Second Circuit Finds No Standing, Affirms Summary Judgment on TILA Claims

On November 23, 2016, the Second Circuit issued its opinion in Strubel v. Comenity Bank, a putative Truth in Lending Act (TILA) class action with both standing and substantive TILA implications.  In Strubel, the plaintiff challenged the disclosures Comenity provided in connection with a retail store credit card.  The opinion summarizes the plaintiff’s…

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Goodwin Files Amicus Brief on Behalf of the Mortgage Industry

On August 3, 2016, Goodwin filed an amicus brief in the Washington Supreme Court on behalf of the Mortgage Bankers Association and the Consumer Mortgage Coalition. The case—Jordan v. Nationstar Mortgage LLC—involved a challenge to a servicer’s default-servicing practice of rekeying the lock on the front door of seemingly abandoned…

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Divided Supreme Court Vacates Ninth Circuit Decision in Spokeo, Remands for Further Proceedings

Today, the Supreme Court released its opinion in Spokeo v. Robins, vacating the Ninth Circuit’s decision and remanding the case for further proceedings.  Our earlier posts on the case (here, here, and here) provide more detailed background on the facts of the case, but by way of short introduction, Spokeo…

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CFPB Claims Jurisdiction Over Foreign Payday Lender and its Subsidiaries is Appropriate

The CFPB’s assault on payday lenders is nothing new (see our coverage of the Bureau’s proposed Payday lending rules here and Enforcement Watch’s coverage of a payday-lending-based consent order here), but the Bureau has now gone international.  CFPB v. NDG Financial Capital (Case No. 15-cv-05211), currently pending in the Southern District of…

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Federal Reserve Set to Update Regulation Z to Add CFPB Rules

On February 19, the Federal Reserve noticed an information collection regarding recent changes to Regulation Z.  The Notice (81 Fed. Reg. 8492) explains that the Federal Reserve is planning to update Regulation Z to include a number of regulatory requirements implemented in the past three years—particularly those promulgated by the…

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House Financial Services Committee Reports New Cybersecurity Bill to Congress

On December 9, 2015, the House Financial Services Committee reported a Bill to Congress that would impact the cybersecurity compliance of financial services companies.  The Bill, H.R. 2205, would set standards for development and implementation of cybersecurity protocols; require investigation and notification of breaches; and allow administrative enforcement. One of…

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Recent Class Actions Challenge Property Inspection Charges

From origination through final payoff, plaintiffs’ counsel look for claims in just about every aspect of the relationship between borrowers and their mortgage lenders.  Recently, scrutiny has turned to property inspections carried out during default servicing.  Plaintiffs’ lawyers have filed several class-action suits alleging that inspection fees violate mortgage terms, state…

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Class-Action Waivers on the CFPB Chopping Block

Earlier this month, the CFPB announced that it may propose rules designed to curtail or eliminate class-action waivers from arbitration clauses. Arbitration clauses appear in most financial-services contracts to provide both parties with a cheaper alternative to litigation. Dubbing such clauses “a free pass [to] sidestep the legal system, avoid…

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