The United States District Court for the Eastern District of New York has held that a loan servicer does not qualify as a debt collector under the Fair Debt Collection Practices Act, 15 U.S.C.A. §1692a (“FDCPA”), where the loans were not in default when the servicer...
On March 30, 2022, in Robinhood Financial, LLC v. William F. Galvin, et. al., the Massachusetts Superior Court (Ricciuti, J.) struck down the recently adopted Fiduciary Duty Rule (950 C.M.R § 12.207), a state regulation that held brokerage dealers to the same...
Pursuant to the National Bank Act, the Home Owners’ Loan Act, and the Federal Deposit Insurance Act, the “Valid-When-Made” doctrine has provided that if a loan is valid when it is made it cannot later become invalid or unenforceable because it is sold or assigned to a...
In response to consumer complaints, in 1991 Congress passed the Telephone Consumer Protection Act (“TCPA”) to discourage and prevent unsolicited advertisement over telephone lines. The TCPA places restrictions on the use of automatic telephone dialing systems, both...
The United States Court of Appeals for the Second Circuit ruled on December 30, 2021 that litigation could proceed against certain foreign financial institutions. The decision overturned the ruling of the Southern District of New York. The case relates to the...
In the Fall of 2021, the U.S. House of Representatives once again passed the Safe and Fair Enforcement (SAFE) Banking Act, with joint support from both parties. And although the Senate has yet to sign off, last month, the bill had 40 co-sponsors therein. The SAFE...
The United States Court of Appeals for the District of Columbia, has deepened a split among federal appellate courts, holding that government agencies can be sued under the Fair Credit Reporting Act (“FCRA”), 15 U.S.C.A. § 1681. The DC Circuit joined the Seventh...
The United States Court of Appeals for the Sixth Circuit, in a case spanning fourteen years, has held that consumers alleging a violation of the Fair Credit Reporting Act (“FCRA”), 15 U.S.C.A. § 1681e(b), must allege actual harm to sue under the statute. A claim for...
On July 9, 2021, President Biden issued an executive order that could spell changes for banking regulation. The Executive Order’s stated purpose is to promote a “fair, open, and competitive marketplace” and the Order asserts that “in the financial-services sector,...
In late 2020, the Office of the Comptroller of the Currency (OCC) issued the “true lender” rule, which was immediately met with criticism. Shortly thereafter, several State Attorneys General, led by New York Attorney General Letitia James, sued the OCC seeking to...
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