The U.S. District Court for the Western District of Texas recently clarified the applicable rate for the calculation of prejudgment interest under the Texas Securities Act (TSA). In FDIC v. Deutsche Bank Securities Inc., the...more
The United States District Court for the District of North Dakota recently dismissed the Consumer Financial Protection Bureau’s (CFPB) complaint against a payment processor, Intercept, in a case McGuireWoods has been...more
At the end of last year, the CFPB issued its Fair Lending Priorities for 2017. According to its December blog post, the CFPB plans to increase its focus on the following three areas, which it describes as “presenting a...more
The CFPB’s imposition of its auto lending guidelines, and use of its admittedly flawed proxy-methodology to determine discriminatory lending in auto finance, may come to an end under the GOP controlled White House and...more
On September 27, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report capturing a high-level snapshot of trends in consumer complaints. In conjunction with releasing its September Report, the...more
On August 4, 2016, in conjunction with issuing the final mortgage servicing rule, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule under the Fair Debt Collection Practices Act (FDCPA). Although a...more
On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final mortgage servicing rule under the Real Estate Settlement Procedures Act (RESPA) and implementing Regulation X, and the Truth in...more
The Consumer Financial Protection Bureau (“CFPB”) recently issued its Supervisory Highlights – Issue 12, Summer 2016 report, addressing, among other industries, automobile origination. The report reflects supervisory...more
The Consumer Financial Protection Bureau (CFPB) recently released a 23-page report claiming that single-payment vehicle title loans result in vehicle repossessions for nearly one in five borrowers. While this report has been...more
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently informed several banking and other industry groups that the Bureau plans to introduce a proposed rule to address concerns related to CFPB mortgage...more
Last week at a field hearing in Albuquerque, New Mexico, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would prohibit providers of certain consumer financial products and services from...more
On Thursday, April 28, 2016, Senators Al Franken (D-Minn.) and Richard Blumenthal (D-Conn.) proposed legislation that would ban arbitration clauses in telecommunication service contracts. The proposed bill, the Justice for...more
The Consumer Financial Protection Bureau (CFPB) plans to begin supervising online “peer-to-peer” or “platform” lenders as soon as late 2017, according to the Wall Street Journal.
The Journal reported that this oversight...more
With the new TILA-RESPA Integrated Disclosures (TRID) going into effect Saturday, October 3, 2015, it is important for lenders and consumers alike to review the new forms and understand the timelines which will soon govern...more
In a move greatly benefiting lienholders and loan servicers, Texas Governor Greg Abbott recently signed H.B. 2067, amending the Texas Civil Practice and Remedies Code to allow for the unilateral rescission of the acceleration...more
The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order against International Land Consultants, Inc. (ILC), a real estate development company, and four of its employees involved in the marketing,...more