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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Second Circuit holds that individual owner liable for FDCPA violations of his debt collection…

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…

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California Supreme Court holds that a purchaser of real property at a foreclosure sale…

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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Seventh Circuit holds dunning letter not misleading by including validation notice on the second…

The Seventh Circuit in O’Boyle v. Real Time Resolutions, Inc., 910 F.3d 338, 341–48 (7th Cir. Dec. 7, 2018) affirmed a Wisconsin district court’s ruling that a letter which stated that important information was on the back of its first page, but the required validation notice was actually on the…

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Eleventh Circuit holds that debt is not “provided for” in the chapter 13 plan…

The Eleventh Circuit affirmed a Florida district court’s holding In re Dukes, 909 F.3d 1306 (11th Cir. Dec. 6, 2018), that a mortgage debt was not discharged under 11 U.S.C. § 1328(a) when the debt was paid outside of the chapter 13 plan because it was not “provided for” in…

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