Rapid Ruling and its founders allegedly built a forum that MCA companies used to extract judgments against small businesses that never showed up to defend themselves
Rapid Ruling and its founders allegedly built a forum that MCA companies used to extract judgments against small businesses that never showed up to defend themselves
A federal judge in Louisiana ruled that a state statute creates an implied private right of action for homeowners suing mortgage servicers over interest payments, but dismissed Jared Hotard’s case because he failed to allege specific damages to establish...
The 9th Circuit reversed a district court’s dismissal of consumers’ Fair Credit Reporting Act claims against Wells Fargo, ruling that the bank’s opening of unauthorized accounts and subsequent credit pulls stated a plausible claim of willful violation.
The Ninth Circuit affirmed summary judgment for an insurer, ruling that unambiguous lending exclusions in a commercial liability policy bar coverage for Pacific Premier Bancorp Inc. and Pacific Premier Bank in litigation alleging they prolonged a real...
A federal judge in Florida has allowed Channel Trade Finance’s claims against TessPay Services and its finance arm to proceed to discovery, rejecting arguments that the complaint failed to adequately allege breaches of a factoring agreement and a personal...
U.S. Chief Judge Wendy Beetlestone dismissed the sole federal claim in a putative class action against Wilmington Savings Fund Society, ruling that a payable-on-death account beneficiary is not a "consumer" entitled to periodic statements under the...
A federal judge in Chicago allowed a claim that CIBC Bank USA failed to manage a borrower’s liquidation in a commercially reasonable manner to proceed, dismissing fraud and breach of contract claims in a $5 million private credit dispute.
The Appellate Division, Second Department, affirmed that mortgage servicers violate state law by charging fees for providing the first mortgage payoff statement, while dismissing a parallel consumer protection claim due to the lack of a private right of...
U.S. District Judge Beth Labson Freeman denied all nine motions in limine Financial Trust’s $1.7 billion lawsuit against the FDIC, allowing the regulator to introduce evidence of the bank run and permitting the Trust to call an economics expert to testify...
The Justice Department announced a $30 million settlement with PayPal Inc. to resolve a fair lending investigation into a discriminatory investment program created for black and minority-owned businesses.
A federal district court in New York has ordered a hearing to discuss next steps after the Second Circuit vacated a prior judgment in a mortgage-backed securities case involving Ocwen Financial Corporation.
A Massachusetts federal judge kept alive a national bank's breach-of-contract and fraudulent-concealment claims against its loan-participation partner, while dismissing two other fraud counts, in a dispute over alleged concealment of five undisclosed loans...
The Second Circuit held that regular-interest certificates in real estate mortgage investment conduits are equity interests that trigger ERISA fiduciary duties, while indenture notes are not.
The Consumer Financial Protection Bureau announced it will not prioritize enforcement or supervision actions against payday, vehicle title, and high-cost installment lenders for violations of the Payment Withdrawal and Payment Disclosure provisions of its...
The Consumer Financial Protection Bureau said it will deprioritize enforcement and supervision of the Small Business Lending Rule against entities falling outside the stay in Texas Bankers Association v. CFPB, citing both resource allocation and...
The Consumer Financial Protection Bureau said servicemembers borrowing to buy vehicles take on larger loans, make smaller down payments and pay more in interest than civilian borrowers, citing analysis of more than 20 million auto loans originated between...
The Consumer Financial Protection Bureau and the Department of Justice on April 15 rescinded a 2023 joint statement that had warned lenders considering borrowers' immigration status could run afoul of the Equal Credit Opportunity Act, with the agencies...
The Delaware Supreme Court reversed the Court of Chancery and held that ERISA does not bar former fund fiduciaries from receiving advancement of legal expenses when defending state-law claims in state court. The court ruled that advancement expressly...
The Consumer Financial Protection Bureau is asking a court to vacate a settlement it reached with Townstone Financial and return a six-figure penalty, with Acting Director Russ Vought alleging the mortgage company was targeted for political speech rather...
The Consumer Financial Protection Bureau notified a federal court Friday that the Department of Justice's Office of Legal Counsel has determined the agency cannot lawfully request funding from the Federal Reserve because the central bank currently lacks the...