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.
10.11.19
In a closely watched case that many hoped would bring some clarity—and sanity—to the subject of website accessibility under the Americans with Disabilities Act, the Supreme Court has instead chosen to punt.
09.25.19
In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS).
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 ...
In a pair of new reports, the 12 Federal Reserve Banks provided data on the financing needs, decisions and outcomes of (i) small businesses (fewer than 500 employees) and (ii) nonemployer firms.
08.14.19
The California Department of Business Oversight (DBO) has issued its long-awaited draft regulations to implement SB 1235, a 2018 law requiring consumer-like disclosures for commercial financing in California. The DBO has requested public comment on these draft regulations, giving interested ...