Three new laws signed by California Gov. Gavin Newsom in recent days will impact consumer credit in the state by capping interest rates on payday and other consumer installment loans, giving automatic exemptions for bank account levies and removing exemptions for attorneys and mortgage loans…
Posts published in “Banking”
The U.S. Court of Appeals for the Sixth Circuit recently affirmed a judgment in favor of the furnisher of credit information in an action filed under the federal Fair Credit Reporting Act and other claims under state common law. In so ruling, the Sixth Circuit…
The U.S. Court of Appeals for the Seventh Circuit recently reversed a bankruptcy court’s ruling that a lender failed to perfect its security interest because its UCC financing statement failed to provide sufficient indication of the secured collateral under Article 9 of the Uniform Commercial…
The U.S. Court of Appeals for the Eleventh Circuit recently affirmed the denial of a lender’s motions to dismiss and to strike a complaint filed on behalf of a class of borrowers who entered into loan agreements with the lender and its affiliates. In so…
The U.S. Court of Appeals for the Seventh Circuit recently ruled in favor of a bank suing to recover for a fraudulent loan scheme, finding that the Illinois Limited Liability Company Act did not shield the closing agent company’s owner from liability in a fraud…
The U.S. Court of Appeals for the Seventh Circuit recently reversed a trial court order determining that res judicata barred a borrower’s fraud claims against a bank. In so ruling, the Court held that res judicata should not apply in this case because in the…
In a class action arising from a data breach at a retailer that resulted in the theft of millions of consumers’ credit card information, the U.S Court of Appeals for the Eleventh Circuit recently held that the fee arrangement included as part of the settlement…
The U.S. Court of Appeals for the Seventh Circuit recently held that a blind plaintiff lacked standing to sue under the Americans with Disabilities Act (ADA) for alleged accessibility problems with a credit union’s website because he could not establish an injury in fact as…
The U.S. Court of Appeals for the Sixth Circuit recently reversed the dismissal of a breach of contract claim in a putative class action involving short-term cash advance loans, finding that the contract at issue was ambiguous because it provided two inconsistent definitions of “annual…
The U.S. Court of Appeals for the D.C. Circuit held recently that plaintiffs failed to offer sufficient evidence to create a genuine dispute of fact as to their accounting and fraudulent concealment claims against a bank based on the disappearance of funds from a savings…
The Supreme Court of Texas held that the contractual waiver of the statute of limitations on deficiency claims contained in a guaranty agreement was sufficiently “specific and for a reasonable time” as to be enforceable and not void as against public policy. Accordingly, the Texas…
In an agricultural lien contest between three creditors of a bankrupt commercial farm, the U.S. Court of Appeals for the Fifth Circuit recently affirmed the trial court’s award of summary judgment in favor of a bank that provided debtor-in-possession financing, holding that the locale of…