Consumer advocates allege bias in CFPB task force
A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act.
Lawsuits
Senate Dems urge CFPB watchdog to investigate restitution practices
In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.
Big banks reach $250M settlement in suit alleging GSE bond-price fixing
A dozen of the nation's largest underwriters were accused of colluding with traders to artificially set prices on the secondary market for Fannie Mae and Freddie Mac securities.
By
Glen Fest
Pelosi, Waters defend CFPB’s constitutionality in Supreme Court brief
The two Democrats waded into a court battle over the president's ability to fire a director of the Consumer Financial Protection Bureau.
In reversal, FHFA defends constitutionality of its leadership structure
The agency had decided not to challenge a recent court ruling that its structure violates the separation of powers, but newly confirmed Director Mark Calabria now appears willing to the fight the case.
‘We were willing to shock historical norms’: Otting on OCC’s makeover
The comptroller, now a year and a half on the job, discusses his attempts to revamp the supervision process for national banks and make the agency run more efficiently.
Opinion A remedy for ‘true lender’ lawsuits already exists
Federal regulators should consider applying guidance that is nearly two decades old to end uncertainty about the legality of particular bank partnerships.
Mark Dabertin
Pepper Hamilton
Teachers union sues Navient over public service student loan forgiveness
A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.
Goldman Sachs investors win right to sue as group over CDOs
The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.
CFPB path to unwinding payday rule riddled with legal land mines
The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.
Legal industry scores victory over CFPB in debt collection battle
A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.
Navient chief to CFPB: ‘Time to move on’
Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.
Playing hardball, Sound Point, ex-CLO manager take noncompete dispute to court
The New York State Supreme Court has ruled that Sound Point is within its rights to enforce a 90-day noncompete agreement with a manager who joined GoldenTree two weeks after his resignation.
By
Glen Fest
Fight for control of Harley Marine spooks whole biz investors
The $455 million in bonds issued by the company just two months ago have sold off sharply, according to Kroll Bond Rating Agency, which is trying to reassure investors.
By
Glen Fest
Who won, who lost in Supreme Court’s credit card ruling
American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected.
Precious metals dealer A-Mark taps securitization to boost margin lending
The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.
Government accuses LendingClub of misleading borrowers
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
New tactic in lawsuit against PACE providers: Breach of contract
A class action filed last week alleges that Renovate America and Renew Financial failed to provide consumer protections promised to L.A. County, that this constitutes elder abuse, and the county is complicit.
Supreme Court rejects hedge funds on Fannie, Freddie suits
The Supreme Court dealt hedge funds and other big investors a blow Tuesday by refusing to revive core parts of lawsuits that challenged the federal government’s capture of billions of dollars in profits generated by Fannie Mae and Freddie Mac.
What CFPB gained, lost in appeals court ruling
A federal appeals court handed a major victory — and a significant defeat — to the CFPB by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.
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