In 2024, the Supreme Court decided Cantero v. Bank of America, unanimously vacating the Second Circuit’s decision finding a New York law on interest on escrow accounts for home mortgage loans preempted by the National Bank Act. At the same time, the Court granted, vacated, and remanded Kivett v. Flagstar Bank, a decision from the […]
Category Archives: Other Lending, Debt, and Credit Issues
The National Credit Union Administration has promulgated regulations regarding the applicability of state laws to federal credit unions, including 12 C.F.R. s. 701.35(c), which, after setting out how a federal credit union may may determine the types of fees affecting the maintenance of its accounts, provides: “State laws regulating such activities are not applicable to […]
Buy Now, Pay Later transactions (BNPL) are increasing dramatically. And for some folks, they are probably positive. But for others, BNPL can create significant problems. In case you don’t already know, the typical BNPL transaction enables consumers to purchase something by making four equal payments, one on the date of the purchase and the other […]
The notice arrived Saturday morning. Rohit Chopra’s tenure as director of the Consumer Financial Protection Bureau had ended — by the new administration — well short of the completion of his five-year term. The past week was filled with grumbling from various industry corners and inquiring journalists wondering why Chopra had not already been forced […]
Under Missouri law, lienholders must release their liens within 5 days after payment in full of any moneys owed. According to the plaintiff in a putative class action, Santander Consumer violates this law by waiting fifteen days to send the title after a borrower pays off a car loan. After Santander removed the case, a […]
Read “The Tribal Lending Industry Offers Quick Cash Online at Outrageous Interest Rates. Here’s How It’s Survived,” from ProPublica this week.
As Christine reported, the Consumer Financial Protection Bureau issued a rule just yesterday to cap overdraft fees. Already, a group of banking associations have challenged it. The complaint, filed in Mississippi, is available here.
More American households are accessing the banking system. According to an FDIC survey released this month, 96 percent of all U.S. households had bank accounts in 2023. The survey, conducted biennially with the U.S. Census Bureau, found little difference between 2023 and the previous 2021 data, but showed a marked improvement from the 2011 survey […]
In its recently released Supervisory report, the Consumer Financial Protection Bureau highlights unfair (and abusive) acts and practices in auto financing. In this sector, the CFPB says its Supervision pays particular attention to auto repossessions, where it found numerous unfair acts and practices. Among them, the bureau found that a servicer or servicers erroneously repossessed […]
Christopher Lewis Peterson of Utah and Jeffrey Paul Ehrlich of St. Thomas University and McGuireWoods LLP have written Corrupt Joint Ventures in the Market for Residential Real-Estate-Settlement Services. Here’s the abstract: Closing costs in residential-real-estate sales have long acted as a significant barrier to American home ownership. In the Real Estate Settlement Procedures Act of 1974 […]