On May 16, the U.S. District Court for the District of Colorado held a hearing in NAIB, et al v. Weiser, et al. on a motion filed by three financial services industry trade groups to preliminarily enjoin Colorado from...more
We discuss various issues faced by lenders and servicers when attempting to foreclose on “zombie” mortgages, meaning second mortgages on which the borrower has not made a payment for a considerable length of time and the...more
By a vote of 4-1, the Federal Communication Commission (FCC) adopted a new rule amending its regulations implementing the Telephone Consumer Protection Act (TCPA) to close what it refers to as the “lead generator loophole.” ...more
12/15/2023
/ Advertising ,
Call Blocking ,
Consumer Privacy Rights ,
Corporate Counsel ,
Do Not Call List ,
FCC ,
Financial Services Industry ,
Lead Generators ,
Marketing ,
Opt-In ,
Policies and Procedures ,
Prior Express Consent ,
Robocalling ,
TCPA ,
Telecommunications ,
Telemarketing ,
Text Messages
As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229, which will exclude consumer loans made in Colorado from the provisions of Section 521 of the Depository Institutions...more
A Colorado bill (HB23-1229) that would opt out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) (codified at 12 U.S.C. 1813d), a federal law enacted to create competitive...more
In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more
In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more
On January 4, 2023, Colorado Attorney General Phil Weiser announced settlements with two state-chartered credit unions, Bellco Credit Union (“Bellco”) and Canvas Credit Union (“Canvas”), over Guaranteed Automobile Protection...more
Colorado Attorney General Phil Weiser recently announced that three Colorado-chartered credit unions had entered into Assurances of Discontinuance (AODs) with the Colorado Administrator of the Uniform Consumer Credit Code...more
In a unanimous decision, the U.S. Supreme Court limited the reach of the Telephone Consumer Protection Act (“TCPA”) by narrowing what technology qualifies as an Automatic Telephone Dialing System (“ATDS”). Among other...more
Colorado’s UCCC Administrator has proposed amendments to the rules implementing the Colorado Fair Debt Collection Practices Act (CFDCPA). The Administrator also announced that a Zoom stakeholder meeting will be held on...more
The Federal Trade Commission recently released its preliminary report on two studies it conducted to help understand the effectiveness of class action settlement notices and to “develop information to help improve settlement...more
The Federal Trade Commission (FTC) recently released its preliminary report on two studies it conducted to help understand the effectiveness of class action settlement notices and to “develop information to help improve...more
The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin...more
The 11th Circuit Court of Appeals has affirmed its prior holding in Arencibia v. Mortgage Guaranty Insurance Corp. that an entity that acquires and collects debt on its own behalf does not qualify as a debt collector under...more
An Ohio appellate court has affirmed an order of sanctions against counsel for borrowers who filed a frivolous lawsuit against the lender alleging fraud, breach of contract and estoppel in connection with failed attempts to...more
The Nevada Supreme Court recently interpreted a statute that governs the manner in which a foreclosing trustee can postpone a trustee’s sale. At issue was whether a trustee must record a new notice of sale upon orally...more
The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more
The Federal Communications Commission (FCC) recently issued an order finally clarifying that opt-out notices are required in solicited facsimile advertisements. In doing so, the FCC recognized the confusion caused by its...more
The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.”
The CFPB, the FTC and fifteen states announced a series of lawsuits...more
For public policy reasons, the Rhode Island Supreme Court recently held that usury savings clauses are void and unenforceable. In NV One, LLC v. Potomac Home Capital, LLC, borrowers who had defaulted on their note filed a...more