Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Ninth Circuit Affirms Dismissal of RESPA, California UCL Claims Against National Bank
On March 9, the U.S. Court of Appeals for the Ninth Circuit affirmed that (i) overcharges do not violate Section 8(b) of the Real Estate Settlement Procedures Act (RESPA), and (ii) National Bank Act and Office of the Comptroller of the Currency (OCC) regulations preempt various provisions of the...
InfoBytesSeventh Circuit Rejects Cramdown Attempt; Holds PMSI Includes Negative Equity
On March 1, the U.S. Court of Appeals for the Seventh Circuit affirmed a decision from the Bankruptcy Court for the Northern District of Illinois that held that an auto loan creditor’s purchase-money security interest (PMSI) included the financing of negative equity from a trade-in vehicle, and...
InfoBytesMissouri Federal Court Certifies Borrower Class in YSP Disclosure Case
On February 22, the U.S. District Court for the Eastern District of Missouri certified a class representing borrowers in Missouri who received allegedly inadequate disclosures from their mortgage broker. Glen v. Fairway Independent Mortg. Corp., Case No. 4:08CV730, 2010 WL 623675 (E.D. Mo. Feb. 22...
InfoBytesCalifornia Federal Court Holds Equitable Tolling Applicable to TILA Damages Claim; HOLA Does Not Preempt Certain State Law Claims
On February 22, the U.S. District Court for the Eastern District of California held that the doctrine of equitable tolling was applicable to a damages claim under the Truth in Lending Act (TILA) and that the Home Owners’ Loan Act (HOLA) did not preempt claims of fraudulent omissions and certain...
InfoBytesSecond Circuit Affirms Dismissal of Sherman Act Claims Against Title Insurers Based on Filed Rate Doctrine
On February 11, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s dismissal of a case alleging a price-fixing conspiracy in violation of the Sherman Act and deceptive practices in violation of New York state law in connection with title insurance. Dolan v. Fidelity...
InfoBytesCalifornia Federal Court Holds FCRA Preempts California State Law Claims
On February 2 the U.S. District Court for the Northern District of California held that the Fair Credit Reporting Act (FCRA) preempts certain claims under the California Consumer Credit Reporting Agencies Act (CCRAA) and the California Unfair Competition Law (UCL). Wang v. Asset Acceptance, LLC ,...
InfoBytesNew York District Court Denies Summary Judgment in Challenge to Electronically-Signed Application
In a recent case, a New York federal district court denied summary judgment on claims that the online submission of a life insurance policy violated the New York Electronic Signatures and Records Act (ESRA). The Prudential Ins. Co. of America v. Dukoff , No. 07-1080, 2009 WL 4884008 (E.D.N.Y. Dec...
InfoBytesCalifornia Court Holds FCRA Preempts California’s Confidentiality of Medical Information Act
On January 29, the California Court of Appeals, Second District, held that the Fair Credit Reporting Act (FCRA) preempts claims regarding the disclosure of medical information under California’s Confidentiality of Medical Information Act (CMIA). Brown v. Mortensen , No. B199793, 2010 WL 324749 (Cal...
InfoBytesCalifornia Federal Court Finds Certain California State Law Claims Preempted by HOLA
On January 27, the U.S. District Court for the Southern District of California held that certain state law claims arising from the origination of a mortgage loan were preempted by the Home Owners Loan Act (HOLA) and OTS regulations. Ibarra v. Loan City , No. 09-CV-02228 (S.D. Cal. Jan. 27, 2010)...
InfoBytesLouisiana Appellate Court Holds YSP Included in HOEPA Points and Fees Test Calculation
On January 26 the Court of Appeals of Louisiana, Fifth Circuit held , among other things, that a yield spread premium (YSP) should be included in the points and fees calculation under the Home Ownership and Equity Protection Act (HOEPA). Bank of N.Y. v. Parnell , No. 09-CA-439, 2010 WL 291752 (La...
InfoBytes