We’ve been tracking regulatory developments related to credit reporting for loans where borrowers have been affected by the coronavirus outbreak. On April 1, the CFPB issued a statement about credit reporting for loans...more
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection...more
Operating a financial institution is always a challenge, but the COVID-19 outbreak has triggered a unique set of overlapping and sometimes conflicting concerns for mortgage originators and servicers. Here is what we know as...more
Like the country and economy at large, the COVID-19 pandemic is significantly impacting secondary education and the student lending industry. In response to the pandemic, colleges across the country closed their campuses,...more
We previously blogged about the push among lawmakers and regulators to encourage or force financial institutions to cease providing adverse credit reporting on consumer loans where the delinquency or default may be related to...more
Although the major federal banking and consumer lending regulatory industries have issued a joint statement indicating “that financial institutions should work constructively with borrowers and other customers in” areas...more
On January 27, 2020, a federal court of appeals issued a significant decision interpreting the Telephone Consumer Protection Act (commonly referred to as the “TCPA”) in a way that limits the expansive potential liability...more
2/5/2020
/ Appeals ,
ATDS ,
Auto-Dialed Calls ,
Consumer Privacy Rights ,
Debt Collection ,
FCC ,
Prior Express Consent ,
Robocalling ,
Split of Authority ,
Statutory Interpretation ,
Student Loans ,
TCPA ,
Telecommunications
The Seventh Circuit Court of Appeals struck a blow to student loan servicers’ arguments that certain state law claims brought by borrowers are preempted under the Higher Education Act (HEA). In a lengthy opinion issued on...more
7/2/2019
/ Appeals ,
Disclosure Requirements ,
Federal Student Loans ,
Financial Services Industry ,
Government-Guaranteed Loans ,
Higher Education Act ,
Loan Servicer ,
Misrepresentation ,
Preemption ,
Reversal ,
State Law Claims ,
Student Loans
A recent decision by a panel of the United States Court of Appeals for the Fourth Circuit interpreting the Telephone Consumer Protection Act (TCPA) has significant – and possibly costly – implications for loan servicers and...more
5/1/2019
/ Appeals ,
Auto-Dialed Calls ,
Debt Collection ,
Exemptions ,
FCC ,
First Amendment ,
Government-Guaranteed Loans ,
Loan Servicer ,
Mobile Devices ,
Summary Judgment ,
TCPA
As lenders and servicers continue to litigate in Nevada’s state and federal courts about the effect of homeowner associations’ (HOAs) foreclosure sales, some questions have proven particularly sticky. What happens when a...more
Conducting a foreclosure does not make one a “debt collector,” at least for the general purposes of the Fair Debt Collection Practices Act (FDCPA). That fact is the upshot of yesterday’s unanimous Supreme Court decision in...more
As attorneys representing the financial services industry well know, the financial crisis of 2007-2008 resulted in a wave of foreclosures across the country as borrowers struggled to make payments on their mortgages.
The...more
As we’ve discussed on this blog before, Nevada’s courts remain a battleground for lenders seeking to establish that their security interests were not eliminated by homeowners’ association foreclosure sales under NRS 116. In...more
Reverse mortgage lenders received a significant victory in Florida’s Third District Court of Appeal last week when the court issued its decision in OneWest Bank, FSB v. Palmero. After previously ruling in Smith v. Reverse...more
4/27/2018
/ Borrowers ,
Foreclosure ,
Judicial Foreclosure Process ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
As we noted in last week’s blog post, the District of Columbia Court of Appeals issued a decision on March 1, 2018, that created a new wave of uncertainty for lenders with loans secured by deeds of trust on condominium units...more
The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more
Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners...more
8/28/2017
/ Banking Sector ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure ,
Freddie Mac ,
HERA ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Perfected Security Interest ,
Preemption
On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more
The United States Supreme Court issued a significant decision in Henson v. Santander Consumer USA, Inc. drastically restricting the universe of companies subject to potential liability under the Fair Debt Collection Practices...more
Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more
The Ninth Circuit sent shockwaves through the mortgage industry when it held that NRS 116—the statute allowing an HOA to impose a nominal super-priority lien that can extinguish a senior deed of trust when foreclosed—was...more
1/27/2017
/ Appeals ,
Constitutional Challenges ,
Deed of Trust ,
Due Process ,
Federal v State Law Application ,
Foreclosure ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Notice Requirements ,
NV Supreme Court ,
Property Liens ,
Super Priority
The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more
We are pleased to present Bradley’s annual review of significant False Claims Act (FCA) cases, developments, and trends. From a relatively short article several years ago, the Review has grown to a significant publication...more
1/10/2017
/ Anti-Kickback Statute ,
Appeals ,
Calculation of Damages ,
Civil Monetary Penalty ,
Defense Contracts ,
False Claims Act (FCA) ,
False-Certification of Conformance ,
Federal Contractors ,
FRCP 9(b) ,
Healthcare Fraud ,
Materiality ,
Objective Falsity ,
Off-Label Promotion ,
Overpayment ,
Public Disclosure ,
Qui Tam ,
Retaliation ,
SCOTUS ,
Standard of Review ,
Successor Liability ,
Transfer of Venue ,
United States ex rel Nelson v Sanford-Brown ,
Universal Health Services Inc v United States ex rel Escobar ,
Whistleblowers ,
Yates Memorandum
In a landmark decision issued last week, the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau’s (CFPB) structure violated the Constitution’s separation-of-powers requirements. In...more
10/17/2016
/ Anti-Kickback Statute ,
Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Director Removal ,
Dodd-Frank ,
Government Agencies ,
Mortgage Lenders ,
PHH Corp. v CFPB ,
Removal At-Will ,
Removal For-Cause ,
RESPA ,
Reversal ,
Separation of Powers ,
Single Director
On June 27, the United States Supreme Court declined to review the Second Circuit’s decision in Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015). By denying Midland Funding, LLC’s petition for a writ of...more