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Results 1 - 10 of 328 |
Posted Date: Friday, November 1, 2024
A federal court in southern Ohio considered whether the debt settlement companies behind mailers sent as part of a marketing plan were creditors, and whether the practice violated the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA).
The case is Jessica Stechenfinger v. Silverlake Fin., LLC, et al., No. 1:24-CV-47, 2024 WL 4266598, (S.D. Ohio Sept. 23, 2024). Read on »
Posted Date: Friday, October 25, 2024
The Consumer Financial Protection Bureau is accustomed to criticism from the financial sector. The day before its newly released data privacy rule became the subject of a lawsuit, the bureau received a letter from multiple trade organizations asserting its September guidance on overdraft fees should be rescinded. Learn more about this matter and other developments in this roundup. Read on »
Posted Date: Tuesday, October 22, 2024
Fairway Independent Mortgage Corp. is facing redlining allegations levied in a complaint filed by the Consumer Financial Protection Bureau and the Justice Department, along with a proposed settlement against the Birmingham, Ala.-based lender for discriminatory marketing and sales tactics.
Dodd Frank Update’s sister publication contacted an industry expert for their insight into why real estate finance professionals should be paying attention. Read on »
Posted Date: Tuesday, October 15, 2024
The Department of Justice entered into the first redlining settlement with a credit union after finding the institution’s lending practices failed to provide equal access to credit for majority-minority neighborhoods in its service area. Read on »
Posted Date: Tuesday, September 10, 2024
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 »
Posted Date: Friday, June 14, 2024
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 »
Posted Date: Tuesday, June 11, 2024
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 »
Posted Date: Tuesday, June 4, 2024
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 »
Posted Date: Friday, May 17, 2024
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 »
Posted Date: Friday, May 17, 2024
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 »
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