In Klein v. Forster & Garbus LLP, a New York district court granted the defendant debt collector’s motion for judgment on the pleadings and denied the plaintiff’s request to amend his complaint in a Fair Debt Collection Practices Act (FDCPA) case. In its holding, the court emphasized that, pursuant to the holding in Avila
In WVMF Funding v. Palmero, the Supreme Court of Florida quashed the Third District Court of Appeals’ holding in OneWest Bank, FSB v. Palmero, 283 So. 3d 346 (Fla. 3d DCA 2019) that Mrs. Palmero was a “borrower” under a mortgage “as a matter of law.” In its holding, the Court emphasized that
On June 16, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule to explain the basis for its position that the CFPB possesses the authority to “examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA).”
As far back
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend Regulation Z’s mortgage servicing requirements in order to “establish temporary special safeguards to help ensure that borrowers have time before foreclosure to explore their options, including loan modifications and selling their homes.”
The rule, which applies to federally regulated mortgage
On July 15, the U.S. Court of Appeals for the Second Circuit ruled that private student loans are not explicitly exempt from a debtor’s Chapter 7 bankruptcy discharge.
In Homadian, the borrower, after graduating from Emerson College, filed for Chapter 7 bankruptcy in 2007 and obtained a discharge in 2009. The discharge order did
The Financial Institutions Regulatory Authority (FINRA) has made its arbitration statistics for the year 2021, through May 31, available on its website. Overall, FINRA experienced an intriguing 19% decline in the number of overall arbitrations commenced through May 31, 2021 versus May 31, 2020. In particular, customer/investor claims declined a modest 2%, while intra-industry arbitrations,
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
In Heinz v. Carrington Mortgage Services LLC, the Eighth Circuit held that the mere inclusion of boilerplate disclosure language does not transform an otherwise benign informational communication into one meant to induce payment by the debtor under the “animating purpose” test, which makes a holistic consideration of an individual communication’s purpose to determine whether
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
This past April, the Florida legislature passed an amendment to Florida’s version of the Telephone Consumer Protection Act, CS/SB 1120. Two days before the amendment’s effective date of July 1, 2021, Governor Ron DeSantis signed the amendment into law, giving companies little time to prepare.
The amendment imposes a new requirement on making telephonic
