Case Law

The Department of Justice has continued its efforts to hold to account individuals and organizations that engaged in fraud relating to COVID-19 relief funds. This includes a man convicted of a $4.1 million fraud scheme, and a real estate developer who was indicted by grand jury in Oregon.

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In 2012, Ripple Labs developed XRP, a cryptocurrency meant to facilitate international transactions. In December 2020, the Securities and Exchange Commission (SEC) brought suit against Ripple and two of its executives for selling XRP, which the SEC classified as an unregistered security.

Since then, a legal battle has been ongoing that many experts see as being a watershed case for crypto regulation.

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A complaint filed in Chicago’s federal district court for the Northern District of Illinois alleges Wintrust Bank denied black applicants at a higher rate than white applicants; and, when black applicants were approved, it was at terms more burdensome than those for white applicants.

The lawsuit seeks certification to become a class action suit on behalf of all black applicants who were denied or subject to less favorable terms upon approval.

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In a case of first impression for the 11th Circuit Court of Appeals, the court heard a case questioning whether a monthly mortgage statement should fall within the definition of “communications in connection with the collection of debt” under the Fair Debt Collection Practices Act.

The opinion from the court gave a narrow holding, but one that may affect the way some mortgage servicers do business.

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Borrowers are bringing class action suits against mortgage servicers over data breaches. The borrowers are claiming the servicers failed to meet their duty to protect personal data of the borrowers.

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In a decision which seeks to restrict decades of Supreme Court precedent, the Fifth Circuit Court of Appeals has deemed the function of Securities and Exchange Commission Administrative Law Judges and their quasi-judicial authority to be unconstitutional.

This decision, if affirmed by the Supreme Court, could have wide-ranging ramifications for a considerable number of federal agencies.

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The Ninth Circuit Court of Appeals has reversed a lower court’s summary judgment ruling in favor of a defendant sued for violation of the Fair Credit Reporting Act (FCRA).

The appellate court determined the “reasonable investigation” conducted by the defendant when the plaintiff disputed the information needed to be left up to a jury to decide.

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In 2013, the Consumer Financial Protection Bureau (CFPB) brought enforcement action against Ocwen Financial Corp. The enforcement action led to a settlement agreement between Ocwen and the CFPB during which time Ocwen mortgage’s practices were subjected to greater oversight and scrutiny.

Now the question before the court is whether the CFPB is precluded from bringing action against Ocwen for things done during, and prior to, the settlement agreement period.

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An enforcement action brought by the Consumer Financial Protection Bureau against 1st Alliance Lending and three individuals within the company has survived efforts by the defendants to get the case dismissed.

The case revolves around whether certain sales employees were required to maintain mortgage originator licenses in every state in which 1^st Alliance Lending operated.

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Two years since the beginning of the COVID-19 pandemic, and the federal government has begun a full-force crack down on fraudulent activity relating to the Payment Protection Program (PPP) and Coronavirus Aid, Relief, and Economic Security (CARES) Act programs that were meant to help those whose economic well-being was most effected by the pandemic and related shutdowns.

This shift signals a major shift away from borrowers’ fraud and towards lenders that facilitated fraudulent borrowing.

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