Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:
Bill on Bankruptcy: Delaware Garners Almost All Big Chapter 11s
Bill on Bankruptcy: Listening in the Dark at the NCBJ
Dean: Law Schools Use Merit Scholarships To Boost Rankings
Dean: Law Firms 'Support' NYLS's 2 Year Degree Program
Bill on Bankruptcy: LightSquared, the Battle among Hedge Funds
Bill on Bankruptcy: Appeals Court Changes the Law on Fraud
Bill on Bankruptcy: Make-Whole Premiums, Lehman, ResCap
Rice: Banking Lobby Won't Let New Glass-Steagall Bill Pass
Bar President: 3Ls Should Get Paid for Internships
Bill on Bankruptcy: Lawyers Must Disclose What Clients Pay
NALP: 18-Year Low for Law Grad Employment
Is Edward Snowden a Whistleblower?
Unique Privacy Concerns for Mobile Apps
Instapundit: America's IP Laws Need to be "Pruned Back"
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Could This Law School Ranking Unseat US News?
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
Tips for Mobile App Privacy Compliance
Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
#Badidea: JPMorgan Chase Stumbles on Twitter -
JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more
Under the Truth in Lending Act (TILA), the assignee of a mortgage note is not considered a "creditor" and is therefore not bound by TILA requirements imposed solely on creditors. One federal appellate court, however, has...more
The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014.
With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more
The California Legislature amended its major real estate antideficiency laws—Code of Civil Procedure §§580b and 580d—effective January 1, 2014. The amendments have been a subject of concern, but their objective, and likely...more
On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). For more...more
The Consumer Financial Protection Bureau (CFPB) recently released the final rule combining the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure rules and forms....more
On November 20, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for...more
On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more
In an October 9 speech to the FDIC’s Advisory Committee on Economic Inclusion, Steve Antonakes, the Deputy Director of the CFPB and also the Associate Director of the CFPB’s Supervision, Enforcement and Fair Lending (SEFL)...more
In This Issue:
- Recent Cases
..Dodd-Frank Prohibition on Arbitration
..Statutory Damages Under TILA
..Constitutional Challenge to...more
In this issue:
- SEC Chair Mary Jo White Outlines Potential Changes to “Accredited Investor” Definition
- CFTC Issues Final Rules for Systemically Important Derivatives Clearing Organizations
Today, the CFPB issued its long-awaited final rule consolidating the application and closing disclosures required by the Real Estate Settlement Procedures Act and Truth in Lending Act for mortgage loan transactions....more
Creditors should double check the bankruptcy status of a debtor/borrower before pursuing collection. As a pending case illustrates, pursuing collection of an initially reaffirmed, but later discharged mortgage could be a...more
On October 15, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin providing guidance on certain mortgage servicing rules which are to take effect on January 10, 2014 under the Real Estate Settlement...more
For several years, design and construction professionals have been awaiting word from the Washington Supreme Court regarding whether aggrieved parties are limited to remedies set forth in their written contracts or whether...more
With more and more condominiums being purchased each year, it is important for potential purchasers to consider the protections available to them. In addition to the protections set out in the agreement of purchase and sale...more
On September 26, 2013, the U.S. House of Representatives passed H.R. 2600, which would exempt the sale and lease of condominium units from certain requirements of the Interstate Land Sales Full Disclosure Act (ILSFDA). The...more
On November 7, the CFPB announced it reached a settlement with a mortgage company and two of its executives accused of using compensation to incentivize loan officers to steer consumers into costlier mortgages. The proposed...more
As a follow-up to our recent post on Director Cordray’s plans on whether to pursue political office, we offer the highlights below from last week’s Politico Morning Money Breakfast Briefing. During the event, Politico Chief...more
The CFPB announced a proposed consent order against a mortgage company and two of its senior officers, alleging that the mortgage company, through the actions of such officers, steered consumers into mortgages with higher...more
Summer vacations are over, and now bank management and directors need to focus on compliance. Below are five current legal topics that Washington bankers should be considering this fall.
1. Loans Secured by Residential...more
Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January.
In an effort to address outstanding questions regarding the new mortgage rules that are scheduled to take effect in January 2014, CFPB staff provided non-binding, informal guidance in two webinars hosted by the Mortgage...more
For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious.
FDIC Cautions Financial Institutions About D&O Insurance -
Noting a rise in the use of exclusions in insurance policies for executives at financial institutions, the Federal Deposit Insurance Corporation urged banks to...more