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A bad month for payday lenders

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 1 2013

February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about

Only promissory note holders can initiate foreclosures in Washington state

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • August 23 2012

The Supreme Court of Washington has determined that, under the Washington deed of trust act, only the actual holder of a promissory note can be the beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property

Preparing your company for sale: the role of investment banks

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 29 2012

After determining to sell a business, a potential seller must decide whether to hire an investment bank to facilitate the sale process or to rely on the company’s owners, management, and legal advisers to manage the transaction

HUD face-to-face meeting rule gets expansive reading from Virginia high court

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • May 10 2012

In a decision affecting all lenders in Virginia that issue FHA-insured home loans, the Supreme Court of Virginia has adopted an expansive reading of HUD’s requirement of face-to-face meetings prior to foreclosure

Consumer Financial Protection Bureau signs cooperation agreement with state regulators

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • January 5 2011

On January 4, 2011, the Consumer Financial Protection Bureau (CFPB) implementation team, currently housed in the U.S. Department of the Treasury, signed a Memorandum of Understanding (MOU) with the Conference of State Bank Supervisors (CSBS) to establish a framework for coordination of the supervision and regulation of providers of consumer financial products and services

August deadline for AML compliance approaching

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • July 26 2012

The deadline is fast approaching for every non-bank residential mortgage originatormortgage lenders and mortgage brokersto implement an AML (anti-money laundering) program

California adds Finance Lender LawResidential Mortgage Lending Act MLO exemptions

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • September 21 2012

California recently amended its Finance Lender Law and Residential Mortgage Lending Act MLO licensing exemptions

Federal judge refuses to dismiss Arizona mortgage class action alleging interest rate fraud

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • February 21 2013

On January 25, 2013, a federal judge in Arizona refused to dismiss a class action lawsuit against an Arizona-based mortgage company in a case

Client compels individual arbitration of debit card overdraft fee claims

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • December 7 2010

A federal district court in Minneapolis has enforced the class action waiver in TCF National Bank's checking account arbitration provision and granted the bank's motion to compel individual arbitration of claims that the bank violated Minnesota law by charging excessive overdraft fees in debit card ATM and retail POS transactions

Third Circuit rules FDCPA applies to communications with a debtor’s attorney

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • January 13 2011

The U.S. Court of Appeals for the Third Circuit has ruled that the federal Fair Debt Collection Practices Act (FDCPA) applies to a debt collector’s communications with the debtor’s attorney