Mortgage Lenders & Servicers

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? The answer depends on whether the creditor attempts to recover the unpaid mortgage balance or just the property, according to the U.S. Court of Appeals for the Ninth Circuit in Barnes v. Routh Crabtree Olson, P.C.

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The Federal Trade Commission (“FTC”) held its public workshop on the proposed changes to the Safeguards Rule under the Gramm-Leach-Bliley Act of 1999 (“GLBA”). The FTC has not updated the Safeguards Rule since implementing it in 2003. With substantial developments in the way businesses increasingly depend and operate using non-public personal information through electronic means

On July 28, 2020, Troutman Pepper attorneys, Maryia Jones (Virginia Beach office) and Stephen J. Steinlight (New York – East Side office) will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.

The credit and collection industry remain under

The Federal Trade Commission (“FTC”) is holding its public workshop today on the proposed changes to the Gramm-Leach-Bliley Act of 1999’s Safeguards Rule (“Safeguards Rule”). For background, the Safeguards Rule requires financial institutions, and potentially affiliates and/or service providers, to keep customer information secure. The FTC has stated it seeks to modify the Safeguards Rule

On June 23, the Consumer Financial Protection Bureau issued an interim final rule (“IFR”) intended to make it easier for consumers to transition out of COVID-19-related financial hardship and easier for mortgage services to assist those consumers. The IFR will become effective on July 1, 2020.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES

Earlier this week, the Supreme Court of the United States declined to review an appellate court ruling that two mortgage companies defrauded a federal mortgage insurance program, leaving them owing nearly $300 million in damages to the United States government.

In August 2019, the United States Court of Appeals for the Fifth Circuit in United

Yesterday, Troutman Sanders LLP’s Consumer Financial Services Law Monitor reported that AB-2501, a proposed bill allowing for homeowners to defer their mortgage payments for up to a year, failed to pass by a narrow margin. The bill’s author, Assembly Member Monique Limón (D-Santa Barbara), quickly moved for reconsideration. However, as the Assembly has now entered

After numerous amendments, readings, and committee hearings, California Assembly Bill 2501 narrowly failed to pass in Sacramento on June 15, with a vote total of 28 Ayes, 25 Noes, and 26 abstentions. The bill would have offered major payment relief to homeowners and certain renters, as well as owners of mobile homes. It might see

The COVID-19 pandemic has wreaked havoc on the U.S. economy in unimaginable ways. Millions are unemployed as a result of federal and state action to contain and limit the spread of the virus. The cascading effects of shutting down the entire U.S. economy have already been felt by both mortgage servicers and borrowers alike.

In

World Acceptance Corp., a Greenville, South Carolina-based consumer lender, recently announced it has set aside $21.7 million in anticipation of resolving a Foreign Corrupt Practices Act (“FCPA”) investigation into the company’s Mexico-based subsidiary by the United States Securities and Exchange Commission and the Department of Justice.

The investigation has focused on the legality of certain