Civil Remedies Finance & Banking

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Next Supreme Court Term Promises Significant Class Action Ruling

Next term, the U.S. Supreme Court will decide whether Congress has the power to grant jurisdiction to plaintiffs who have suffered no concrete harm by authorizing them to sue based solely on violations of federal statutes....more

CFPB Cracks Down on Medical Debt Collector Over Alleged FCRA and FDCPA Violations

On June 18, the CFPB announced an enforcement action against a third-party medical debt collection company for allegedly failing to issue debt validation notices to customers, mishandling consumer credit reporting disputes,...more

Orrick's Financial Industry Week in Review

EBA 2014 Annual Report - On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014. The report provides an overview of the EBA's activities and achievements in 2014, including...more

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

CFPB Jolts Loan Originator Over Mortgage Origination

On June 4, 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Northern District of California against RPM Mortgage, Inc. (RPM), and its CEO, Erwin Robert Hirt....more

Do the CFPB Mortgage Servicing Rules Provide For Rescission?

The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow. In...more

Asset Tracing in the British Virgin Islands

In this article, we will discuss some of the tools available to a party in the British Virgin Islands (BVI) to seek to recover property, or proceeds of property, which have been misappropriated. It is not surprising that in...more

Locke Lord QuickStudy: California Court of Appeal Expands Borrowers’ Ability to Recover Attorneys’ Fees Under HBOR

On June 12, 2015, the California Court of Appeal, Third Appellate District, issued its decision in Monterossa v. Superior Court (PNC Bank), Case No. C077683, 2015 WL 3653319 (Jun. 12, 2015). The court decided an issue of...more

Illinois AG Madigan Announces $1 Million Settlement Regarding Company’s Management of Foreclosed Properties

On June 3, Illinois AG Madigan announced a $1 million settlement with an Ohio-based company that mortgage lenders hire to manage properties throughout the foreclosure process and ensure that the properties retain their value....more

CFPB Using its Enforcement Powers Yet Again for UDAAP Violations, This Time Against PayPal

Even after the PayPal settlement, the definition of “abusive” remains as subjective and fact specific as ever. On May 19, PayPal agreed to a $25 million settlement with the Consumer Financial Protection Bureau (CFPB or...more

Second Circuit Denies Stay of Injunction for American Express

Earlier today the U.S. Court of Appeals for the Second Circuit issued an order denying American Express’s motion for a stay of an injunction requiring AmEx to modify its rules prohibiting merchants from steering customers to...more

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

The Monetary Risks of Filing an Involuntary Bankruptcy Petition

The Bankruptcy Code offers several advantages for the creditors of financially distressed individuals and corporations, including federal court supervision of a possibly untrustworthy debtor and mitigation of the risk of...more

Sixth Circuit Affirms $250K Victory to SOX Whistleblower and Provides Broad Interpretation of SOX

On May 28, 2015, the Sixth Circuit in Rhinehimer v. U.S. Bancorp Investments, Inc. affirmed a $250,000 jury verdict in favor of a former financial advisor for U.S. Bancorp Investments (“USBII”) who alleged that he had been...more

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

Another SEC Insider Trading Case: Does it Comply With Newman?

The SEC continues to bolster its allegations regarding the relationships between tipper and tippee in insider trading cases as well as the knowledge of the tippee. Whether those allegations will be sufficient to meet the...more

Charging Orders on LLCs in Kentucky

The organization of any business as a limited liability company ("LLC") brings with it attendant protections for the members from the liabilities that arise in the course of the business as well as beneficial tax treatment....more

HUD Obtains $200 Million in Community Investment to Resolve Redlining Allegations against Midwest Mortgage Lender

The U.S. Department of Housing and Urban Development (HUD) reached a settlement agreement with Associated Bank concerning allegations that the Bank violated Section 804(b) of the Fair Housing Act. According to the...more

Great News for Lenders—A Recent Decision Further Limits the Sham Guaranty Defense

Recently, and shortly after my visit to several lender clients to make presentations regarding, among other topics, the enforceability of commercial guaranty agreements and the sham guaranty defense, the California Court of...more

CFPB settles loan originator compensation case

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

Fore! Ponzi Scheme Lands The Golf Channel In The Rough

Receivers handling Ponzi schemes and fraud cases are familiar with the concept of suing the “winners” in the scheme to recover transfers made to them in excess of their investment. Such suits are based on the theory that the...more

A Look at the Friendly Foreclosure Option

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

Bankruptcy Blog Re: Debtor’s Funds When Case Is Converted From Chapter 13 To Chapter 7

The Supreme Court of the United States was recently asked whether, when a debtor in good faith converts a bankruptcy case to Chapter 7 after confirmation of a Chapter 13 plan, undistributed funds held by the Chapter 13...more

Listing Unaccrued Debts In Legal Pleadings Can Leave Creditor Attorneys Liable for FDCPA Damages

When drafting demand letters and complaints, creditors and their attorneys must be cautious when demanding fees from the debtor which the creditor has not yet incurred. The Third Circuit has announced that including a demand...more

CFPB Fines Worldwide Payment System $25 Million for Alleged Deceptive Practices

On May 19, the CFPB announced a stipulated final judgment against a California-based worldwide payment system company. According to the CFPB’s complaint, filed the same day, the defendant (i) failed to honor advertised...more

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