Fair Credit Reporting Act (FCRA) litigation has increased in 2017 and shows little sign of slowing. While a plaintiff’s actual damages may be minimal, the statute’s award of reasonable attorney’s fees and costs for a...more
The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more
10/13/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more
5/13/2016
/ ATDS ,
Banking Sector ,
Bipartisan Budget ,
Cell Phones ,
Comment Period ,
Debt Collection ,
FCC ,
Federal Loans ,
Mortgages ,
NPRM ,
Prior Express Consent ,
TCPA
The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more
The U.S. Court of Appeals for the Third Circuit has ruled that Pennsylvania’s recording statute does not require the recording of all conveyances. As a result, the Third Circuit reversed the district court’s refusal to enter...more
8/7/2015
/ Banking Sector ,
Banks ,
Class Action ,
Declaratory Judgments ,
Deeds ,
Financial Institutions ,
Lenders ,
MERS ,
Mortgage Lenders ,
Mortgages ,
Recording Fees
The U.S. District Court for the Eastern District of Pennsylvania has held that the failure to create and record written instruments evidencing assignments of mortgages and transfers of promissory notes secured by mortgages on...more
Residential lenders and servicers are continuing to see a larger impact from the natural gas boom, and it is not just from properties hosting drilling operations. More lenders are seeing increasing numbers of borrowers...more
CFPB Director Richard Cordray was among the speakers at a program last week celebrating the fifth anniversary of the Philadelphia Residential Mortgage Diversion Program....more
The Fourth Circuit, in an unpublished opinion, recently held that an oral statement that borrowers should disregard notices of foreclosure sale while being considered for a loan modification is insufficient to set aside a...more