On January 22, New York Governor Andrew Cuomo announced that in its first action, the newly created Student Protection Unit issued thirteen subpoenas to student debt relief companies as part of an investigation into allegations of improper fees and misleading advertising. The Student Protection Unit is a division within the…
On January 22, 2014, a federal judge in California denied J.C. Penney Corporation’s motion to dismiss for lack of subject matter jurisdiction following the plaintiff’s rejection of an offer of judgment. Maier v. J.C. Penney Corp., Inc., No. 3:13-cv-00163, slip op. (S.D. Cal. Jan. 22, 2014). The plaintiff has filed a…
On January 10, 2014, new CFPB amendments to Regulation X (implementing the Real Estate Settlement Procedures Act) and Regulation Z (implementing the Truth in Lending Act) became effective, imposing new requirements on loan servicers to respond to inquiries from residential mortgage loan borrowers within statutorily-specified time periods. An understanding of…
On January 28, 2014, a federal judge indicated that home loan borrowers in California may bring breach of contract claims against their loan servicer if the servicer offers a permanent loan modification agreement that differs from what was advertised in communications before the borrowers entered into the prerequisite Trial Period…