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Posted Date: Friday, April 19, 2024
A judge in the U.S. District Court of the District of Minnesota ruled on the Federal Deposit Insurance Co.’s (FDIC) motion to dismiss a complaint brought by the Minnesota Bankers Association and Lake Central Bank, a Minnesota-chartered commercial bank, claiming one of the agency’s financial institutions letters (FIL) amounted to a legislative rule promulgated improperly under the Administrative Procedures Act.
The FIL in question shared the FDIC’s guidance on when a bank charging multiple nonsufficient funds fees may run afoul of federal banking regulations. Read on »
Posted Date: Tuesday, April 9, 2024
The legal battle over modernized Community Reinvestment Act requirements has culminated in a preliminary injunction in federal court. Dodd Frank Update spoke with Garris Horn PLLC Co-Managing Partner Richard Horn about the development, which did not come as a shock to many industry insiders aware of the challenges presented by the cumbersome final rule. Read on »
Posted Date: Tuesday, March 26, 2024
In Cantero v. Bank of America, petitioners asked the U.S. Supreme Court whether a New York statute requiring mortgage lenders to pay a minimum interest rate on funds held in mortgage-escrow accounts is preempted by the U.S. Constitution. Read on »
Posted Date: Friday, March 1, 2024
A Florida district court ruled on a class action lawsuit against United Wholesale Mortgage and its CEO Mathew Ishbia alleging anticompetitive practices in the wholesale lending market. The case centers on UWM’s ultimatum prohibiting partner brokers from doing business with Rocket Mortgage or Fairway Independent Mortgage. Read on »
Posted Date: Tuesday, February 20, 2024
Struggling homeowners victimized by a mortgage relief scam can rest easier following a California district court’s ruling finding the perpetrators liable for approximately $19 million in combined penalties and restitution. Read on »
Posted Date: Friday, February 9, 2024
Chevron deference isn’t the only administrative element being considered by the Supreme Court this year. Another case, initially brought against the Securities and Exchange Commission, challenges the validity of agency adjudication, a traditional tool used by the executive branch. Read on »
Posted Date: Friday, December 8, 2023
A
group of mortgage loan officers filed suit against Bank of America, alleging
the bank failed to appropriately compensate employees who routinely worked more
than 60 hours per week. The plaintiffs assert the bank avoided paying overtime
to commission-based employees by systematically misclassifying them as exempt under
the Fair Labor Standards Act. Read on »
Posted Date: Friday, October 6, 2023
As U.S. Supreme Court justices heard arguments about the
constitutionality of the Consumer Financial Protection Bureau’s funding
structure, Dodd Frank Update’s sister publication, RESPA News,
was in the courtroom to document the highly anticipated moment.
Afterward, we checked in with a couple of Dodd-Frank Act
experts for their take on how the arguments went. Read on »
Posted Date: Tuesday, September 12, 2023
Five years after being named the defendant in a class-action
discrimination lawsuit, the Consumer Financial Protection Bureau recently
agreed to a proposed $6 million settlement with 85 employees who claim the
bureau showed preferential treatment toward white and male employees to the
detriment of their coworkers who are minorities and/or women.
When these employees complained about unfair treatment, they
faced retaliation from management, according to official case filings. Read on »
Posted Date: Tuesday, August 22, 2023
KeyCorp, the holding company for KeyBank, is facing a class action suit alleging it downplayed concerns regarding its liquidity.
The stockholder rights law firm that filed the action encouraged investors to contact the firm if they believed they were impacted by the company’s actions.
Read on for more details. Read on »
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