By Brent Yarborough and Eric Rosenkoetter On June 13, the Bureau of Consumer Financial Protection issued a consent order with a holding company and its affiliated operating entities engaged in consumer lending. The consent order reflects the parties’ settlement of an administrative enforcement action that focused on the…
Posts published in “UDAP/UDAAP”
In a data breach putative class action brought by financial institutions against a retail grocery store chain, the U.S. Court of Appeals for the Seventh Circuit recently held that the economic loss doctrine prevented recovery of economic losses in tort cases. Although the financial institutions…
The U.S. Court of Appeals for the First Circuit recently held that a borrower cannot invoke the discovery rule to assert an otherwise untimely Massachusetts UDAAP claim (Chapter 93A) relating to a loan modification agreement, because the alleged harm was not “inherently unknowable” at the…
The U.S. Court of Appeals for the Ninth Circuit recently reversed an award of summary judgment in favor of a mortgage loan servicer, holding that the evidence could support a verdict that the servicer engaged in an unfair business practice by accepting trial modification plan…
On Jan. 7, the Expired Debt Act (EDA) was introduced in the Rhode Island House of Representatives and referred to the House Committee on Judiciary. The bill was introduced by State Representatives Shekarchi, Solomon, Regunberg, McEntee, and Craven. Since 2007, Rhode Island has had its…
Title loan lenders are under fire from New York Attorney General Eric Schneiderman who announced this week that he reached “agreements” with 10 repossession agents to stop accepting their repossession assignments. Title loan companies do not establish a physical presence in New York to avoid its 16 percent maximum…