News & Analysis as of

Appeals Financial Services Industry

White & Case LLP

Cantor Fitzgerald & Co v Yes Bank Limited [2024] EWCA Civ 695

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The Court of Appeal has confirmed the existence of a ‘natural assumption' that an adjective or determiner at the start of a list qualifies the entirety of it. In its recent decision, the Court of Appeal construed a letter of...more

A&O Shearman

An important treatment of modified standard form agreements

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The Court of Appeal has reversed the High Court’s decision that a modified standard form sub-participation agreement was a hybrid arrangement rather than a conventional sub-participation. The judgment is a useful illustration...more

Ballard Spahr LLP

Colorado appeals to Tenth Circuit from Federal District Court order granting plaintiffs’ motion for a preliminary injunction in...

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On the very last day for filing an appeal, the Colorado Attorney General and UCCC Administrator filed a Notice of Appeal to the Tenth Circuit Court of Appeals of the Colorado federal district court’s order in favor of the...more

A&O Shearman

Breach it and weep: deemed fulfilment ain’t fictional

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The Court of Appeal has held that a party who prevents a condition precedent to their obligation to pay from being met cannot rely on the unfulfilled condition to escape their liability in debt....more

Sheppard Mullin Richter & Hampton LLP

CFPB Wins Big Reversal in Illinois Redlining Lawsuit

On July 11, the Seventh Circuit Court of Appeals reversed a lower court’s decision dismissing a CFPB action against an Illinois-based mortgage lender and its owner for violations of the Equal Credit Opportunity Act....more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Sullivan & Worcester

Interpreting English Law Contracts: avoiding the bear traps

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The importance of clear drafting cannot be overstated. Ambiguity of language can lead to disputes, costly litigation and unintended outcomes. The recent Court of Appeal judgment in Cantor Fitzgerald & Co v Yes Bank Ltd [2024]...more

Bradley Arant Boult Cummings LLP

5th Circ. Bond Claim Ruling Shows Creditors Must Be Vigilant

With its January opinion in Raymond James & Associates Inc. v. Jalbert, the U.S. Court of Appeals for the Fifth Circuit held that the bankruptcy debtor's indemnification obligations were discharged by the confirmed plan...more

Bradley Arant Boult Cummings LLP

Navigating Desbrunes: Implications and the Case for Overturning

In a less-than-thousand-word opinion, the Fourth District Court of Appeal of Florida put foreclosure cases across Florida in jeopardy. Namely, in all foreclosure cases in which a borrower is deceased, unless the legal...more

Ballard Spahr LLP

Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a...

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On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in...more

Sheppard Mullin Richter & Hampton LLP

Third Circuit Ruling Gives CFPB Green Light to Enforce Against Student Loan Trusts

In a significant ruling on March 19, the Third Circuit Court of Appeals held that the CFPB can proceed with its lawsuit against a group of Delaware student loan trusts rejecting their claims that they are just passive...more

Bradley Arant Boult Cummings LLP

CFPB Invokes “Dormant” Authority and Unveils First Public Supervisory Designation of a High-Risk Nonbank Installment Lender

Nearly two years ago, in April 2022, the CFPB issued a press release announcing its intent to start exercising its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine...more

Ballard Spahr LLP

CFPB revises supervisory appeals process (UPDATED)

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The CFPB has revised its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding.  The revisions became effective immediately upon publication in the Federal...more

Bradley Arant Boult Cummings LLP

A Closer Look at the CFPB’s “Enhanced” Supervisory Appeals Process

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) announced what it heralded as a significant update to its Supervisory Appeals Process. The first of its kind since 2015, this revision introduced a...more

Sheppard Mullin Richter & Hampton LLP

CFPB’s Enhanced Supervisory Appeals Process: A Potentially Beneficial Shift for Financial Institutions

On February 16, the CFPB issued revised rules updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The updated rules open up new avenues for...more

Manatt, Phelps & Phillips, LLP

CFPB Revises Supervisory Appeals Process

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015. This Rule makes several important changes...more

Saul Ewing LLP

CFPB Issues Revised Rules on Supervisory Appeals

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On February 16, 2024, the Consumer Financial Protection Bureau issued revisions to its supervisory appeals process.  The Bureau’s supervisory appeals process has not changed since 2015, and the Bureau’s announcement notes...more

Womble Bond Dickinson

CFPB Files Amicus Brief in FDCPA Appeal

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This month, the Consumer Financial Protection Bureau (CFPB) started the new year by filing an amicus brief in an ongoing appeal in the First Circuit focusing on an interpretation of the Fair Debt Collection Practices Act...more

Orrick, Herrington & Sutcliffe LLP

Washington Appeals Court overturns ruling for collector

On December 26, 2023, the Court of Appeals of the State of Washington overturned a ruling in favor of a collection agency. In the initial action, the collection agency sued an individual over a medical debt that was assigned...more

Ballard Spahr LLP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes...

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Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more

Ballard Spahr LLP

CFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order...

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In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which...more

Ballard Spahr LLP

California ends automatic stays of litigation when orders denying motions to compel arbitration are appealed

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Currently, California trial court proceedings are automatically stayed when a party appeals an order denying a motion to compel arbitration.  However, on October 10, 2023, Governor Newsom signed California Senate Bill No. 365...more

Carlton Fields

SCOTUS Removes Burden Handicapping Appeals Seeking Arbitration

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The U.S. Supreme Court’s June 2023 decision in Coinbase Inc. v. Bielski requires that district court litigation in any matter remain in the starting gate while any appeal from a denial of a motion to compel arbitration in...more

Walkers

Application for leave to appeal granted to GFSC

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In our recent article (available here) we considered the findings of LB Marshall KC in Domaille, Clarke & Hannis (together the "Respondents") and the Guernsey Financial Services Commission (the "Royal Court Judgment"). In the...more

Carlton Fields

First Circuit Holds That Motion to Reconsider Appealable Interlocutory Order Denying Motion to Compel Arbitration Is Not...

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In Powers v. Receivables Performance Management, LLC, the First Circuit Court of Appeals considered the defendant’s interlocutory appeal of the denial of a motion to reconsider an underlying denial of its motion to compel...more

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