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Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

Trump’s 2 for 1 Regulatory Reduction Challenged in Court

President Donald Trump’s Executive Order requiring two regulations be repealed for every new one adopted and related OMB guidance have been challenged in a law suit commenced in the U.S. District Court for the District of...more

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

Decision of U.S. Appeals Court and Election of Donald Trump Could Spell Doom for Power of CFPB

The power and independence of the Consumer Financial Protection Bureau (“CFPB”), the federal agency created by the Dodd-Frank Act to facilitate reform in the financial services sector, may be threatened as a result of two...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision...more

Consumer Financial Services Newsletter - November 2016

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

West Coast Real Estate Update: November 2016 #2

California Appellate Court Overturns “Sham Guaranty” Defense - The single-purpose entity (SPE) has become a ubiquitous tool in commercial real estate acquisitions and financing in California. Lenders increasingly require...more

West Coast Real Estate Update: October 2016

California Coastal Act Blocks Housing Project in Venice Despite Earlier Approvals - Judge James C. Chalfant of the California Court of Appeal on Sept. 29, 2016, affirmed a lower court ruling denying a developer’s...more

Pennsylvania Lawmakers Fix Pennsylvania Lawmakers Drafting Errors

On Tuesday, Gov. Tom Wolf signed Act 103 of 2016 (HB665) into law, which changes Pennsylvania’s power of attorney law by excluding commercial transactions from certain provisions of the law. According to the original...more

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Democratic lawmakers urge adoption of CFPB arbitration proposal

A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s...more

Brexit: Brexit and loan agreements

Summary – the key things you need to know - - The Brexit vote is likely to have little immediate legal impact on most current finance agreements. It would be unlikely, for example, that a lender could call a typical...more

Brexit: Potential consequences on CEE / SEE finance

On 23 June 2016, the UK electorate voted to leave the European Union (EU) in a so-called 'Brexit' referendum. The full implications of Brexit are unknown and unknowable at this time as the referendum decision will need to be...more

House approves FY 2017 appropriations bill containing curbs on CFPB authority

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

Text of Dodd-Frank replacement bill released

Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act. The summary indicated that the...more

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

House to hold May 18 hearing on CFPB’s proposed arbitration rule

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

House Financial Services Committee investigating CFPB arbitration rulemaking

On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute...more

Passing on Healthcare Liability Claims Against Passive Investors in Tennessee

Tennessee recently enacted a law that limits who may be named as a defendant in a healthcare liability action. For causes arising on or after April 24, 2015, a healthcare liability action may only be brought “against the...more

Tennessee Amends Condominium Lien Law to Clarify Lack of Superpriority Right

On April 19, 2016, Tennessee Governor Bill Haslam signed HB 2401, amending Tennessee’s condominium statue to make it clear that condominium associations cannot acquire a “superpriority” lien that trumps a first security...more

U.S. Department of Justice Resumes Asset Forfeiture Sharing Program

On December 21, 2015 the United States Department of Justice suspended the Equitable Sharing Program in which state, local and tribal law enforcement agencies can obtain a portion of the assets they have seized (either as...more

Quill Part Deux: North Dakota Lost the Nexus Battle. Will South Dakota Win the War?

On March 22nd, South Dakota Governor Daugaard signed into law Senate Bill 106 (S.B. 106), the passage of which may be the ultimate vehicle to challenge Quill at the U.S. Supreme Court. With landslide support in the South...more

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