In Curiale v. Hyundai Capital America, Inc., No. A-5565-18T3 (N.J. Sup. Ct. App. Div. Apr. 27, 2020), a two-judge panel of the New Jersey Superior Court, Appellate Division, reversed a trial court order denying Defendant Hyundai Capital America, Inc.’s (“Defendant”)
Consumer Finance Spotlight
Salient insights on key enforcement and legal trends pertaining to the consumer financial services sector
Consumer Finance Spotlight, published by Reed Smith LLP, focuses on legal developments and regulatory issues in consumer finance. The blog covers topics such as the constitutional challenges and regulatory authority of the Consumer Financial Protection Bureau (CFPB), commercial lending regulations including small business lending and state disclosure laws, enforcement trends, and the impact of federal and state regulatory actions on financial services providers. It also addresses emerging issues in financial regulation, including responses to crises in sectors like cryptocurrency, and provides analysis of litigation and policy developments affecting consumer and commercial finance markets.
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The Second Circuit adds to the Appellate split on the Definition of an ATDS under the TCPA
The Second Circuit of United States Court of Appeals in Duran v. La boom Disco, Inc. (“Duran”), broke from the majority position from the Third, Seventh, and Eleventh Circuits and found that a dialing system that called from a stored…
How COVID-19 is Impacting Mortgage Lenders
As the sheer impact of COVID-19 continues to unfold, federal agencies are implementing policies across the country in an effort to lessen the financial burden on Americans. On March 18, 2020, the U.S. Department of Housing and Urban Development (“HUD”)…
The Often Overlooked Federal Protections to Tenants in Foreclosure Actions
For institutional lenders, the filing of any foreclosure action requires careful navigation and compliance with various state and federal laws. Notice to the mortgagor, for instance, is a prerequisite to any foreclosure; however, what if the property is subject to…
Supreme Court Justices say no to applying the “discovery” rule on FDCPA claims
On December 10, 2019, the Supreme Court of the United States resolved a split among the Circuit Courts of Appeals over whether the one-year statute of limitations of the Fair Debt Collection Practices Act (“FDCPA”) begins to accrue from the…
New Jersey Issues Rule Proposal on Uniform Fiduciary standard
Yesterday the New Jersey Bureau of Securities (“NJBOS”) issued its Rule Proposal titled “Fiduciary Duty of Broker-Dealers, Agents, Investment Advisers, and Investment Adviser Representatives”. Below is a link to the Press Release, which in turn includes a link to the…
Appellate Division Rejects MacPherson Mortgage Acceleration Argument in Case of First Impression
In a case of appellate first impression in New York, the Appellate Division, Second Department held that a mortgage is accelerated upon a lender’s election to do so, notwithstanding an optional reinstatement clause in a mortgage. In the Dieudonne matter,…
New Jersey Bureau of Securities (“NJBOS”) holds second public hearing on its Pre-Proposal for a Rule implementing a uniform fiduciary standard
As noted in our prior update, we continue to cover the NJBOS’ rulemaking activity relating to a uniform fiduciary standard applicable to all investment professionals. On Monday, November 19, 2018 we attended the second public hearing held by the…
Today the New Jersey Bureau of Securities (“NJBOS”) began public hearings on its Pre-Proposal for a Rule implementing a Uniform Fiduciary Standard for Investment Professionals
This morning we attended the first public hearing held by the NJBOS concerning its pre-proposal to adopt a rule implementing a uniform fiduciary standard for investment professionals, including broker-dealers and investment advisers. The hearing was administered by New Jersey officials,…
New Jersey Bureau of Securities provides formal Notice of Pre-Proposal regarding Fiduciary Standard
Today the New Jersey Bureau of Securities began rulemaking on a proposed uniform fiduciary standard for investment professionals. Attached below is the Bureau’s Notice of Pre-Proposal. Comments on the Pre-Proposal are due to the Bureau by December 14, 2018, and…