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Financial Services Weekly News - August 2015 #4

Regulatory Developments - CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps: On Aug. 19 the CFTC announced that it had voted to propose amendments to existing...more

United States District Court: Mortgagor Lacks Standing to Bring RESPA Claim

On August 11, the U.S. District Court for the District of New Hampshire rejected the addition of a potential RESPA claim to plaintiff’s complaint due to lack of standing, and the court dismissed the remaining counts for...more

D.C. Circuit Lets Challenge to CFPB Move Forward

Why it matters - Is the Consumer Financial Protection Bureau (CFPB) constitutional? After other courts across the country have found the agency's structure to be valid or ruled that plaintiffs lack standing, one bank's...more

Two Federal Circuit Courts Weigh In Ahead of Gomez

Just two months before the U.S. Supreme Court hears argument in Campbell-Ewald Co. v. Gomez, two federal circuit court panels have ruled on jurisdictional issues presented in the case. Both the Seventh Circuit in Chapman v....more

Spokeo, Inc. v. Robins: Petitioner Argues If There Is No Actual Injury-in-Fact, Plaintiff Lacks Standing to Sue

Following the U.S. Supreme Court’s grant of certiorari on April 27, 2015 in Spokeo, Inc. v. Robins, No. 13-1339, the Petitioner has weighed in with their brief. As you may recall, the question before the Court has the...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Burr Commentary: Florida’s District Courts of Appeal Continue to Tighten Standing Requirements for Foreclosures

The UCC was supposed to make enforcing negotiable instruments a simpler, more streamlined process. It has proven anything but in Florida.  Continuing a trend that now stretches back years, mortgage lenders have had an...more

Neiman Marcus files Petition for Rehearing En Banc

We previously reported on the Seventh Circuit’s reversal of the District Court’s dismissal of the data breach class action case against Neiman Marcus. On August 3, 2015, Neiman Marcus filed a Petition for Rehearing requesting...more

Neiman Case a Harbinger For Data Breach Cases? Not So Fast

Much has been said in the past couple weeks about the decision by Seventh Circuit Court of Appeals in the case of Remijas v. Neiman Marcus. Some have suggested that the ruling makes it easier to sue over data breaches, or...more

D.C. Circuit Upholds Standing of Texas Bank in Constitutional Challenge to CFPB

In late July, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion upholding a Texas bank’s standing to challenge the constitutionality of the CFPB. The bank filed suit in 2012, raising three...more

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

Judge Posner Sets Out to Clean Up Frivolousness

Nate Carter probably wasn’t expecting this. Mr. Carter had lost his home to a mortgage foreclosure. So seemingly out of blind rage—or at least the sort of anger that when coupled with ignorance leads one to do illogical...more

The Viability of the Equitable Mootness Doctrine in the Third Circuit: A Moot Point?

In the bankruptcy context, effectively appealing an order confirming a debtor’s plan of reorganization is not always a sure bet, as a court may refuse to entertain the appeal in the name of equitable mootness. Equitable...more

Hacked Class Can Sue Pre Injury

Last week, a three-judge panel of the 7th U.S. Circuit Court of Appeals held in Remijas v. Neiman Marcus Group LLC that individuals whose debit and credit card numbers were stolen by cyberthieves who had hacked into Neiman...more

Does Free Credit Monitoring Do More "Harm" Than Good?

The Seventh Circuit reinstates the Neiman Marcus data breach class action lawsuit after finding that increased risk of future fraudulent charges and greater susceptibility to identify theft are sufficient for standing. ...more

Wellness: Is Consent the Cure?

In Wellness Int’l Network Ltd. v. Sharif, the U.S. Supreme Court has added another piece of the puzzle needed to resolve the long-discussed issue of bankruptcy court authority. This issue stems from the structure of the...more

D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

DC Circuit Keeps Alive Bank’s Constitutional Challenge to CFPB’s Existence

Most constitutional challenges to agency action arise as a defense to an enforcement action. However, State National Bank of Big Spring, Texas (the “Bank”) has led a constitutional challenge to the very existence and...more

Illinois Court Strikes Down Chicago Pension Reforms, Deepening City's Financial Crisis

On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other...more

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 10, 17 & 24, 2015

REAL PROPERTY UPDATE - Eviction/Summary Judgment: Error to grant summary judgment where plaintiff failed to refute multiple affirmative defenses including an assertion that the eviction would cause an inequitable...more

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

When the Fifth Amendment Privilege Doesn't Work-Tax Cases

A recent decision of the Third Circuit Court of Appeals illustrates the futility of expecting that the Fifth Amendment Privilege Against Self-incrimination will shield taxpayers from production of offshore financial records. ...more

Remijas v. Neiman Marcus: Seventh Circuit Affords Broad Standing To Sue Over Consumer Data Breaches

When hackers breach a business’s systems, class actions are sure to follow. Often, however, these suits have faltered right out of the starting gate. Citing the Supreme Court’s 2013 decision in Clapper v. Amnesty...more

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