
Showing 5 posts by Jordan S. O'Donnell.
Congress Waters Down Dodd-Frank for Small and Regional Banks, Updates Consumer Protections
After much anticipation, Senate bill 2155—which rolls back major aspects of the Dodd-Frank law—was approved by Congress and was signed into law by President Trump.
Among the most notable changes, the legislation waters down regulations for small and regional banks. The threshold for banks "too big to fail" will be raised from $50 billion in assets to $250 billion, so that fewer than ten major U.S. banks will now be subject to Dodd-Frank's strictest regulations, including the Federal Reserve's stress test.
While the bill is widely regarded as regulatory roll back, the legislation also updates certain consumer protections, mostly regarding credit reports and student loans. More ›
Credit Card Holder has Remedies under the TILA and FCBA against Issuer due to unauthorized use of Credit Card according to Third Circuit
In Krieger v. Bank of America, the plaintiff unknowingly gave a scammer access to his personal computer, which was used to make a $657 Western Union charge on his Bank of America (BOA) credit card. Upon realizing the scam, the plaintiff immediately contacted BOA and was told that nothing could be done until he received his monthly billing statement. On receipt of the statement one month later, the plaintiff again contacted BOA, which credited his account while it investigated. In a confirmatory letter, BOA stated that, although Western Union could provide additional facts, BOA considered the dispute resolved. Although the plaintiff's next statement showed the credit, BOA followed up with a subsequent letter, which stated that, based upon additional information from Western Union, BOA believed the charge was in fact valid and would reinstate it to the plaintiff's account. The plaintiff then sent a letter detailing the events, declaring the charge invalid, and requested it be removed. BOA denied his request. The plaintiff paid the charge and filed suit. More ›
Overshadowed and Contradicted: Third Circuit Rules Second Demand Letter Violated FDCPA's "Validation Notice" Requirement
The Third Circuit Court of Appeals recently reiterated how a debt collector may run afoul of the Fair Debt Collection Practices Act ("FDCPA") by sending a misleading follow-up, even if it served a compliant demand letter weeks earlier. More ›
No Surrender: Massachusetts Appeals Court Preserves Foreclosure Challenges for Bankruptcy Petitioner
Like Bruce Springsteen, a Massachusetts bankruptcy debtor said "no surrender" when it came to his home. In EverBank v. Chacon, a panel of the Massachusetts Appeals Court issued a non-binding decision that a debtor's "surrender" of real property in a bankruptcy petition does not waive defenses to an eventual foreclosure. EverBank had foreclosed on Mr. Chacon's home mortgage, acquired the property at the sale, and then sought to evict him through summary process action filed in Massachusetts state court. Mr. Chacon claimed that that EverBank did not comply with a HUD regulation that requires a face to face meeting prior to foreclosure rendering the foreclosure void. More ›
Job Applicant Who Filed 562 Applications Then Alleged FCRA Violations Denied Standing by Seventh Circuit
We have another court decision relying on the Supreme Court's recent Spokeo decision that found a class action plaintiff did not meet the injury-in-fact requirement under Article III of the United States Constitution. In Groshek v. Time Warner Cable, Inc., the Seventh Circuit concluded that a plaintiff's claim of statutory violations under the Fair Credit Reporting Act ("FCRA") alone did not create an injury-in-fact sufficient to establish standing to sue. More ›
Topics
- 1st Circuit Court of Appeals
- 2nd Circuit Court of Appeals
- 3rd Circuit Court of Appeals
- 4th Circuit Court of Appeals
- ACA
- Appellate Decisions
- Appointment Power
- Arbitration
- Arbitration Rule
- Attorneys' Fees
- Autodialer
- Automated Telephone Dialer Service
- Bankruptcy
- Bankruptcy Code
- Biometric Information Privacy Act
- BIPA
- Blockchain
- California
- California Court of Appeal
- Car Dealership
- CFPB
- Circuit Split
- City of Miami
- Class Action
- Class Action Fairness Act of 2005
- Class Certification
- Cole Memorandum
- Colorado
- Compliance Audit
- Compliance Corner
- Congressional Review Act
- Consumer Financial Protection Act
- Consumer Financial Protection Bureau
- Consumer Protections
- Corporate Compliance
- Corporate Governance
- Craigslist
- Credit Report
- Cryptocurrency
- Cybersecurity
- D.C. Circuit Court of Appeals
- Debt Buyers
- Debt Collection
- Debt Collector
- Debt Purchase
- Deceased Debtors
- Default Notice
- Department of Education
- Department of Financial Services
- DFS
- Dodd-Frank
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Education
- Employee Benefits
- Employer Participation Student Loan Assistance Act
- Equal Opportunity Act
- FACTA
- Fair and Accurate Credit Transactions Act
- Fair Credit Billing Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Employment and Housing Act
- Fairness in Class Action Litigation Act of 2017
- FCBA
- FCC
- FCRA
- FDCPA
- Federal
- Federal Arbitration Act
- Federal Housing Authority
- FHA
- Financial CHOICE Act
- Financial Regulatory
- Florida
- Florida Supreme Court
- Forbearance Agreement
- Foreclosure
- Foreclosure Sale
- FTC
- Hearsay
- HMDA
- HUD
- Illinois
- Illinois Student Loan Bill of Rights
- Illinois Supreme Court
- IRS
- Kathleen Kraninger
- Legal Standing
- Legislation
- Litigation
- Loan Defaults
- Loan Modification
- Loan Servicing
- Maine
- Mandatory Arbitration
- Marijuana
- Massachusetts
- Massachusetts Land Court
- Massachusetts Supreme Judicial Court
- Materiality Requirement
- Medical Marijuana
- Mortgage
- Mortgage Debt
- Mortgage Foreclosure
- Mortgage Loans
- New Jersey
- New York
- Obama Administration
- OFAC
- Office of Foreign Assets Control
- Personal Jurisdiction
- Pre-Foreclosure Mediation
- Privacy
- Proposed Legislation
- Real Estate Settlement Act
- Regulatory Relief
- RESPA
- Reverse Mortgage
- Revocation Claims
- Rhode Island
- Rhode Island Supreme Court
- Richard Cordray
- RICO
- S.A.F.E. Mortgage Licensing Act
- Safe-Harbor Provision
- SCOTUS
- Securities & Exchange Commission
- Seventh Circuit
- Statute of Limitations
- Statutory Interpretation
- Student Loans
- Students
- TCPA
- Telephone Consumer Protection Act
- Texting
- Third Circuit
- TILA
- Trump
- Trump Administration
- Truth in Lending Act
- UCC
- UDAAP
- Unauthorized Use
- Uniform Commercial Code
- United States Supreme Court
- United States Treasury
- Voluntary Discontinuance
- Voluntary Dismissal
- Wisconsin