Supreme Court answers whether attorneys engaged in non-judicial foreclosure are not debt collectors for…

The facts of Obduskey v. McCarthy & Holthus LLP, No. 17-1307 (U.S. Mar. 20, 2019) are straight-forward. The defendant lawyers were hired to carry out a nonjudicial foreclosure on a Colorado home owned by the petitioner. The lawyers sent a debt validation notice to the petitioner who disputed the debt.…

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Ninth Circuit rules that Fannie Mae is not a “consumer reporting agency” within the…

In Zabriskie v. Federal National Mortgage Association, 912 F.3d 1192 (9th Cir. Jan. 9, 2019) the Ninth Circuit reversed an Arizona district court’s ruling that Fannie Mae was a “consumer reporting agency” within the meaning of the FCRA. Fannie Mae is a government-sponsored entity created by Congress in 1938. Its…

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Florida Appellate Court says lender could have recovered interest accrued beyond the statute of…

In Grant v. Citizens Bank, N.A., 5D17-726 (Dec. 26, 2018) a Florida Appellate Court retreated from its prior rulings that a lender could not recover in a foreclosure amounts that accrued more than five years prior to the filing of the lawsuit. Nevertheless, it held that the trial court erred…

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In a case of first impression, Fifth Circuit rules that bank cannot be held…

The Fifth Circuit in Riddle v. Bank of America, N.A., 911 F.3d 799 (5th Cir. Dec. 21, 2018) affirmed a Texas district court’s ruling that a homeowner failed to plead an agency relationship between a bank and its servicer, and thus failed to state a claim that the bank was…

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CFPB Released a Small Entity Compliance Guide for the Payday Lending Rule

On February 20, 2019, the CFPB released a Small Entity Compliance Guide (“Guide”) summarizing the requirements of the Payday, Vehicle Title, and High-Cost Installment Lending Rule (“Payday Lending Rule”). As previously reported, here, on February 6, 2019, the CFPB had issued a proposed rule seeking, among other things, to rescind…

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Rhode Island court holds mortgage extension agreement ineffective to extend duration of mortgage where…

In Bayview Loan Servicing, LLC v. Providence Bus. Loan Fund, Inc., No. 2018-18-APPEAL (R.I. Jan. 29, 2019) the Rhode Island Supreme Court holds that a recorded amendment to a mortgage which did not state the duration of the extension of the mortgage was ineffective to extend the validity of the…

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CSBS Releases Its Fintech Industry Advisory Panel Recommendations for Streamlining State Nonbank Supervision

On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”) released its Fintech Industry Advisory Panel (“Advisory Panel”) recommendations for streamlining state nonbank supervision. According to the CSBS, it agreed to implement 14 specific recommendations (“Recommendations”) from the Advisory Panel, primarily in the areas of creating uniform definitions and…

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The CFPB Issued Proposed Rules Seeking to Rescind Parts of the Payday Lending Rule…

On February 6, 2019, the CFPB issued a notice of proposed rule (“NPRM”) seeking, among other things, to rescind the ability to repay and related mandatory underwriting provisions of Payday, Vehicle Title, and Certain High-Cost Installment Loans, which was finalized on October 5, 2017 (“Payday Lending Rule”). The NPRM is…

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Florida court holds that ability to enforce a lost note does not create a…

In another chapter in the seemingly never ending saga of Florida’s statute of limitations litigation, a Florida Appellate Court recently held that a foreclosure complaint was not time barred because the time had run on the bank’s ability to enforce a lost note. Mielke v. Deutsche Bank Nat’l Tr. Co.…

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Amendments to Pennsylvania consumer protection statute will not be applied retroactively

In Johnson v. Phelan Hallinan & Schmieg, LLP, 2019 PA Super 11 (Jan. 8, 2019) the Superior Court of Pennsylvania upheld a finding that a 2008 amendment to state consumer protection which raised the statutory limit for qualifying loans from $50,000 to $217,873.5 will not be applied retroactively. In this…

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