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Case Law


Results 1 - 10 of 262

Court dismisses class action against OppFi

Posted Date: Thursday, January 26, 2023
A Texas federal court dismissed a class action suit against Opportunity Financial, LLC which alleged the fintech violated Texas usury law by charging interest on loans it made through a partnership with a state-chartered bank at rates above the maximum rate permitted by Texas law. The court adopted the report and recommendations of the magistrate judge which advised the complaint to be dismissed with prejudice. Read on for more details. Read on »

CFSA files response to CFPB’s SCOTUS petition

Posted Date: Friday, January 20, 2023
Community Financial Services Association of America filed its brief in opposition to the Consumer Financial Protection Bureau’s petition for certiorari to be heard by the Supreme Court. The opposition brief asks the court to let the Fifth Circuit decision stand; or, if the court does decide to hear the case, the brief implores the court not to examine the constitutional question. Read on for more details. Read on »

Judge approves class action suit against First Guaranty

Posted Date: Friday, January 20, 2023
A lawsuit filed by former employees of First Guaranty Mortgage Corp. was granted class action status by a federal bankruptcy judge. The suit contends that the lender failed to comply with federal law when it laid off 471 employees “without cause” or notice in June 2022. Read on for more details. Read on »

CrossCountry Mortgage accused of racketeering

Posted Date: Tuesday, January 17, 2023
California-based lender American Mortgage Network (AMNet) filed a lawsuit in the U.S. District Court for the Northern District of Georgia charging CrossCountry Mortgage of racketeering in association with the poaching of employees and loans. AMNet also names a former employee and a CrossCountry executive as defendants in the lawsuit. Read on for more details. Read on »

California bank settles redlining allegation by DOJ

Posted Date: Friday, January 13, 2023
The Department of Justice (DOJ) announced it reached an agreement to resolve allegations that Los Angeles-based City National Bank engaged in patterns or practices of lending discrimination by “redlining” in Los Angeles County. The settlement agreement, which is part of the DOJ’s Combat Redlining Initiative, is the largest redlining settlement in its history. Read on for more details. Read on »

SCOTUS rejects Fannie, Freddie profit sweep suits

Posted Date: Friday, January 13, 2023
The U.S. Supreme Court turned away four appeals from shareholders of Fannie Mae and Freddie Mac who claimed they were entitled to compensation after the U.S. Treasury Department collected more than $100 billion in profits from the two government-sponsored enterprises. The rejection follows the 2021 Collins v. Yellen decision which denied other legal arguments attempting to invalidate the profit sweep. Read on for more details. Read on »

Mortgage lenders fight over poaching allegations

Posted Date: Tuesday, January 10, 2023
As mortgage lenders are adjusting to an economic downturn, maintaining good personnel is key to maintaining good business. Over the past few months there have been a flurry of lawsuits filed by mortgage lenders across the country accusing other mortgage lenders of engaging in the “poaching” of dozens, and sometimes more than 100, employees in coordinated schemes. Read on for more details. Read on »

SEC charges eight in $45M crypto fraud scheme

Posted Date: Friday, January 6, 2023
The Securities and Exchange Commission charged eight individuals for involvement in a fraudulent investment scheme which raised more than $45 million from the sale of unregistered securities for a fake crypto company. Read on for more details. Read on »

Consumer groups support CFPB’s UDAAP change

Posted Date: Tuesday, January 3, 2023
Six consumer advocacy groups filed an amici curiae brief in support of the Consumer Financial Protection Bureau (CFPB) in a lawsuit brought against the bureau by the U.S. Chamber of Commerce. The Chamber and other trade groups brought the suit challenging the CFPB’s expansion of the unfair, deceptive, or abusive acts or practices section of its examination manual to include discrimination. Read on for more details. Read on »

Whistleblower suit against lender settled for $38.5M

Posted Date: Monday, January 2, 2023
A lawsuit filed by a whistleblower against mortgage lender Academy Mortgage Corp. was settled for $38.5 million despite the Department of Justice wanting the case dismissed. Read on for more details. Read on »
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