On March 8, the Bankruptcy Court for the Southern District of New York concluded a lengthy “claims estimation” trial to determine the appropriate final settlement price for a resolution of lawsuits filed on behalf of...more
On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more
11/3/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Arbitration Act ,
Financial Services Industry ,
Richard Cordray ,
Trump Administration
Thousands of mortgage lenders across the country either recently received, or will soon be receiving, this document from Lehman Brothers Holdings, Inc. (LBHI). It is a notice of a motion to approve a proposed settlement of...more
5/24/2017
/ Banking Sector ,
Commercial Bankruptcy ,
Fannie Mae ,
Freddie Mac ,
Indemnification ,
Lehman Brothers ,
Mortgage Lenders ,
Mortgages ,
Popular ,
Repurchases ,
RMBS ,
Settlement Offer
For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs...more
3/23/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Trump Administration
The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more
12/5/2016
/ Banking Sector ,
Bonuses ,
Consumer Lenders ,
Cross-Selling ,
Financial Institutions ,
Financial Regulatory Reform ,
Fraud ,
Incentive Compensation ,
Mortgage Lenders ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Regulatory Oversight ,
Trump Administration ,
Wells Fargo
Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more
5/6/2016
/ Administrative Law Judge (ALJ) ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Jurisdiction ,
Kickbacks ,
Mortgage Insurance ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Recess Appointments ,
Reinsurance ,
RESPA
Calling the settlement a reproach for “years of reckless underwriting” at Wells Fargo, U.S. Attorney Preet Bharara in Manhattan announced on April 8th that Wells Fargo & Co. formally reached a record $1.2 billion settlement...more
Cybersecurity has been a focus as part of bank exams for years. Now the Federal Deposit Insurance Corp. (FDIC) is increasing its scrutiny of banks’ cybersecurity practices to ensure that the issue is getting appropriate...more
In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more
10/19/2015
/ Android ,
AT&T ,
Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Credit Reporting Agencies ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Department of Health and Human Services (HHS) ,
Derivative Suit ,
Enforcement Actions ,
EU ,
Experian ,
FBI ,
FCC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC v Wyndham ,
Google ,
Hackers ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Mobile Device Management ,
Mobile Devices ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Privacy Concerns ,
Privacy Laws ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation ,
T-Mobile ,
Telecommunications ,
Verizon ,
Wyndham
Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more
9/28/2015
/ Banking Sector ,
Banks ,
Class Action ,
Class Certification ,
Credit Unions ,
Cyber Attacks ,
Cyber Crimes ,
Data Breach ,
Debit and Credit Card Transactions ,
Financial Institutions ,
Fraudulent Charges ,
Hackers ,
MasterCard ,
Personally Identifiable Information ,
Popular ,
Target ,
Visa Inc
Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more
9/28/2015
/ Affordable Housing ,
Bank of America ,
Banking Sector ,
Banks ,
Citibank ,
Community Reinvestment Act ,
CRA ,
Data Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Foreclosure ,
JPMorgan Chase ,
Mortgages ,
Residential Real Estate Market
A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more
8/19/2015
/ American Express ,
Anti-Competitive ,
Anti-Steering Rules ,
ATMs ,
Bank of America ,
Banking Sector ,
Banks ,
Debit Cards ,
Department of Justice (DOJ) ,
Financial Institutions ,
JPMorgan Chase ,
MasterCard ,
Payment Processors ,
Transaction Fees ,
Visa Inc ,
Wells Fargo
Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more
8/11/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Construction Industry ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home Buyer ,
HUD ,
Kickbacks ,
Lenders ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Real Estate Brokers ,
Real Estate Market ,
Regulatory Oversight ,
RESPA ,
Wells Fargo
In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more
6/12/2015
/ Banking Crisis ,
Banking Sector ,
Citibank ,
Fannie Mae ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgage Loan Aggregators ,
Mortgage Loan Originators ,
Mortgages ,
Repurchases ,
Settlement Agreements
On Tuesday, Bank of America disclosed in its annual report with the US Securities and Exchange Commission (SEC) that “government regulators” in North America, Europe and Asia are investigating its foreign exchange and...more