Diana M. Eng, Louise Bowes Marencik, and Jonathan K. Moore ● 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 Second Circuit has
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Welcome to Internet and Mobile Marketing: HUD’s 1996 RESPA CLO Policy Statement Finally Refreshed
R. Colgate Selden, R. Andrew Arculin, Scott D. Samlin, Paula M. Vigo Marques, and Daniel V. Funaro ● A new Consumer Financial Protection Bureau (“CFPB”) advisory opinion refreshes the Department of Housing and Urban Development’s computer loan origination system policy statement…
Law360: NY Foreclosure Notice Ruling Is a Win for Lenders
Law360, February 16, 2023 Diana M. Eng and Alina Levi ● On Feb. 14, New York’s highest court, the Court of Appeals, issued a ruling in Bank of America NA v. Kessler, reversing the Appellate Division, Second Department’s 2021 decision.…
CFPB Looks to Expand Its Oversight of Nonbanks through Two Controversial New Registries
R. Andrew Arculin, R. Colgate Selden, Scott E. Wortman, Paula M. Vigo Marques, and Daniel V. Funaro The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released two new proposals that aim to expand the Bureau’s authority over nonbank financial institutions:…
New York Law Journal: New York’s Foreclosure Abuse Prevention Act: What You Need to Know
New York Law Journal, January 11, 2023 Diana M. Eng and Andrea M. Roberts ● On Dec. 30, 2022, Gov. Hochul signed the Foreclosure Abuse Prevention Act (Act). The Act, which amends the Real Property Actions and Proceedings Law (RPAPL),…
New York Law Journal: Can the Foreclosure Abuse Prevention Act Survive a Constitutional Challenge?
New York Law Journal, January 6, 2023 Diana M. Eng and Andrea M. Roberts ● In February 2021, the New York Court of Appeals issued a long-awaited decision in Freedom Mortgage v. Engel, 37 N.Y.3d 1 (2021), which, among other things, held…
New Jersey Law Journal: The Aftermath of ‘TransUnion v. Ramirez’: An Emerging Circuit Split
New Jersey Law Journal, January 3, 2023 Diana M. Eng, Andrea M. Roberts, and Alina Levi ● For years, federal courts relied on the U.S. Supreme Court’s decision in Spokeo v. Robins, 578 U.S. 330 (2016), to ascertain whether a federal plaintiff…
Farewell, Hunstein—Eleventh Circuit Holds Disclosing Debtor’s Information to Mail Vendor Does Not Establish Concrete Harm
Wayne Streibich, Diana M. Eng, and Andrea M. Roberts ● 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…
Third Circuit Adopts New “Reasonable Reader” Standard and Holds Reporting Consumers’ Pay Status as Past Due with $0 Balance after Transfer Did Not Violate the FCRA
Diana M. Eng and Andrea M. Roberts ● 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”)…
Fifth Circuit Holds Mere Statutory Violation of the FDCPA, Future Risk of Harm, Confusion, and Lost Time Are Insufficient to Establish Article III Standing
Wayne Streibich, Diana M. Eng, and Alina Levi 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…