged false claim must likewise mislead unsophisticated consumers to be actionable, notwithstanding disjunctive language in statute. (Mr. Gottlieb argued.) 
  • Murray v. New Cingular Wireless, et al.; Bruce v. KeyBank N.A., 523 F. 3d 719 (7th Cir. 2008). Broadly rejecting "firm offer" FCRA lawsuits based on theory that mailings lacked value or that law requires all material terms in the initial mailer. This ruling effectively overrules Cole v. U.S. Capital (7th Cir. 2004). (Mr. Gottlieb argued.) 
  • Guise v. BWM Mortgage LLC,  377 F. 3d 795 (7th Cir. 2004), aff’g 2003 U.S. Dist. Lexis 14914 (N.D. Ill. Aug. 25, 2003). Concluding that solely the unreasonable portion of any excessive charge may be attributed to finance charge in determining tolerances under TILA. (Mr. Gottlieb argued on behalf of all appellees.)