Mortgages, Credit Reports

Chopra remarks on how less credit reporting competition may lead to higher mortgage costs

Orrick, Herrington & Sutcliffe LLP on 5/29/2024

On May 20, CFPB Director, Rohit Chopra, delivered a speech at a trade association event addressing the rising costs in the mortgage lending industry, which may be due to limited competition in the credit reporting sector....more

CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association

Ballard Spahr LLP on 5/28/2024

As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While...more

Ninth Circuit Affirms Summary Judgment Finding that Furnisher Conducted a Reasonable Investigation into Dispute

Troutman Pepper on 5/3/2024

In an unpublished decision, the U.S. Court of Appeals for the Ninth Circuit recently affirmed the decision of a California district court finding that the furnisher conducted a reasonable investigation under the Fair Credit...more

CFPB Publishes Consumer Response Annual Report

Ballard Spahr LLP on 4/8/2024

The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Revised Trigger Leads Bill Introduced in U.S. House of Representatives

Ballard Spahr LLP on 2/22/2024

As previously reported, in 2023 bills were introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with...more

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

Hudson Cook, LLP on 2/1/2024

In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

Hudson Cook, LLP on 1/19/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Bills To Curtail Trigger Leads Introduced in Congress

Ballard Spahr LLP on 12/20/2023

Bills have been introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans....more

In the Ninth Circuit Precision is Required in an Offer of Judgment

Troutman Pepper on 12/7/2023

A U.S. District Court in the Southern District of California recently held that a Federal Rule of Civil Procedure 68 offer of judgment must clearly state that attorneys’ fees and costs are limited or waived, as Arvest Central...more

A “Note” About Your Mortgage. There is a Difference.

Fox Rothschild LLP on 10/6/2023

Most of us wander through life unconcerned about the vagaries of house finance laws until we decide we want a house. Candidly, because of how house purchases come about, most of us don’t know much about mortgage financing...more

Credit Union Client Alert - September 2023

Kaufman & Canoles on 9/11/2023

In a recently published opinion by Fourth Circuit Judge Quattlebaum, Jr., the majority of the panel found there to be a genuine dispute of material fact in Plaintiff Mark Anthony Guthrie’s North Carolina Debt Collection Act...more

Latest CFPB Supervisory Highlights Identify Novel Violations Across Host of Financial Products and Services

Cooley LLP on 8/3/2023

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more

7th Circuit affirms dismissal of FCRA claims against subservicer

Orrick, Herrington & Sutcliffe LLP on 7/17/2023

On July 5, the U.S. Court of Appeals for the Seventh Circuit affirmed summary judgment in favor of a defendant data furnisher in an FCRA case, holding that the plaintiff failed to establish that the defendant provided...more

CFPB Bites of the Month - March 2023 - Beware the Ides of March and the CFPB

Hudson Cook, LLP on 3/27/2023

In this month's article, we share some of our top "bites" for the prior month covered during the March 2023 webinar....more

2022 Year In Review - Consumer Finance

Goodwin on 2/22/2023

2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more

9th Circuit affirms decision in FCRA, CFPA, and TSR suit

Orrick, Herrington & Sutcliffe LLP on 1/11/2023

In December, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s ruling holding an individual liable for violations of the FCRA, the TSR, and the CFPA after the defendant, who allegedly “played a...more

All Consuming - Financial Litigation Insights, Volume 2, Issue 23

Spilman Thomas & Battle, PLLC on 11/17/2021

Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm - "And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more

Equitable Defense Proves Valuable in FCRA Suit

Womble Bond Dickinson on 10/25/2021

The U.S. District Court for the Western District of North Carolina found that the plaintiff was equitably estopped from pursuing a FCRA claim in light of her behavior related to the manner in which she chose to make her...more

September Update: COVID-19 Mortgage Servicing Trends Report

Bradley Arant Boult Cummings LLP on 9/30/2021

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more

Wiley Consumer Protection Download (August 3, 2021)

Wiley Rein LLP on 8/3/2021

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Eleventh Circuit’s “Narrow” Holding May Open Wide Disputes About Duties Under The FCRA

Balch & Bingham LLP on 6/1/2021

The Eleventh Circuit recently weighed in on a common practice—reporting debts subject to bankruptcy. In the process of so doing, the opinion in Losch v. Nationtar Mortgage LLC provided litigants some key insights in Fair...more

FCRA Claim Survives Dismissal Where Plaintiff Alleges Defendant Did Not Have a Permissible Purpose to Access Plaintiff’s Credit...

Womble Bond Dickinson on 5/17/2021

The Northern District of Illinois recently denied a motion to dismiss a FCRA claim finding that the complaint sufficiently alleged that the defendant did not have a “permissible purpose” to access the plaintiff’s credit...more

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