Consumer Financial Services Law

OCTOBER 24, 2016

For purposes of RESPA, is there a difference to be had between “servicing” a loan and being a “servicer”? 9:16-cv-80347, 2016 U.S. In support of its argument, the defendant relied upon the definitions of “servicer” and “servicing” provided in 12 U.S.C § 2605. The question was recently addressed by a district court from Florida.

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Consumer Financial Services Law

MARCH 5, 2018

2505 (2016). Under the National Bank Act, 12 U.S.C. § In Madden , the Second Circuit held that a third-party debt buyer, after purchasing the loan from a national bank, is not permitted to charge the same rate of interest on the loan that the nationally chartered bank is permitted to charge. Midland Funding, LLC , 786 F.3d

Banks 40

Banks Loans Financial services 40

Troutman Sanders

AUGUST 22, 2022

On August 16, the CFPB director issued a statement on the announcement regarding the cancellation of loans for ITT Tech students. On August 12, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. For more information, click here. For more information, click, here. On August 15, the U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

Burr Forman

JANUARY 29, 2021

29, 2006), the plaintiff had made multiple late payments on her car loan before paying the loan off entirely. 12-6238 (PGH) (LHG), 2014 WL 647970 (D.N.J. 24, 2016), Docket No. June 15, 2016), Docket No. In Moulton v. Americredit Financial Services, Inc. , C 04-02485 JW, 2006 WL 8459731 (N.D. Moulton , at *1.

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Consumer Financial Services Law

OCTOBER 25, 2016

Ocwen Loan Servicing, the court considered whether the mortgage servicer had an obligation to evaluate a loss mitigation application when, at the time the completed application was submitted, a foreclosure sale was scheduled to occur in two days. Ocwen Loan Servicing, 2016 U.S. 12 CR 1024.41(c)(1). LEXIS 18264 (11 th Cir.

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Consumer Financial Services Law

JUNE 11, 2016

Proposed 12 CFR 1040.3 Proposed 12 CFR 1040.4(a)(1). Proposed 12 CFR 1040.4(a)(2)(i). Proposed 12 CFR 1040.4(a)(2)(ii). See Proposed 12 CFR 1040.4(a)(2)(iii). See Proposed 12 CFR 1040.5(b). Proposed 12 CFR 1040.4(b). Contracts entered into 211 days after the final rule is published. Who’s Covered?

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FDCPA Defense

FEBRUARY 3, 2019

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). Litton Loan Serv. Federal Home Loan Mortg. System, Inc.,

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Foreclosure Debt collector Law Firms Debtor 40

Troutman Sanders

OCTOBER 15, 2021

A Florida lawyer engaged by family members to handle the sale of a car dealership in upstate New York received payment instructions by email from a lender’s lawyer directing that the wire of funds for a loan payoff be sent to a bank account at M&T in New York. LEXIS 35604 at *11-12. [5] 3:15cv051, 2016 U.S. 24, 2016). [6]

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Lawyers Banks Financial Institution Education 52

FDCPA Defense

JANUARY 22, 2017

Countrywide Home Loans, Inc., 2016) (granting summary judgment for plaintiff in FDCPA class action where defendant’s letter failed to specifically identify the name of the current creditor); Avila v. 3d_, 2016 WL 4651403 (7th Cir. 3d_, 2016 WL 4651403 (7th Cir. 2016 WL 154090 (E.D.N.Y 23(b)(3); see also Vinole v.

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FDCPA Defense

FEBRUARY 1, 2018

2016) and Carlin v. 2016), amended (May 22. 1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “The [FDCPA] characterizes debts in terms of end uses. [n]either Litton Loan Servicing, LP , 2011 WL 635258, at *4 (N.D.

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Troutman Sanders

DECEMBER 19, 2023

On December 12, the U.S. On December 12, the FTC announced that it had finalized a new rule — the Combating Auto Retail Scams (CARS) Rule — addressing two types of illegal tactics consumers allegedly face when buying a car: bait-and-switch tactics and hidden junk fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Credit Corp

MARCH 20, 2023

Loan or lease fraud 197,914 -3.4% 2016 $9 $13.8 Type of identity fraud Cases reported in 2021 Percent change from 2020 Government documents or benefits fraud 395,948 -2.5% Credit card fraud 389,737 -.8% 8% Other identity theft 377,102 6.7% Bank fraud 124,388 39% Employment or tax-related fraud 111,723 -1.5% in billions) 2014 $7.2

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Trade Government Banks Loans 98

Troutman Sanders

JUNE 27, 2023

Throughout 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. Swedbank Latvia agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC’s Crimea sanctions.

Financial services 52

Financial services Banks Trade Loans 52

Collection Industry News

OCTOBER 25, 2021

The BFF and LendUp actions reflect the CFPB’s renewed focus on educational loans and subprime consumer loans, a trend expected to intensify under newly confirmed CFPB Director Rohit Chopra. Unlike a loan, the ISA agreement does not contain an unconditional obligation to repay a fixed amount. Online Consumer Loans.

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Loans Education Student loans Student Loans 40

Troutman Sanders

APRIL 18, 2023

On April 12, the attorneys representing defunct cryptocurrency exchange FTX in its bankruptcy proceeding announced that FTX recovered approximately $7.3 On April 12, U.S. On April 12, the U.S. For more information, click here. billion in liquid assets and would consider reopening for business in Q2 2024.

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Financial services Financial Institution Loans Bankruptcy 52