Case Law

The U.S. Supreme Court overturned a Sixth Circuit decision which upheld the Federal Deposit Insurance Corp. (FDIC) finding and penalties applied to the former CEO of a Michigan community bank. The high court found two legal errors had been made in the adjudication of the case and that the Sixth Circuit should have remanded the case back to the agency for reconsideration so the errors could be corrected. Read on for more details. Read on »

The Consumer Financial Protection Bureau entered into a settlement agreement which would include a $9 million penalty ordered against Citizens Bank for “unlawful credit card servicing” activity. This unlawful activity, according to the bureau, included Citizens Bank failing to properly manage and respond to customers’ credit card disputes and fraud claims. Read on for more details. Read on »

The Mortgage Bankers Association, National Association of Realtors, and the National Association of Home Builders filed an amici brief with the U.S. Supreme Court in Consumer Financial Protection Bureau v. Community Financial Services Association of America which will determine the constitutionality of the Consumer Financial Protection Bureau’s funding structure. Read on for more details. Read on »

Wells Fargo entered into a preliminary settlement agreement with shareholders as part of a class action lawsuit related to misleading information Wells Fargo provided regarding its response to the creation of fake accounts – which was made public in 2016 – and resulted in nearly $200 million in fines from regulators. Read on for more details. Read on »

Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, and Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, have been joined by 144 current and former members of Congress in filing an amicus brief supporting the Consumer Financial Protection Bureau in the case seeking to determine the constitutionality of its funding structure. Read on for more details. Read on »

The Consumer Financial Protection Bureau filed its brief with the U.S. Supreme Court for its case against Community Financial Services Association of America which questioned whether the bureau’s funding structure – which sees its annual budget provided by the Federal Reserve instead of Congress – is a violation of the appropriations clause. Read on for more details. Read on »

In an attempt to bring charges against non-bank mortgage company Ocwen for alleged violations of federal consumer protection laws that occurred while Ocwen was under a consent order with the Consumer Financial Protection Bureau (CFPB), a district judge in the Southern District of Florida has held that the CFPB is barred from bringing claims from that period. Read on for more details. Read on »

A 2020 lawsuit filed by Better alleged a former employee gave its trade secrets to Beeline Loans. The suit is set to go to trial on Jan. 8, 2024. Read on for more details. Read on »

In a recent unanimous decision from the Supreme Court, the court held that entities and individuals facing administrative proceedings from the Federal Trade Commission and the Securities and Exchange Commission have the right to enjoin those proceedings through a suit before a federal district court before the administrative proceeding has concluded. Read on for more details. Read on »

The Securities and Exchange Commission charged crypto trading platform Bittrex, Inc. and its former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. Read on for more details. Read on »