Case Law

The U.S. District Court for the Southern District of Texas, McAllen Division described the Texas Bankers Association’s arguments to strike down the Consumer Financial Protections Bureau’s small business lending rule as “all over the place,” using words like “misrepresents” and “grossly overstated” in reference to the organization’s arguments. The opinion comes after a stay was lifted while the district court waited for the U.S. Supreme Court to rule on the bureau’s financial structure’s constitutionality. Read on »

Trade organizations and the Consumer Financial Protection Bureau have filed amicus briefs in a case brought against Citibank by the attorney general of New York alleging violations of the Electronic Fund Transfer Act. But what led to this lawsuit, with the bureau claiming banks have a duty to protect consumers from fraudulent wire transfers and the trades arguing this new interpretation is inconsistent with prior agency statements? Read on »

The Consumer Financial Protection Bureau raised eyebrows when it submitted an amicus brief in a lawsuit filed by the New York attorney general against Citibank, arguing banks are liable for wire fraud under the Electronic Funds Transfer Act. The amicus has raised eyebrows among banking advocates who view the move as the bureau essentially asking a federal court to rewrite the law. Read on »

The U.S. Supreme Court issued a unanimous decision in Cantero v. Bank of America, in which petitioners claimed the country’s second-largest bank by asset size violated New York state law by not paying interest on balances held in escrow. Dodd Frank Update reached out to Husch Blackwell Partner Susan Seaman, who has been following the case and provided expert insight. Read on »

The U.S. Supreme Court ruled 7-2 in favor of the Consumer Financial Protection Bureau (CFPB), settling a yearslong battle with Consumer Financial Services of America and ending uncertainty as to whether the CFPB’s funding structure was constitutional. Dodd Frank Update reached out to several industry insiders to break down what this ruling signifies. Read on »

October Research, LLC debuted its new “Keys to Real Estate” podcast, hosted by Chief Knowledge Officer Mary Schuster, on May 16. Industry professionals can now hear from some of the most knowledgeable thought leaders on topics impacting the real estate transaction while on the go delivered weekly via various podcast platforms and YouTube. Read on »

As data and cyber security issues continue to rise, hackers use every opportunity to compromise private consumer data, and affected companies are left to clean up the damage. A case out of U.S. District Court for the Eastern District of Pennsylvania may be a good indicator on how courts are approaching settlements for these incidents, including how much the attorneys are paid. A judge reinstated the attorney fee award given in a class action suit after it was vacated by the Third Circuit Court of Appeals. The judge who reinstated the $3.2 million award had been tasked with re-considering its reasonableness. Read on »

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 »

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 »

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 »