Last month, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on the attempted enforcement of time-barred alleged debt collection rights as to second mortgage loans. It is a violation of the Fair Debt...more
If you thought we were finally done with indemnification litigation focused on residential mortgages originated before the financial crisis of 2007-2008, think again. Over the past year, the Federal Deposit Insurance...more
In February, the Consumer Financial Protection Bureau (CFPB) proposed amending the Federal Reserve Board’s Regulation Z with respect to the amount of fees that credit card issuers are permitted to charge their customers for...more
5/19/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Proposed Rules ,
Regulation Z ,
SBREFA ,
Truth in Lending Act (TILA)
On May 5, 2023, New York Attorney General Letitia James announced the Crypto Regulation, Protection, Transparency, and Oversight (“CRPTO”) Act, which aims “to protect customers and investors in digital assets from fraudulent...more
5/12/2023
/ Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment ,
Investor Protection ,
New York ,
Proposed Regulation ,
Stablecoins
Last week, the U.S. District Court for the Southern District of New York dealt a major blow to mortgage investors in two parallel actions pending for the past few years. The impact proved to be fatal to one of the actions,...more
2/18/2022
/ Article III ,
Breach of Contract ,
Breach of Duty ,
Consumer Financial Products ,
Deutsche Bank ,
Fiduciary Duty ,
Financial Services Industry ,
Investors ,
Mortgages ,
Representations and Warranties ,
RMBS ,
Standing ,
Statute of Limitations ,
Time-Barred Claims
Fannie Mae has reached a historic $53 million settlement with the National Fair Housing Alliance (“NFHA”) and local fair housing organizations throughout the U.S. to resolve racial discrimination claims concerning Fannie...more
Cryptocurrency continues to gain traction as a means of payment for goods and services. It recently made its debut appearance in the mortgage industry, as the concept of a “crypto-mortgage” came to life. A Miami-based...more
2/9/2022
/ Bitcoin ,
Consumer Financial Products ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Loans ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Real Estate Investments ,
Real Estate Market ,
Real Estate Transactions
Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more
1/7/2022
/ Capital One ,
Civil Monetary Penalty ,
Class Action ,
Cloud Computing ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Enforcement Actions ,
Financial Services Industry ,
Hackers ,
Identity Theft ,
Information Technology ,
Morgan Stanley ,
Personal Data ,
Settlement Agreements
At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more
10/5/2021
/ Biden Administration ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Disparate Impact ,
Dodd-Frank ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
First-Lien ,
Housing Market ,
Mortgages ,
OCC ,
Racial Bias ,
Real Estate Transactions ,
Redlining ,
Section 1071 ,
Settlement Agreements
Business interruption insurance claims keep coming, cutting across a broad array of industries. The entertainment and media sectors are certainly not immune from pandemic-related losses. Last month, ViacomCBS became the...more
2/24/2021
/ Breach of Contract ,
Business Interruption ,
Business Losses ,
CBS ,
Coronavirus/COVID-19 ,
Covenant of Good Faith and Fair Dealing ,
Financial Services Industry ,
Infectious Diseases ,
Insurance Claims ,
Policy Exclusions ,
Policy Terms ,
Viacom
In March, the Florida Legislature passed CS/HB 873, approving the Uniform Commercial Real Estate Receivership Act (“UCRERA”). First drafted in 2015 by the Uniform Law Commission, UCRERA has already been adopted by seven...more