10.30.19
While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule, filing a new lawsuit in conjunction with the South Carolina Department of ...
The Conference of State Bank Supervisors (CSBS) has proposed legislation for adoption by the states in an effort to streamline and make uniform requirements for money service businesses (MSBs).
One of the many bills enacted into law during the California Legislature’s end-of-session rush was Assembly Bill 857, which authorized the creation of “public banks” to support local economies and community development and address infrastructure and housing needs for ...
10.16.19
In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank.
Is the CFPB putting its own prior conduct at risk? Over the last few weeks at the Consumer Financial Protection Bureau (CFPB or Bureau), Director Kathleen Kraninger herself declared the structure of the CFPB unconstitutional, placing the director in a position arguably adverse to her own ...
A major national bank won a motion to dismiss in a multidistrict litigation challenging its overdraft fee practices, sending the individual plaintiffs’ disputes to arbitration pursuant to customer account or deposit agreements.
09.25.19
Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern District of Georgia, holding that the enforcement of forum selection ...
Taking the cautious view of a district court’s judicial discretion, the U.S. Court of Appeals for the Ninth Circuit declined to grant a writ of mandamus seeking to overturn a case management order that prohibited precertification class settlement discussions.
In Consumer Financial Protection Bureau (CFPB) news, the CFPB published its Summer 2019 supervisory highlights, and focused on auto loan originations, credit card account management, debt collection, credit furnishing and mortgage originations.
08.28.19
In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button issue and Sen. Sherrod Brown (D-Ohio) called for the CFPB to move forward ...