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Preliminary Injunction Hearing in Federal Court on Colorado DIDMCA Opt-Out Challenge

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

Consumer Finance Monitor Podcast Episode: Foreclosing on “Zombie” Mortgages: What Lenders and Servicers Should Know [Video]

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

New FCC rule on TCPA consent for advertising and telemarketing calls and texts will significantly impact callers who obtain...

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

Colorado opt-out signed into law, effects to be seen

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

Curiouser and Curiouser – Colorado Opt-Out Legislation, As Amended, Moves Forward, With a Carve-Out for Certain General Purpose...

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

Ninth Circuit Holds Mortgage Servicer’s Reporting of COVID-19 Forbearance Plan Complied With FCRA and CARES Act

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

Ninth Circuit holds mortgage servicer’s reporting of Covid-19 forbearance plan complied with FCRA and CARES Act

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

Credit unions settle GAP fee refund cases with Colorado Attorney General

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 enters into settlements with credit unions requiring refunds of GAP fees

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

SCOTUS Narrows Reach Of TCPA Autodialer Definition

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 Administrator proposes amendments to debt collection rules

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

FTC Studies: Class action settlement notices have room to improve

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

FTC Study: Class Action Settlement Notices Have Room to Improve

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

Colorado regulator moves to dismiss complaints in bank-model dispute

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

11th Circuit Holds That Entity Collecting Its Own Debt, Which It Acquired After Default, Is Not a “Debt Collector” Under the...

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

Borrowers’ Counsel Sanctioned for Frivolous Lawsuit Against Lender Who Attempted to Resolve Foreclosure Action

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

No Need for Foreclosing Trustee To Record New Notice of Sale upon Third-Time Postponement, Nevada Supreme Court Holds

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

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

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

FCC Gives Entities Six Months To Comply with Order Requiring Opt-Out Notices for Faxed Ads Sent with Prior Consent under TCPA

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

“Operation Mis-Modification” Targets Foreclosure Relief Companies

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

Supreme Court of Rhode Island Declares Usury Savings Clauses Void

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

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