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Washington District Court Rules ISP Contract Terms Were Not Reasonably Conspicuous
On January 3, the U.S. District Court for the Western District of Washington denied an Internet service provider’s (ISP) motion to compel arbitration , holding in part that the ISP’s terms of service agreement containing the arbitration clause was not reasonably conspicuous. Kwan v. Clearwire Corp...
InfoBytesOklahoma District Court Dismisses Most Claims in Putative Wrongful Foreclosure Class Action
On January 6, the U.S. District Court for the Western District of Oklahoma dismissed the majority of claims brought by two borrowers seeking to represent a class of borrowers against Bank of America Corporation, Bank of America N.A., and BAC Home Loans Servicing, LP (collectively BAC) for alleged...
InfoBytesNinth Circuit Clarifies TILA Delivery Requirements
The U.S. Court of Appeals for the Ninth Circuit recently held that lender compliance with the Truth In Lending Act’s (TILA) delivery obligation requires that the borrower be permitted to keep written copies of the right-to-rescind notice. Balderas v. Countrywide Bank, N.A. , No. 10-55064, 2011 WL...
InfoBytesDavid Krakoff Quoted in Law360: "Gabon FCPA Execs Decry FBI Tactics, Informant"
Partner David Krakoff was quoted in the January 10 Law360 article, "Gabon FCPA Execs Decry FBI Tactics, Informant." “The government's arrogance blinded it to the obvious,” John Mushriqui's attorney David Krakoff told a Washington federal jury during his closing argument. The obvious truth of the...
In The NewsPresident Obama Appoints Richard Cordray CFPB Director; CFPB Fills Other Top Positions
On January 4, President Obama invoked his office's recess appointment authority and appointed former Ohio Attorney General Richard Cordray as Director of the CFPB. Mr. Cordray had been serving as Assistant Director for Enforcement at the CFPB while his nomination for Director was pending in the...
InfoBytesCFPB Launches Nonbank Supervision Program
On January 5, the CFPB announced the launch of its nonbank supervision program. With a Director now in place, the Obama Administration believes that the CFPB can now exercise authority granted to it by the Dodd-Frank Act to supervise companies that offer or provide consumer financial products or...
InfoBytesCFPB Issues Guidance Regarding Treatment of Confidential Supervisory Information
On January 4, the CFPB issued Bulletin 12-01 regarding treatment of privileged and confidential information collected during CFPB's supervisory processes. The Bulletin addresses the concern of supervised institutions that providing attorney-client privileged or work product documents during the...
InfoBytesTreasury Publishes Proposed Rule Establishing Assessment Schedule for Large Bank Holding Companies and Certain Nonbank Financial Firms
On January 3, the Treasury Department published a proposed rule to implement Section 155 of the Dodd-Frank Act, which requires Treasury to establish an assessment schedule to cover expenses of the Office of Financial Research and the Financial Stability Oversight Council, as well as the costs of...
InfoBytesOCC Supports Independent Foreclosure Review Program with Public Service Adds
On January 4, the OCC announced that it placed print and radio public service advertisements to inform mortgage borrowers of the Independent Foreclosure Review program launched by the OCC in November 2011. The print feature explains that borrowers foreclosed upon between January 1, 2009 and...
InfoBytesFannie Mae and Freddie Mac Announce Guaranty Fee Increase
On December 30, Fannie Mae and Freddie Mac announced a 10 basis point increase of the guaranty fee charged for all mortgages delivered for securitization on or after April 1, 2012. The credit fee on whole loans will also increase by the same amount. The increases are required by the Temporary...
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