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|CFPB to Scrutinize Nonbank Products: Prepaid Cards, Debt Settlement, Credit Repair, and Pawn and Title Loans|
Jonathan L. Pompan; Venable LLP;
July 25, 2014, previously published on July 21, 2014Three years after it opened for business, on July 21, 2014, the Consumer Financial Protection Bureau (CFPB) announced it was accepting complaints from consumers with problems with (1) prepaid cards; (2) debt settlement services; (3) credit repair services; and (4) pawn and title loans. This signals...
|Wisconsin Supreme Court’s Decision in Associated Bank N.A. v. Collier Changes the Rules for Collecting Judgments|
Eric J. Hatchell; Foley & Lardner LLP;
July 25, 2014, previously published on July 22, 2014In Wisconsin, supplemental proceedings under Wis. Stat. ch. 816 are the principal tool by which a judgment creditor can discover assets of the judgment debtor in aid of collection. But for the last 15 years, they have also been the mechanism by which sophisticated judgment creditors have obtained a...
|Act 117 Signed into Law Amending the Mechanic’s Lien Law and Easing Construction Lending|
Derek P. Dissinger; Barley Snyder;
July 24, 2014, previously published on July 18, 2014A few months ago we published an article titled, “Pennsylvania House and Senate Pass Bills to Ease Construction Lending.” The article described Senate Bill 145 of 2014 which contemplated amendments to the Mechanic’s Lien Law of 1963 authored to ease construction lending....
|Georgia Supreme Court Applies the Business Judgment Rule to Bank Officers and Directors; Decision Has Implications for Corporate Officers and Directors|
Maia Cogen, Patricia A. Gorham, Gabriel A. Mendel, W. Scott Sorrels, Yvonne M. Williams-Wass; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 18, 2014In a landmark ruling for officers and directors of Georgia’s financial institutions, the Supreme Court of Georgia held in FDIC v. Loudermilk, S14Q0454 (Ga. July 11, 2014), that officers and directors of banks are protected by the business judgment rule, which affords officers and directors a...
|Judge Vacates $22 Million Verdict and Orders New Trial|
Richard A. Vance; Stites & Harbison, PLLC;
July 24, 2014Jefferson Circuit Judge Jim Shake vacated jury verdicts against several banks in a major lender liability/mortgage fraud case in Louisville. The verdict, one of the largest ever in a Kentucky lender liability case, garnered significant media attention when rendered last fall, but the order for a...
|Georgia Supreme Court Affirms Business Judgment Rule|
Duane Morris LLP;
July 23, 2014, previously published on July 16, 2014The Georgia Supreme Court has, for the first time, affirmed the existence of the business judgment rule in Georgia common law. More specifically, however, the state Supreme Court held that the business judgment rule does not automatically prevent all claims for ordinary negligence against corporate...
|Pennsylvania Mechanics' Lien Law Amended, Clarifying Open-End Construction Loan Mortgage Priority|
Duane Morris LLP;
July 23, 2014, previously published on July 16, 2014On July 9, 2014, Pennsylvania Governor Tom Corbett signed into law Act 117 of 2014, which amends the Pennsylvania Mechanics' Lien Law (MLL), 49 P.S. 1101, et seq., to provide that a construction loan secured by an open-end mortgage where at least 60 percent of the proceeds are "intended to pay...
|Maine Supreme Court Decision Limits Scope of MERS' Ability to Assign Mortgages|
Duane Morris LLP;
July 23, 2014, previously published on July 14, 2014On July 3, 2014, the Maine Supreme Judicial Court issued a ruling in Bank of America, N.A. v. Greenleaf, 2014 ME 89 (Me. July 3, 2014), significantly affecting the ability of Mortgage Electronic Registration System, Inc. (MERS) to assign mortgage rights as a "nominee" of a mortgage...
|CFPB Enforcement Action Against Payday Lender Has Broad Implications for Financial Institutions|
Stephen Lillley, Andrew J. Pincus, Jeffrey P. Taft; Mayer Brown LLP;
July 22, 2014, previously published on July 17, 2014The US Consumer Financial Protection Bureau (CFPB) has entered a consent order with a payday lender for debt collection practices that the CFPB alleged violated the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices. The $10 million settlement casts a significant...
|U.S. Senate Banking Committee Members Laud TRIA Passage Today|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
July 22, 2014, previously published on July 17, 2014Today, July 17, 2014, the United States Senate approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014 ("TRIA"), by a strong bipartisan vote of 93-4. This bill extends the existing TRIA program for seven years while taking steps to further protect taxpayers.