Texas Supreme Court Clarifies a Home-Equity Lien’s Constitutional Requirements
On May 20, 2016, the Texas Supreme Court decided two cases clarifying borrower protections on home-equity loans under Article XVI, Section 50 of the Texas... Read More
Litigation Developments
CFPB Sues Payment Processor for Enabling Unauthorized Withdrawals and Other Illegal Acts by Clients
On June 6, the Consumer Financial Protection Bureau (CFPB) filed suit against payment processer Intercept Corporation and two of its owner-executives for allegedly enabling the... Read More
3rd Circuit Clarifies Equitable Tolling of Statute of Limitations in RESPA Class Actions
By Michael Y. Kieval & Timothy P. Ofak Introduction For a number of years, plaintiffs’ attorneys have brought suits against lenders and other industry participants... Read More
Supreme Court Rules Jurisdictional Determinations Are Immediately Reviewable Final Agency Action
In a decision issued on May 31, the Supreme Court ruled that jurisdictional determinations (JD) issued by the Army Corps of Engineers are considered final... Read More
7th Circuit Holds Borrower Lacks Standing to Claim Violations of Pooling and Servicing Agreement
In a decision issued on March 22nd, the Seventh Circuit held that borrowers lack the necessary standing required to challenge alleged violations of pooling and... Read More
Supreme Court Rules That Debt Collector’s Authorized Use of the State Letterhead Does Not Violate the Fair Debt Collection Practices Act
In Sheriff v. Gillie, 194 L.Ed.2d 625 (U.S. 2016), the Supreme Court has ruled that a debt collector’s use of a State Attorney General’s letterhead,... Read More
11th Circuit Enforces New RESPA Request for Information and Notice of Error Provisions
In a decision published on May 12, the Eleventh Circuit held that servicers must provide a “comprehensive, supported explanation of their findings” in response to... Read More
Second Circuit Reverses $1.2 Billion Countrywide FIRREA Penalties Because Intentional Breach of Contract Alone Is Not Wire Fraud/Mail Fraud
The Second Circuit on Monday reversed $1.2 billion in civil penalties that had been imposed on Countrywide and Bank of America under the Financial Institutions... Read More
Supreme Court Clarifies Concrete Injury Requirement for Plaintiffs Bringing Statutory Claims
In the long-awaited Spokeo decision on Monday, the Supreme Court held that a plaintiff need not suffer a “tangible” injury to have standing to bring... Read More
Ninth Circuit Rejects Challenge to CFPB Enforcement Authority
A panel of the Ninth Circuit recently rejected a challenge to the CFPB’s enforcement authority that was based on the improper recess-appointment of Richard Cordray... Read More
First Circuit Upholds HUD’s Final Order Finding Condominium Association’s “No Pet” Rule Violated the Fair Housing Act
The First Circuit recently held that an “emotional support dog” staying with a man in a condominium unit was a reasonable accommodation under the Fair... Read More
TILA Does Not Apply to Transfers of Texas Tax Liens
The Fifth Circuit Court of Appeals recently determined that transfers of Texas real property tax liens were not consumer credit transactions within the meaning of... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.