Philip R. Stein

Philip R. Stein

Bilzin Sumberg Baena Price & Axelrod LLP

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Latest Publications


The New Administration's Plans for the CFPB Take Shape

For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs...more

3/23/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank DOJ PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation Trump Administration

Minnesota State Court Defendants Win Partial Summary Judgment Over RFC and ResCap

Wednesday, February 1 brought a welcome development for the many correspondent lenders currently defending against claims filed by (or threatened with future lawsuits by) Residential Funding Company (“RFC”) and its...more

2/3/2017 - Bankruptcy Court Financial Sector Lenders Summary Judgment

Key Legal & Regulatory Issues for Financial Services Companies in 2017

With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more

12/23/2016 - Banks CFPB Civil Investigation Demand Data Breach Data Security DOJ DOL FDIC Fiduciary Rule Financial Services Industry FTC Indemnification Clauses Mortgage Lenders PHH Corp. v CFPB RMBS

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

12/5/2016 - Banking Sector Bonuses Consumer Lenders Cross-Selling Financial Institutions Financial Regulatory Reform Fraud Incentive Compensation Mortgage Lenders Mortgages Online Marketplace Lending Payday Loans Popular Regulatory Oversight Trump Administration Wells Fargo

Second Circuit Sides With AmEx, Reversing Lower Court Victory for DOJ

The United States Court of Appeals for the Second Circuit, a highly influential appellate court sitting in New York, on September 26 issued a unanimous ruling with major implications for antitrust and unfair competition laws,...more

9/28/2016 - American Express Anti-Steering Rules Antitrust Investigations Antitrust Violations Appeals Corporate Counsel Credit Cards DOJ Fees Financial Sector Merchants Retailers Reversal Unfair Competition

CFPB and Banks Battle Over Arbitration Clauses, Class Actions

After the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized its creation, the Consumer Financial Protection Bureau (CFPB) began operating on July 21, 2011. In the more than five years since it...more

8/23/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses

Home Depot Challenges Banks’ Standing to Recover Losses Related to Data Breaches

In the aftermath of major data breaches at deep-pocketed retailers and other businesses, there is typically no shortage of litigants who move quickly to seek compensation from the business at which the breach occurred. But...more

7/12/2016 - Article III Corporate Counsel Credit Cards Credit Unions Cyber Attacks Cyber Crimes Cybersecurity Data Breach Financial Institutions FTC FTC Act Hackers Home Depot Interlocutory Appeals Negligence Personally Identifiable Information Popular Section 5 Standing Unfair or Deceptive Trade Practices

“No Injury” Consumer Class Actions Weakened, but Not Killed, by Supreme Court

The U.S. Supreme Court held Monday that the Ninth Circuit erred when it ruled consumers can sue companies without alleging actual injury. The Supreme Court ruled that a consumer could not sue Spokeo Inc. for mere technical...more

5/18/2016 - Article III Class Action FCRA Injury-in-Fact SCOTUS Spokeo v Robins Standing Statutory Damages

Feds Provide Major Boost to Protection of Business Trade Secrets

President Obama is poised to sign the Defend Trade Secrets Act 2016 (“DTSA” or the “Act”), legislation that would fundamentally overhaul the decades-long tradition of state control of trade secrets lawsuits. DTSA, which...more

5/11/2016 - Asset Seizure Defend Trade Secrets Act (DTSA) Economic Espionage Act Ex Parte Intellectual Property Protection Misappropriation Pending Legislation Popular Private Right of Action Trade Secrets

A Day of Reckoning for the CFPB?

Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

5/6/2016 - ALJ Banking Sector CFPB Dodd-Frank Financial Institutions Financial Services Industry Insurance Industry Jurisdiction Kickbacks Mortgage Insurance Mortgage Servicers Mortgages Popular Recess Appointments Reinsurance RESPA

Wells Fargo Pays $1.2 Billion Settlement, Admits Deception in Certifications

Calling the settlement a reproach for “years of reckless underwriting” at Wells Fargo, U.S. Attorney Preet Bharara in Manhattan announced on April 8th that Wells Fargo & Co. formally reached a record $1.2 billion settlement...more

4/13/2016 - Banking Crisis Banking Sector False-Certification of Conformance Federal Housing Administration (FHA) Financial Institutions Mortgages Popular Settlement Agreements Wells Fargo

Fannie and Freddie Adopt IDR Policy for Repurchases

After years of litigation costing tens of millions of dollars, the Federal Housing Finance Agency has hit upon a way to expedite resolution of breach of representation and warranty claims that, if successful, could minimize...more

2/15/2016 - Breach of Warranty Fannie Mae FHFA Freddie Mac GSE Mortgages Repurchases

Big Win for Loan Originators/Sellers in Federal Appeals Court

Six victories that clients of ours had won over Lehman and Aurora in the U.S. District Court for the District of Colorado got affirmed on January 27 by the Tenth Circuit Court of Appeals in Denver after hotly-contested rounds...more

1/29/2016 - Aurora Indemnification Lehman Brothers Mortgage Loan Originators Mortgages Statute of Limitations

Perspective: What Will Be the Defining Cybersecurity Issues In 2016?

As data breaches and their related obligations and liability risks continue to pile up with every passing year, we asked attorneys writing on JD Supra to answer the question: What will be among the defining issues for...more

1/19/2016 - Corporate Counsel Cyber Insurance Cybersecurity Data Protection FTC Legal Perspectives Personally Identifiable Information Popular Risk Management Young Lawyers

Tougher Scrutiny on Cybersecurity at Banks in 2016

Cybersecurity has been a focus as part of bank exams for years. Now the Federal Deposit Insurance Corp. (FDIC) is increasing its scrutiny of banks’ cybersecurity practices to ensure that the issue is getting appropriate...more

11/18/2015 - Banking Examinations Banking Sector Cybersecurity FDIC NIST Popular

Another Cyber-Risk: Hacks That Cause Property Damage and Interrupt Business Processes

In recent years, there has been no shortage of news about large-scale data privacy breaches; incidents that have affected tens of millions of consumers nationwide. Those incidents have spurred a growing market for so-called...more

11/18/2015 - Construction Industry Cyber Insurance Data Breach Insurance Industry Popular Property Damage

A Shift in Liability for Credit Card Fraud

For too long, “swiping” a credit card has had at least one meaning too many. There was “swiping” as it pertains to running the magnetic strip of your credit card inside the groove of a small payment terminal to make an...more

10/19/2015 - Counterfeiting Credit Cards Debit and Credit Card Transactions Electronic Payment Transactions EMV Financial Institutions Financial Transactions Fraud Hackers Point of Sale Terminals Professional Liability Retail Market Retailers Technology Sector

[Webinar] Information Security: Background & Recent Developments - Oct. 15th, 12:00pm ET

Join us for an in-depth webinar presented by litigation attorneys James Ward and Phil Stein on the trending topic of information security and how to protect your company from a data breach. This webinar will address what you...more

10/8/2015 - Cyber Attacks Cybersecurity Data Breach Data Protection FCC FTC FTC v Wyndham Popular Retailers Webinars

The Legal Lessons of Data Breaches

Every business would love to find a fortune teller to give it insight into what trends to follow, which risks to take, and when “exposure” will convert to liability. Some clients might say that, unfortunately, their lawyers...more

9/30/2015 - Anthem Blue Cross Ashley Madison Cyber Attacks Cyber Crimes Cyber Threats Cybersecurity Data Breach Data Protection Data Security Hackers Internet of Things Neiman Marcus Personally Identifiable Information Target

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

9/28/2015 - Banking Sector Banks Class Action Class Certification Credit Unions Cyber Attacks Cyber Crimes Data Breach Debit and Credit Card Transactions Financial Institutions Fraudulent Charges Hackers MasterCard Personally Identifiable Information Popular Target Visa Inc

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

9/28/2015 - Affordable Housing Bank of America Banking Sector Banks Citibank Community Reinvestment Act CRA Data Collection Financial Institutions Financial Regulatory Reform Foreclosure JPMorgan Chase Mortgages Residential Real Estate Market

Legal Precedent May Come From Ashley Madison Breach

The Ashley Madison saga has captured the attention of the public and legal profession like few prior data security breaches. The reasons are obvious: A website devoted to promoting infidelity is called out for “fraud, deceit,...more

9/4/2015 - Adultery Ashley Madison Class Action Class Certification Cyber Attacks Cyber Crimes Cybersecurity Data Breach Data Privacy Data Protection Data Security Hackers Marriage Mass Tort Litigation Personally Identifiable Information Popular Reasonable Expectation of Privacy Spouses Target Website Owner Liability Websites

The Legal Lessons of Data Breaches

Every business would love to find a fortune teller to give it insight into what trends to follow, which risks to take, and when “exposure” will convert to liability. Some clients might say that, unfortunately, their lawyers...more

9/1/2015 - Anthem Blue Cross Ashley Madison Cyber Attacks Cyber Crimes Cybersecurity Cybersecurity Framework Data Privacy Data Protection Data Security Hackers Internet of Things Neiman Marcus PF Chang's Target

Court Revives Antitrust Suit Against MasterCard, Visa, Three Banks

A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more

8/19/2015 - American Express Anti-Competitive Anti-Steering Rules ATMs Bank of America Banking Sector Banks Debit Cards DOJ Financial Institutions JPMorgan Chase MasterCard Payment Processors Transaction Fees Visa Inc Wells Fargo

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