On January 15, 2016, the Fourth Circuit issued a published decision affirming summary judgment to the defendant national bank on plaintiff’s unconscionable contract claim under WVCCPA 46A-2-121. Plaintiff relied on a retroactive appraisal in an attempt to prove the loan was “predatory” because “the loan amount was in excess of the property value.”
The ruling
The CFPB released a resource intended to help lenders understand and implement the TILA-RESPA integrated disclosures (“TRID”) when extending construction loans.
The CFPB’s factsheet provides that construction loans are subject to TRID requirements as long as they are closed-end consumer credit transactions secured by real property. The only exception is those construction loans that are
On January 28, the Consumer Financial Protection Bureau released its monthly consumer complaint report, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair. The CFPB began accepting complaints as soon as it opened its doors in July 2011. As of January 1, 2016, the CFPB
On December 17, Judge Christina Snyder of the United States District Court for the Central District of California granted a motion to stay a lawsuit under the Telephone Consumer Protection Act (“TCPA”) by Defendant Time Warner Cable (“TWC”). The Court granted the motion pending the District of Columbia Circuit Court of Appeals’ decision in ACA
On January 15, the Federal Communications Commission defended its controversial July 10, 2015 Order (the “Order”) expansively interpreting the Telephone Consumer Protection Act (“TCPA”) in a 110-page brief filed in ACA International et al. v. FCC et al., where several consolidated challenges to the Order by businesses and trade groups are being heard in
On January 11, in Club Texting, Inc.’s Petition for a Declaratory Ruling, the Federal Communications Commission issued an Order that has the potential of increasing the scope of senders who can be liable for unwanted text messages under the Telephone Consumer Protection Act (“TCPA”). In the process, the FCC doubled-down on its controversial July
The Consumer Financial Protection Bureau recently issued a “Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines.” The Home Mortgage Disclosure Act was enacted in 1975 and requires covered depository and nondepository institutions to collect and publicly disclose information about applications for, originations of, and purchases of home purchase loans, home improvement
When the Consumer Financial Protection Bureau refused to allow an attorney to attend an investigational hearing held in connection with several Civil Investigative Demands (CIDs) issued by the CFPB, the subjects of the investigation filed suit against the CFPB, along with a motion to seal the case. Although the subjects voluntarily dismissed their complaint, the
On December 17, in addressing an issue of first impression, the United States District Court for the Eastern District of Pennsylvania held that a letter sent by a loan servicer under the Servicemembers Civil Relief Act (“SCRA”) to a borrower in default was not subject to the Fair Debt Collection Practices
Expert strategies for in-house and outside counsel on navigating class actions, litigation, and government enforcement actions in the consumer finance industry.
January 26-27, Viceroy Miami, Miami, Florida
We are pleased to announce that John Lynch, partner at Troutman Sanders LLP, will speak on: Consumer Finance Class Action Litigation and Settlement Strategies, Procedural Considerations, Emerging Theories