Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a...more
In this article, the authors review a decision by a federal circuit court of appeals upholding the constitutionality of the funding structure for the Consumer Financial Protection Bureau.
Entities regulated by the...more
Entities regulated by the Consumer Financial Protection Bureau (“CFPB”), including banks, credit unions, payday lenders, mortgage servicers, debt collectors, and other financial services providers, should take note that the...more
In this article, the authors examine a recent decision by the U.S. Court of Appeals for the Third Circuit finding that reporting a delinquent pay status with a zeroed-out balance where a past due account has been transferred...more
Financial institutions, debt collectors, debt collection law firms, and consumer-facing businesses should take note that the Eleventh Circuit Court of Appeals reversed the prior panel’s decision and has ruled that merely...more
In Bibbs v. TransUnion LLC, 2022 WL 3149216 (3d Circ. Aug. 8, 2022), the Third Circuit Court of Appeals (“Third Circuit”) affirmed the United States District Court for the District of Pennsylvania’s (“District Court”) orders...more
Financial institutions, debt collectors, debt collection law firms, and consumer-facing businesses should take note that the Fifth Circuit Court of Appeals has ruled that merely asserting a statutory violation of the Fair...more
Financial institutions, lenders, and servicers should take note that the California Supreme Court affirmed a Court of Appeal decision confirming there is no duty for a lender to “process, review and respond carefully and...more
Financial institutions, lenders, and servicers should take note that the United States Supreme Court (“SCOTUS”) granted an injunction filed by plaintiffs-landlords seeking to prevent the enforcement of New York’s COVID-19...more
The New York Court of Appeals has resolved a split between two intermediate state appellate courts regarding whether a default letter clearly and unequivocally affirmatively accelerates a mortgage debt and provided much...more
Lenders, mortgage servicers, and other financial institutions should take note that New York State passed legislation extending the protections set forth in the COVID-19 Emergency Eviction and Foreclosure Prevention Act of...more
The CFPB’s interim final rule amends Regulation F to, among other things, (i) require debt collectors to provide written notice to certain consumers about the CDC’s temporary eviction protections; and (ii) prohibit debt...more
4/23/2021
/ Centers for Disease Control and Prevention (CDC) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
Eviction ,
FDCPA ,
Interim Final Rules (IFR) ,
Landlords ,
Popular ,
Tenants
In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated entities, such as banks, insurers, financial businesses, and regulated...more
Financial institutions, debt collectors, and consumer-facing businesses should take note that the United States Supreme Court has ruled that the definition of an “autodialer” under the Telephone Consumer Protection Act, as...more
The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more
On December 28, 2020, in response to the COVID-19 pandemic, the New York legislature met in a Special Session and passed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”) (S.9114/A.11181),...more
In CitiMortgage, Inc. v. Ramirez, 2020 WL 7647749, at *3 (3d Dept. Dec. 24, 2020), the Appellate Division, Third Department, held that CitiMortgage, Inc.’s action to recover under a note (i) was not precluded because of...more
New York regulated banking organizations as defined under New York Banking Law and any New York regulated mortgage servicer subject to the authority of the New York State Department of Financial Services should take note of...more
The Supreme Court of the United States (“Supreme Court”) recently affirmed the Third Circuit’s decision holding Fair Debt Collection Practices Act (“FDCPA”) claims are subject to a one-year statute of limitations from the...more
12/13/2019
/ Cause of Action Accrual ,
Credit Cards ,
Debt Collectors ,
Default Judgment ,
Discovery Rule ,
Equitable Tolling ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Service of Process ,
Statute of Limitations
In U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019), the New York Appellate Division, Second Department, held that a notice of default stating that if the loan was not made current, the lender “will automatically...more
Financial institutions and debt collectors should take note of, and provide comments on, the CFPB’s recent Notice of Proposed Rulemaking, which attempts to provide consumers with “clear protections against harassment by debt...more
In Kolbasyuk v. Capital Management Services, LP, No. 18-1260 (2d Cir. 2019), the Second Circuit recently held that a debt collector’s letters informing a consumer of the total present amount of debt owed satisfies Fair Debt...more
The United States Supreme Court holds businesses conducting nonjudicial foreclosures are not “debt collectors” under the FDCPA, but lenders and foreclosure firms should take note that the Court specifically chose to leave...more
New York’s Second Department, in rejecting the MacPherson line of cases, holds mortgage’s reinstatement provision is not a condition precedent to accelerating the debt and therefore does not prevent a lender from exercising...more
Entities that acquire debt for the “purpose of . . . collection” but outsource the actual collection qualify as “debt collectors” under the FDCPA’s “principal purpose” definition....more