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Finance & Banking Consumer Protection

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

VA Issues Policy Reminder re Lender’s Payment or Credit of Veteran’s Costs in Home Loans

by Weiner Brodsky Kider PC on

The VA recently issued Circular 26-18-4 to clarify policy guidance regarding the use of credits or interest rates to pay borrower costs in VA loans. Pursuant to VA regulations, lenders may charge and a Veteran may pay a flat...more

CFPB Issues Request for Information on Adopted Regulations and New Rulemaking Authorities

On March 14, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced it was seeking public input regarding whether or not there should be amendments to pre-existing rules or new rules relating to the CFPB’s...more

S.2155 Does Not Facilitate Discriminatory Lending

by Ballard Spahr LLP on

In a blog post entitled “How S.2155 (the Bank Lobbyist Act) Facilitates Discriminatory Lending” Professor Adam Levitin claimed that “This bill functionally exempts 85% of US banks and credit unions from fair lending laws in...more

State of Washington Enacts Student Loan Servicing Law

by Ballard Spahr LLP on

Washington has become the latest state to impose a licensing requirement on student loan servicers. Last week, Governor Jay Inslee signed SB 6029, which establishes a “student loan bill of rights,” similar to the bills that...more

Regulatory Relief: It’s About Time

by Vedder Price on

In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more

Want to Vent About Regulations Adopted By the CFPB?

by Reed Smith on

The CFPB recently issued a formal invitation (a Request for Information [RFI] for you to do just that, as well as to comment about any of the new regulatory authorities given to the CFPB by the Dodd-Frank Act. In its March...more

Education Dept. says state student loan servicing laws are preempted

by Ballard Spahr LLP on

In response to the wave of new state student loan servicing laws and enforcement activity, the U.S. Department of Education has published an interpretation emphasizing that the Higher Education Act (HEA) preempts state...more

9th Circuit Affirms Dismissal of FCRA Putative Class Action for Lack of Standing

by Weiner Brodsky Kider PC on

The Ninth Circuit has ruled that a plaintiff failed to allege a concrete injury-in-fact sufficient for Article III standing in a suit alleging a violation of the Fair Credit Report Act (FCRA). The panel affirmed the district...more

WVCCPA and the 2018 West Virginia Legislative Session Update #1

The 2018 West Virginia Legislative Session ended last week, and the legislature has rejected two bills that would have modified the Consumer Credit and Protection Act (“WVCCPA”), the primary statute in West Virginia that...more

CFPB Issues Request for Information Regarding the Public Reporting Practices of Consumer Complaint Information

by Weiner Brodsky Kider PC on

The CFPB recently issued a Request for Information concerning its public reporting practices of consumer complaint information, and whether changes to the practices may be appropriate. The Request focuses on the reporting...more

CFPB seeks comment on adopted regulations

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more

Update to MLA Website Expands Search Functionality

by Ballard Spahr LLP on

Yesterday, the Department of Defense’s (DoD) Military Lending Act website was temporarily taken offline to accommodate various “security and performance enhancements.” ...more

Misreading bankers’ worries: a response to Professor Sovern

by Ballard Spahr LLP on

In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more

Senate passes banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

FTC Issues Proposed Consent Order to Online Payment Processing Company Over Allegations of Privacy and Security Violations

by Weiner Brodsky Kider PC on

The FTC recently reached a settlement with a worldwide online payment processing company regarding the actions of its subsidiary, a peer-to-peer payment and social networking application and website, over alleged violations...more

Branch v. GEICO: The Convergence Of Class Certification And Article III Standing

by Seyfarth Shaw LLP on

On January 10, 2018, the U.S. District Court for the Eastern District of Virginia denied Plaintiff Tiffanie Branch’s renewed motion for class certification in Branch v. Government Employees Insurance Company, No....more

Bipartisan House bill introduced to change CFPB leadership to 5-member commission

by Ballard Spahr LLP on

A bipartisan bill introduced in the House earlier this week, the Financial Product Safety Commission Act of 2018 (H.R. 5266), would create a bipartisan five-member commission to run the CFPB.  ...more

Sixth Circuit Holds Consumer Has No Standing to Bring FDCPA Claim

The Sixth Circuit recently made clear its position that “Congress cannot override the baseline requirement[s] of Article III of the U.S. Constitution by labeling the violation of any requirements of a statute a cognizable...more

Financial Services Weekly News - March 2018 #2

by Goodwin on

Editor's Note - Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more

Congress Considers Legislation To Standardize Data Security And Breach Notification Regulatory Regime

by King & Spalding on

On Wednesday, March 7, the House Financial Services Committee (“HFSC”) considered two legislative proposals to streamline data breach notification laws. HFSC’s Subcommittee on Financial Institutions and Consumer Credit held a...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Fair Trading Act Becomes the Consumer Protection Act and Other Key Amendments

by Bennett Jones LLP on

Bill 31: A Better Deal for Consumers and Businesses Act passed First Reading on November 29, 2017, in the Alberta Legislature and received Royal Assent very quickly thereafter on December 15, 2017. Bill 31 amends the Fair...more

Court Of Appeal Finds Mortgage Servicer To Be A Debt Collector

by Allen Matkins on

Rosenthal Fair Debt collection Practices Act defines a "debt collector" as "any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engaged in debt collection". Cal. Civ....more

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