Mortgage Lending, Servicing + Banking

When deciding the amount of homestead exemption to which a debtor is entitled, should a bankruptcy court apply the state exemption in effect on the creation date of the lien or on the bankruptcy filing date? According to the Ninth Circuit in a recent decision, the court should apply the state exemption law in

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The legislation remained unchanged from its passing back in May 2022 despite many industry experts expecting Governor Hochul to amend certain portions, including its retroactive effect. The FAPA, however, which takes effect immediately, applies retroactively and effectively

Is an arbitration provision enforceable if it is added to a bank’s deposit account agreement four years after the account is opened and contains no meaningful opt-out clause? According to the United States District Court for the Southern District of New York, the answer to that question is no. A copy of the court’s decision

On December 5, an Arizona Superior Court for Maricopa County issued an Order to Show Cause to the state of Arizona and scheduled an expedited evidentiary hearing in a suit challenging the newly passed Arizona Protection from Predatory Debt Collection Act (the Act), also known as Proposition 209. Arizona voters passed the Act in the

As discussed here, on November 18, the Biden administration filed an application with the U.S. Supreme Court to vacate the Eighth Circuit injunction temporarily pausing the administration’s student loan forgiveness program. In its application, the administration requested that the Court either vacate the injunction, or, in the alternative, to construe the application as a

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