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
Consumer Finance Watch
Consumer Finance Watch, published by Blank Rome, focuses on legal developments and regulatory issues affecting consumer finance. The blog covers topics such as mortgage forbearance and deferment laws, foreclosure prevention statutes, credit reporting compliance under the Fair Credit Reporting Act, and regulatory rulings impacting financial institutions and service providers. It addresses litigation trends, statutory interpretations, and enforcement actions relevant to banks, mortgage servicers, debt collectors, and other entities in the consumer financial services sector. The blog also discusses updates from regulatory agencies like the Consumer Financial Protection Bureau and the Department of Housing and Urban Development.
Latest from Consumer Finance Watch - Page 2
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…
California’s Highest Court Confirms Lenders Owe No Duty to Borrowers to Process, Review, and Respond to Loan Modification Applications and Nixes Negligence Claim
Wayne Streibich, Diana M. Eng, Cheryl S. Chang, and Jessica A. McElroy 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…
New York Further Extends the COVID-19 Emergency Eviction and Foreclosure Prevention and Small Businesses Acts to January 15, 2022, but Provides a Way to Challenge Hardship Declarations
Wayne Streibich, Diana M. Eng, and Chenxi Jiao Lenders, mortgage servicers, and other financial institutions should take note that the New York State legislature has extended the COVID-19 Emergency Eviction and Foreclosure Prevention Act (“CEEFPA”) and the COVID-19 Emergency Protect Our Small Businesses…
U.S. Supreme Court Blocks Enforcement of a Limited Part of New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act
Wayne Streibich, Diana M. Eng, and Chenxi Jiao 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 Emergency Eviction and Foreclosure…
How SCOTUS Clarified the Spokeo Standard of “Concrete” Harm Necessary to Establish Article III Standing, and What It Means for the Future of Class Actions
Ana Tagvoryan, Deborah A. Skakel, Edward W. Chang, Scott E. Wortman, Jeffrey N. Rosenthal, Chenxi Jiao, and Harrison M. Brown On June 25, 2021, the United States Supreme Court issued its decision in TransUnion LLC v. Ramirez, No. 20-297, 2021 WL…
New York’s COVID-19 Eviction and Foreclosure Prevention and Small Businesses Acts Extended to August 31, 2021—What You Need to Know
Wayne Streibich, Diana M. Eng, and Alina Levi 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 2020…
The Hunstein Effect—Examining the Eleventh Circuit’s Ruling and What’s Next for Debt Collectors and Their Third-Party Service Providers
Wayne Streibich, Nicole R. Topper, Scott E. Wortman, and Anthony Richard Yanez The U.S. Court of Appeals for the Eleventh Circuit has delivered a novel and highly consequential interpretation of the Fair Debt Collection Practices Act that is potentially transformative…
CFPB Issues Debt Collection Interim Final Rule Due to the Ongoing COVID-19 Pandemic
Wayne Streibich, Diana M. Eng, and Chenxi Jiao 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 collectors…