News & Analysis as of

Predatory Lending

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With complaint piling up, Fannie Mae has decided to stop selling REO properties to Vision Property, the rent-to-own home business that’s been the subject of predatory-lending investigations of late....more

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

by Best Best & Krieger LLP on

While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

by Best Best & Krieger LLP on

The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

Supreme Court Watch: Cities CAN Sue Banks for Predatory Lending

by Hinshaw & Culbertson LLP on

Over the last ten years, cities like Miami, Florida have experienced a decrease in property tax revenues, an increase in demand for police, fire and other municipal services, and an increase in foreclosures and vacancies,...more

Supreme Court Rules that Cities Can Sue Banks for Predatory/Discriminatory Lending

by Ballard Spahr LLP on

The U.S. Supreme Court has ruled, by a 5-3 majority, that the city of Miami was authorized to bring lawsuits based on allegations that banks engaged in financial-crisis-era discriminatory lending. The city alleged that the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Investors’ decreasing appetite for actively managed mutual funds appears to have helped drive the major shake-up at AllianceBernstein Holding, which said so long to CEO Peter Kraus and removed nine board members in favor of 6...more

OCC Issues Draft Licensing Supplement for Fintech Companies Seeking National Bank Charters

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more

Small Dollar Lender to Refund Virginia Consumers $15.335 Million

by Goodwin on

On January 31, 2017, the Attorney General for the Commonwealth of Virginia (VA AG) announced that it entered into a settlement with a small dollar loan lender. The lender allegedly engaged into a “rent-a-tribe” scheme through...more

Civil rights groups voice support for Director Cordray

by Ballard Spahr LLP on

Earlier this week, we blogged about reports that Director Cordray has no plans to leave the CFPB before his term expires in July 2018. Yesterday, several national civil rights groups issued a joint statement applauding the...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19378 - State v. Francis - SC19411 - State v. Wright - Appellate Court Advance Release Opinions: AC35949 - State v. Porter - AC36656 - State v. Gonzalez - AC36971...more

Banks Appeal Fair Housing Act Case to Supreme Court

by Dorsey & Whitney LLP on

In September 2015, the Eleventh Circuit ruled that the City of Miami had sufficient standing to sue Bank of America and Wells Fargo over lending practices that were alleged to be racially discriminatory. On June 28, 2016,...more

Your daily dose of financial news - The Brief – 7.29.16

by Robins Kaplan LLP on

A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more

BC Takes Action to Protect Real Estate Sellers

by Bennett Jones LLP on

On May 10, 2016, BC Finance Minister Michael de Jong announced amendments to the Real Estate Services Regulation regarding the imposition of additional obligations on licensees (persons described in s 2 of the Real Estate...more

Court Dismisses Fiduciary Claim Between Mortgagor and Mortgagee

by Winstead PC on

In Fornesa v. HSBC Bank USA, N.A., plaintiff sought a damage award against a defendant mortgagor for compensatory and punitive damages, based on alleged predatory lending practices. 2016 Bankr. LEXIS 2011 (S.D. Tex. May 13,...more

Marketplace Lending Developments in Maryland, California and Pennsylvania

by Dechert LLP on

Recently, two courts rendered decisions that have implications for the marketplace lending industry regarding the application of state usury and licensing laws to marketplace lenders. Concurrently, federal and state...more

Fair Lending Year in Review – 2015

by K&L Gates LLP on

2015 was an action-packed year for fair lending, including a long-anticipated Supreme Court decision on disparate-impact claims under the Fair Housing Act (“FHA”), record-breaking redlining settlements, a new round of...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

by Carlton Fields on

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

CFPB Shifts Focus to Auto Lending Industry

by Baker Donelson on

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

Feds Obtain First-Ever Settlement over Allegedly Discriminatory ‘Buy Here, Pay Here’ Car Dealership Financing

by Ballard Spahr LLP on

The U.S. Department of Justice (DOJ) and the North Carolina Department of Justice recently requested court approval of a consent decree arising out of alleged racial discrimination by two North Carolina car dealerships in...more

New DoD Regs to Protect Military Families May Have Broader Impact

In an effort to provide additional financial protections to military families, the Department of Defense (DoD) proposed amendments to its regulations that the agency said will “reduce predatory lending practices,...more

CFPB, AG’s, secure $92M in debt relief for servicemembers victimized by predatory lending

by Ballard Spahr LLP on

The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned...more

Trade groups take aim at NY Times call for CFPB action on subprime auto loans

by Ballard Spahr LLP on

Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more

The Bureau's Pursuit of Fair Lending

by Jonathan Foxx on

By now it is a known fact that one of the most important features of an examination conducted by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a rigorous review of fair lending compliance. So, given its...more

“Predatory Lending” Claims by Cities and Counties Against Financial Institutions Escalate in 2014

by King & Spalding on

Cities and counties that have experienced increased foreclosure and vacancy rates in the aftermath of the housing market crash of 2007-2008, perhaps emboldened by recent court decisions, have recently filed several new...more

Senate holds hearings on student loans

by Ballard Spahr LLP on

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings. The Senate Budget Committee...more

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