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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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.…
Read More »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…
Read More »The Second Circuit affirmed a decision by the US District Court for the Western District of New York finding the owners of several debt collection companies personally liable for the disgorgement of the money the companies received as a result of violating the Federal Trade Commission Act (“FTCA”) and the…
Read More »In Dr. Leevil, LLC v. Westlake Health Care Center, S241324 (Dec. 17, 2018) the California Supreme Court resolved a procedural question related to the timing of the notice that must precede an unlawful detainer action, where the action was not brought by the landlord, but rather by a mortgagee that…
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