On January 18, 2024, the CFPB proposed an extensive (211-page) rule on overdraft practices applicable to Financial Institutions (FIs) of $10 billion or more in assets (so called “very large FIs”). The proposed rule would not...more
1/31/2024
/ Buy Now Pay Later (BNPL) ,
CARD Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Overdraft Fees ,
Popular ,
Proposed Rules ,
Regulation Z ,
Regulatory Authority ,
Truth in Lending Act (TILA)
On December 19, 2023, the CFPB issued a new report on OD/NSF Fees entitled “Insights From the Making Ends Meet (MEM) Survey and Consumer Credit Panel (CCP)”. Overdrafts (ODs) occur if the financial institution elects to cover...more
NC Process for Settlement of a Putative Class Action Dispute: Terri Moose vs. Allegacy Federal Credit Union -
Sometimes, the short-cut turns out to be the long way around. A North Carolina Business Court opinion by Judge...more
In a recently published opinion by Fourth Circuit Judge Quattlebaum, Jr., the majority of the panel found there to be a genuine dispute of material fact in Plaintiff Mark Anthony Guthrie’s North Carolina Debt Collection Act...more
9/11/2023
/ Bankruptcy Code ,
Chapter 13 ,
Credit Reports ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Debt Restructuring ,
Fair Credit Reporting Act (FCRA) ,
Loan Servicing ,
Mortgages ,
Preemption ,
TransUnion
United States District Court, E.D. Virginia (Richmond Division, The Honorable David J. Novak) MARY HILL, Plaintiff, v. NATIONSTAR MORTGAGE LLC, d/b/a CHAMPION MORTGAGE, LLC et al., Defendants. Civil No. 3:22cv108...more
It has taken a while, but the start of litigation against financial institutions, which made the Paycheck Protection Program (PPP) loans, has begun. Government/regulatory inquiries will follow. Is your business ready? ...more
Tristan v. Bank of America, N.A., Case No. 8:22-cv-1183-CDCA (June 8, 2022). There is a groundswell of litigation arising over the lack of fraud warning or bank reimbursement protection for customers utilizing the Zelle...more
The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist...more
9/14/2021
/ Cease and Desist Orders ,
Consent Order ,
Credit Unions ,
Enforcement Actions ,
Financial Institutions ,
Fines ,
Internal Controls ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
OCC ,
Regulatory Oversight ,
Wells Fargo
The nationwide eviction ban imposed by the Centers for Disease Control and Prevention (the “CDC”) was vacated following a sweeping ruling issued by the United States District Court for the District of Columbia earlier this...more
The nationwide eviction ban imposed by the Centers for Disease Control and Prevention (the “CDC”) was vacated following a sweeping ruling issued by the United States District Court for the District of Columbia earlier this...more