Today, the Fourth Circuit Court of Appeals issued a much-awaited opinion affirming the dismissal of a servicemember’s class-action suit brought under the Military Lending Act (MLA or Act) because, even though the secured automobile loan at issue financed guaranteed asset protection (GAP) coverage and other fees, the loan was still given for the “express purpose”
The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s
In an agency order issued on February 27, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation from the mortgage lending industry. In addition to imposing a penalty of $1,000,000, the order prohibits the lender from engaging in any mortgage lending activities or receiving remuneration from mortgage lending.
The CFPB based its decision
On March 10, the California Department of Financial Protection and Innovation closed Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Silicon Valley Bank had 17 branches in California and Massachusetts. The FDIC transferred all deposits and assets of the former bank to a newly created, full-service FDIC-operated bridge bank
The Lac du Flambeau Band of Lake Superior Chippewa Indians (Lac du Flambeau Band) found support from law professors specializing in federal Indian law as well as an assemblage of tribes and Native American groups in its bid before the U.S. Supreme Court to assert sovereign immunity from suit regarding alleged violations of the automatic
The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract.
Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § 12-548. A lender must enforce the debt through foreclosure
On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s Kessler decision, which had applied a strict application of Real Property Actions and Proceedings Law § 1304, also known as a 90-day notice. In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. Mr.
Following a trend started during the COVID pandemic, Virginia State Delegate Bill Wiley (R) introduced a bill, HB 2389 in the current legislative session of the Virginia General Assembly that would allow employees of a Virginia-licensed mortgage lender or broker (licensee) to work at an unlicensed remote location upon certain conditions being met. Specifically
The Department of Treasury (DOT) has been slow to dole out the nearly $10 billion available under the Homeowner Assistance Fund (HAF), a pandemic aid program enacted by Congress to provide relief to homeowners. Under the HAF, homeowners can apply for relief, including payoff of deferred balances accrued during pandemic forbearance periods. As of October
On July 19, 2022, the Ninth Circuit Bankruptcy Appellate Panel ruled that a creditor’s proof of claim — while meeting the standard of the Bankruptcy Code — was insufficient to enforce the debt under state law and was therefore subject to disallowance.
In In re Myers, included on the debtors’ chapter 13 scheduled debts