Compliance Tip of the Day: Bank of America, Culture and Internal Controls
Corruption, Crime and Compliance : CFPB and OCC Hit Bank of America with $250 Million Penalty for Consumer Abuse Practices
Bank of America Tries Excuse They Often Scoff at in Fraud Suits Filed by DOJ, SEC
Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
The troubles affecting the federal government’s Paycheck Protection Program (PPP) have been well documented. One critical issue is the fact that, while PPP lenders have been receiving their fees, PPP agents have not....more
The opinion of the Virginia Supreme Court of Appeals in Young-Allen v. Bank of America provides both hope for lenders frustrated by borrowers who delay inevitable foreclosure sales by requiring the lender to comply with every...more
Key Takeaways - The CARES Act did not explicitly or implicitly give private plaintiffs a right to sue lenders for supposed violations of that statute. - The Small Business Administration has primary responsibility for...more
In a first, a federal circuit court rules a lender cannot be held liable for a servicer’s RESPA violation. A borrower who took out a home equity loan from Bank of America alleged the Bank is vicariously liable for the...more
Former GE CEO Jeff Immelt’s retirement was short lived. The Jack Welch protégé will be bringing his C-suite skills to Athenahealth, the electronic medical records software provider that’s been under considerable pressure...more
A city’s lawsuit against various banks under the federal Fair Housing Act (“FHA”) to recover property tax revenues allegedly lost due to discriminatory lending practices has survived . . . for now. In a recent decision, the...more
The opinion of Florida’s Third District Court of Appeal in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014) has been a lightning rod for criticism from federal courts in...more
Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more
Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more
In re Castle Home Builders, Inc., 520 B.R. 98 (Bankr. N.D. Ill. 2014) – The debtors obtained confirmation of plans of reorganization that restructured prepetition mortgage loans. When the servicer for some of the...more
The North Carolina Supreme Court recently reaffirmed that a run-of-the-mill lender and borrower are not fiduciaries, reversing the Court of Appeals decision that would have this issue to go to the jury. The case is Dallaire...more
In a case that has implications for all banks in North Carolina, the North Carolina Supreme Court removed a cloud of uncertainty that has remained over the North Carolina banking industry for more than 18 months. The Supreme...more
The California Supreme Court handed down a unanimous decision earlier this week, broadening the scope of the “fraud exception” to the parol evidence rule, to allow a plaintiff challenging the terms of a written agreement to...more