Newsletters

03.20.19

Supremes Resolve Circuit Split Under FDCPA Impacting Law Firms

In a key decision resolving a split among appeals courts, the Supreme Court unanimously ruled today, in Obduskey v. McCarthy & Holthus LLP, that law firms that carry out nonjudicial foreclosures are not considered debt collectors under the Fair Debt Collection Practices Act.


03.13.19

RESPA New Private Actions? Massachusetts OKs NOE Error Suit

Just a limited set of Real Estate Settlement Procedures Act (RESPA) claims allow for private rights of action, but the list might be growing larger.


12.19.18

State Enforcement: Attorneys General Tackle Pension Sales and Robosigning

State regulatory oversight continues, with Virginia Attorney General Mark R. Herring winning a $50 million court order, albeit by default judgment, against a pension sale company and a coalition of 42 state attorneys general working together to reach a deal over unlawful debt collection.


09.27.18

Eighth Circuit Backs Bank’s Policy of Termination for Disqualifying Convictions

A bank did not engage in age bias when it terminated an employee after learning that he had a prior conviction that disqualified him from employment, the U.S. Court of Appeals, Eighth Circuit has affirmed.


08.16.18

CFPB News: A Settlement, a Loss and More Leadership Fights

The Bureau of Consumer Financial Protection (CFPB or Bureau) settled with a Minnesota-based bank for $30 million over the marketing and sale of its overdraft practices, and lost its suit against a law firm accused of violating the Consumer Financial Protection Act (CFPA) and Fair Debt Collection ...


07.05.18

Might Courts Force Leadership Change at CFPB?

The future of the Bureau of Consumer Financial Protection (CFPB) remains uncertain, as the nomination of a permanent director turned controversial, and a New York federal court ruled its structure unconstitutional.


07.05.18

CFPB News: More Reports, Settlements and Actions Dropped

In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached two major settlements.


06.21.18

NY Federal Judge: CFPB Structure Unconstitutional

Dismissing the CFPB from a suit it joined with the New York attorney general, a federal judge sitting in New York has ruled that the structure of the Bureau of Consumer Financial Protection (formerly known as the Consumer Financial Protection Bureau, or CFPB) is unconstitutional, requiring ...


06.06.18

Regulatory Relief Continues With Volcker Rollback Proposal

Just days after enactment of a partial Dodd-Frank rollback that included a substantial loosening of the Volcker Rule prohibitions against proprietary trading, the Federal Reserve Board of Governors kept the ball rolling with new proposals that would further reduce Volcker Rule burdens.


05.24.18

Trump Signs Partial Dodd-Frank Rollback into Law

With the long-awaited passage of Senate Bill 2155 by the House of Representatives on Tuesday, and the President’s signature two days later, financial institutions are beginning to breathe a major sigh of relief.