We’ve provided insights previously about increased regulatory and litigation activity related to Environmental, Social and Governance (ESG) disclosures by companies to current and prospective investors. For those not yet...more
6/29/2022
/ American Bar Association (ABA) ,
Banks ,
Business Strategies ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Greenwashing ,
Investment
With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more
12/23/2016
/ Banks ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Data Security ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Services Industry ,
Indemnification Clauses ,
Mortgage Lenders ,
PHH Corp. v CFPB ,
RMBS
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
An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more
Federal bank regulatory agencies are significantly increasing their scrutiny of Wall Street bank lending, moving from annual reviews to a system of monthly audits in a major effort to curtail aggressive underwriting...more
Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in August. The company is likely to attempt to recoup as much of the penalty as...more
Kate Berry reported in American Banker and SourceMedia’s National Mortgage News on how a $616 servicing error snowballed into a $16 million jury verdict. It was reported that a jury last month awarded $514,000 in compensatory...more
With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions.
...more
7/17/2014
/ Bank of America ,
Banks ,
Citigroup ,
Foreclosure ,
Goldman Sachs ,
JPMorgan Chase ,
Morgan Stanley ,
Mortgages ,
OCC ,
Robo-Signing ,
Settlement ,
Wall Street ,
Wells Fargo
Recently, the defendants in FDIC as Receiver for Colonial Bank v. Chase Mortgage Finance Group, et al (Civ No. 1:12-cv-06166) filed a motion for judgment on the pleadings, asking the court to dismiss as time-barred the...more
“Robo-signing,” the term coined to refer to bank officials who quickly approved mortgage foreclosure documents without actual knowledge of the validity of the grounds for foreclosure, has been spurring lawsuits and making...more
A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more
Following the financial crisis, the U.S. Securities and Exchange Commission has received sharp criticism from the public for its seemingly weak enforcement of Wall Street’s too big to fail banks. Surprisingly, this sentiment...more
The United States Court of Appeals for the Ninth Circuit (encompassing nine Western states and two Pacific islands) has held that for purposes of diversity jurisdiction a national bank is a citizen only of the state in which...more
The real wolves of Wall Street–sixteen of America’s largest banks–could end up shelling out more than $50 billion to secure settlements from the federal government in connection with their alleged roles in the mortgage...more
Late last month, we commented on JP Morgan Chase’s $5.1 billion settlement with the Fair Housing Financing Agency (FHFA), as conservator of Fannie Mae and Freddie Mac. The Wall Street Journal has since reported that JP Morgan...more
The legal press is abuzz with reports of a New York federal judge’s award of a $90.1 million judgment to mortgage insurer Assured Guaranty Corp. after a lengthy trial in its suit against Flagstar Bank FSB....more