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Showing 3 posts from December 2018.

New York Court Slams Door on Lender's Revocation of Acceleration of Entire Mortgage Debt by Voluntary Discontinuance—but Leaves Latch Ajar

The State of New York's Appellate Division for the Second Department has now addressed the issue of whether a lender's voluntary discontinuance of a judicial foreclosure action, whether by court order or stipulation of the parties, is sufficient evidence of a lender's intent to revoke the acceleration of the entire mortgage debt. Unfortunately for mortgage lenders, the court determined voluntary discontinuance is not sufficient. More ›

Senate Narrowly Confirms Kathy Kraninger as New CFPB Head

The Senate voted 50-49 along party lines last week to confirm Kathleen "Kathy" Kraninger to a five-year term as the newest director of the Consumer Financial Protection Bureau (CFPB). She will succeed Acting CFPB Director Mick Mulvaney. Prior to her appointment, Kraninger served as an associate director in the Office of Management and Budget. She also previously held posts in the departments of Homeland Security and Transportation. More ›

Illinois Biometric Information Privacy Act Case Has Significant Impact On Consumer Class Actions

On November 20, 2018, the Illinois Supreme Court heard oral arguments regarding the Illinois Biometric Information Privacy Act (BIPA) in Rosenbach v. Six Flags Entertainment Corporation, et al. BIPA governs how entities may collect, use, and retain biometric data, such as fingerprints and retinal scans. Specifically, the Illinois Supreme Court will rule on whether a plaintiff is an "aggrieved party" to state a claim under BIPA without suffering any actual injury. If the Supreme Court rules the way that they indicated at oral argument, then BIPA will become a large consumer issue. More ›

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