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The CFPB Funding Structure Is Constitutionally Sound Says 2nd Circuit

A three-judge panel of the U.S. Court of Appeals for the Second Circuit handed down a decision on March 23 holding that the funding mechanism for the federal Consumer Financial Protection Bureau is constitutionally sound. In doing so, it “respectfully decline[d] to follow the Fifth Circuit’s decision” in Cmty. Fin. Servs. Ass'n of Am., Ltd. v. CFPB.

New York DFS Tables Latest Version of Its Proposed Debt Collection Rule

March 15 was the deadline for the New York State Department of Financial Services to publish its proposed amendments to its debt collection rule. It didn’t and so they have expired. While the latest version of the proposed amendments has expired, you can bet on DFS releasing an updated version in the coming months.

Illinois App. Court (1st Dist) Reverses Dismissal of Claims That Choice of Law Provisions in Mortgage Loan Docs Violated IMFL

The Illinois Court of Appeals, First District, recently reversed a trial court’s order dismissing a quiet title lawsuit that alleged a lender's commercial loan agreement violated the Illinois Mortgage Foreclosure Law (IMFL) and was invalid and unenforceable.

8th Cir. Vacates FDCPA Class Action Post-Trial Judgment for Lack of Article III Standing

The U.S. Court of Appeals for the Eighth Circuit recently vacated a trial court’s judgment entered after trial in favor of the named plaintiff and a class of consumers for alleged violations of the federal Fair Debt Collection Practices Act and the Nebraska Consumer Protection Act due to lack of Article III standing.

8th Cir. Upholds $5.4 Million Damages Award in Mortgage Loan Indemnification Lawsuit

In a repurchase and indemnification action involving mortgage loan liabilities, the U.S. Court of Appeals for the Eighth Circuit recently upheld a trial court’s $5.4 million compensatory damages judgment and over $14 million attorney fee award in favor of the plaintiff, while overturning the trial court’s award of post-judgment interest.

NY Court of Appeals Rules RPAPL 1304 Notice May Include Add’l Accurate and Relevant Information

The New York Court of Appeals, the state's highest court, recently reversed the ruling of an intermediate appellate court and held that the inclusion of information that is not “false, misleading, obfuscatory, or unrelated” does not void an otherwise proper notice to borrowers sent pursuant to New York Real Property Actions and Proceedings Law § 1304, and thus does not bar a subsequently filed foreclosure action.