Mortgage Lending, Servicing + Banking

As discussed here, last month, the Eighth Circuit granted an emergency motion by Republican officials in six states to temporarily pause the Biden administration’s student loan forgiveness program while they appeal the dismissal of their challenge by a Missouri federal judge, who found that they do not have standing to sue. On November 18

The Biden administration’s student loan forgiveness program is on hold indefinitely after a Texas federal court issued its decision, finding the program to be unconstitutional. In Brown v. U.S. Department of Education, the Northern District of Texas held that the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) does not

​The Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group violated the Equal Credit Opportunity Act and the FTC Act by adding “junk fees” onto the cost of its vehicles and discriminating against Black and Latino consumers by charging

On October 13, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Specifically, based on the annual

A recent federal court decision from the Northern District of Texas offers some useful lessons and insights for creditors relying on the Military Lending Act’s (MLA) safe harbors for verifying whether a consumer is a “covered borrower.”

In Greenwood v. Cottonwood Financial, Ltd., 2022 WL 3754706 (N.D. Tex. 2022) (see also court decision

The Arizona Supreme Court just issued a significant and favorable foreclosure statute of limitations decision in Bridges v. Nationstar Mortgage LLC, — P.3d —, 2022 WL 3905320. It held that recording a notice of trustee’s sale does not evidence a debt’s acceleration. The opinion is significant because borrowers in Arizona routinely argue that recording

This week, the Department of Justice (DOJ) resolved Servicemembers Civil Relief Act (SCRA) claims against two affiliated Virginia landlords for allegedly obtaining unlawful court judgments against military tenants. To settle the claims, the landlords agreed to pay restitution to affected servicemembers, a civil penalty to the United States, and various injunctive relief. This action is

When mortgage servicers use periodic statements sent under the Truth in Lending Act (TILA) to collect a debt, they can be held liable under the Fair Debt Collection Practices Act (FDCPA) for any misleading or unconscionable representations made in those statements. Applying this reasoning, the Eleventh Circuit recently overturned a dismissal of a FDCPA case

On July 19, the Federal Housing Finance Agency (FHFA or the Agency) announced the establishment of the Office of Financial Technology to serve as a source of information, Agency support in addressing emerging risks, and avenue to advance Agency priorities as to the adoption and deployment of financial technology (fintech). At the same time, the