Justin Angelo

Justin Angelo

Ballard Spahr LLP

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CFPB general counsel gives glimpse into CFPB’s upcoming agenda

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law...more

4/11/2014 - CFPB Debt Collection Payday Loans Prepaid Payment Products Privacy Laws

New York Announces Settlements with Six Auto Dealers

Last week, New York Attorney General Eric Schneiderman announced settlements with six auto dealers imposing fines ranging from $7,500 to $15,000 for allegedly engaging in deceptive and misleading advertising practices. The...more

4/1/2014 - Car Dealerships CFPB False Advertising Unfair or Deceptive Trade Practices

N.Y. Department of Financial Services Amends Terms Governing Subprime Loans

The New York Department of Financial Services (DFS) has amended certain terms governing subprime loans under Part 43 of the General Regulations of the Superintendent. The amendment was adopted on March 19, 2014, and is...more

3/27/2014 - Department of Financial Services Mortgages Subprime Mortgages

N.Y. Banking and Insurance Superintendent Unveils Aggressive Agenda

Benjamin M. Lawsky, who heads the New York State Department of Financial Services (DFS), indicated that his agency is seriously considering more aggressive investigation and pursuit of individuals whose malfeasance has led...more

3/26/2014 - Anti-Corruption Anti-Money Laundering Banks Compliance Department of Financial Services Enforcement

New York Attorney General Seeks To Hold Banks Responsible for Abandoned Properties

New York Attorney General Eric Schneiderman has announced his intention to introduce legislation to compel banks and mortgagees to maintain vacant properties that are abandoned because of delays in the foreclosure process....more

2/19/2014 - Abandoned Property Banking Sector Foreclosure

New York Attorney General Announces Settlement with Large Payday Lender

On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

2/17/2014 - Interest Rates Lenders Payday Loans Predatory Lending Settlement Usury

New York Creates Student Protection Unit To Probe Abuses in Student Lending

New York Governor Andrew M. Cuomo recently announced the establishment of the Student Protection Unit (SPU) within the state Department of Financial Services (DFS) to serve as a consumer watchdog for student borrowers. Among...more

1/31/2014 - Predatory Lending Student Loans Students

First Circuit Ruling in Foreclosure Litigation May Help Lenders Facing HAMP-Related Claims

The law is well settled that borrowers do not have a direct right of action under the Home Affordable Modification Program (HAMP) against a lender that fails to offer a loan modification. A split of authority continues,...more

1/30/2014 - Foreclosure HAMP Mortgages

New York Payday Loan Crackdown Continues as DFS Subpoenas 16 Lead Generators

The New York Department of Financial Services (DFS) opened a new front in its campaign against the payday lending industry by subpoenaing 16 online lead generation firms that allegedly collected and sold consumers’...more

12/4/2013 - Compliance Department of Financial Services Internet Lenders Payday Loans

New York Attorney General Announces Settlement with Debt Collector of Payday Loans

A settlement with the operator of five Buffalo-area debt collection companies announced on November 21, 2013, by New York Attorney General Eric T. Schneiderman marks the latest chapter in the Attorney General's targeting of...more

12/2/2013 - Attorney Generals Debt Collection Debt Collectors FDCPA Payday Loans Settlement

FHFA Announces Ban for Reimbursement of Expenses For Captive Reinsurance Arrangements

On November 5, 2013, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) will no longer reimburse their participating servicers for expenses arising out of captive reinsurance...more

11/27/2013 - Captive Insurance Company Fannie Mae FHFA Freddie Mac Lender-Placed Insurance Reimbursements Reinsurance

Statewide Judicial System Report Issued on N.Y. Foreclosure Cases

Earlier this month, the Chief Administrative Judge of New York’s Unified Court System issued a report on the status of foreclosure cases in the state judicial system. The 2013 report contains important information about how...more

11/14/2013 - Foreclosure Mortgages

New York City Brings Enforcement Action against National Debt Collector

The New York City Department of Consumer Affairs (DCA) recently filed an enforcement action to enjoin National Credit Adjusters, LLC, a national debt collector, from collecting debts in the City. The DCA had rejected the...more

11/1/2013 - Cease and Desist Debt Collection Enforcement Actions Licenses Payday Loans

New York DFS Seeks Stronger Court Rules for Default Judgments in Collection Actions

A proposal by the New York Department of Financial Services (DFS) would substantially drive up the costs of bringing consumer debt collection actions in the state. The DFS is seeking stronger court rules for obtaining default...more

10/25/2013 - Debt Collection Default Judgment Financial Services Authority

New York Continues Payday Loan Crackdown

The New York Department of Financial Services (DFS) may take direct and indirect actions against online tribal lenders, Judge Richard Sullivan of the Southern District of New York held in a ruling last week. The decision is...more

10/7/2013 - Enforcement Actions Payday Loans

New York Proposes New Force-Placed Insurance Regulations

The New York Department of Financial Services (DFS) recently issued proposed force-placed insurance regulations to reduce premiums and eliminate kickbacks that it claims are pervasive in the industry. The regulations will...more

9/24/2013 - Anti-Corruption Compliance Financial Conduct Authority Fraud Kickbacks Premiums Proposed Regulation

New York Department of Financial Services Issues Second Extension for Subprime Calculation

On August 30, 2013, the New York Department of Financial Services (DFS) issued a second order extending the time period for excluding revised mortgage insurance premiums from subprime loan calculations....more

9/6/2013 - FHA Financial Services Authority Mortgage Insurance Deduction Mortgages Subprime Mortgages

New York Continues Pressure on Force-Placed Insurance

Force-placed insurance remains in the crosshairs of New York financial regulators. Last week, the state’s Department of Financial Services (DFS) sent a warning letter to all New York-licensed insurance producers about...more

8/28/2013 - CFPB Forced-Placed Insurance Insurers Lenders Mortgage Servicers Mortgages

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