Recent News

Icon Legal Scale

July 20, 2018

Bureau Settles with TCF National Bank

FOR IMMEDIATE RELEASE:

July 20, 2018

MEDIA CONTACT:Office of Communications Tel: (202) 435-7170

BUREAU OF CONSUMER FINANCIAL PROTECTION SETTLES WITH TCF NATIONAL BANK

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) filed in federal district court a proposed settlement with TCF National Bank regarding its marketing and sale of overdraft services. TCF National Bank is headquartered in Wayzata, Minn., and operates approximately...


Legal News
Icon Chart

July 20, 2018

Financial Stability Board publishes report discussing methods for monitoring crypto-asset risk

Buckley Sandler, LLP--InfoBytes Blog

On July 16, the Financial Stability Board (FSB) published a report, which asserts that, while “crypto-assets do not pose a material risk to global financial stability at this time,” there exists a need for “vigilant monitoring in light of the speed of developments and data gaps.” According to “Crypto-assets: Report to the G20 on work by the...


Industry News
Webinar: Agency and Regulatory Reporting Essentials
Icon Gavel Test

July 20, 2018

Agencies publish proposed joint revisions to Volcker rule

Buckley Sandler, LLP--InfoBytes Blog

On July 17, the OCC, Federal Reserve Board, FDIC, SEC, and CFTC (the Agencies) published their joint notice of proposed rulemaking designed to simplify and tailor compliance with Section 13 of the Bank Holding Company Act’s restrictions on a bank’s ability to engage in proprietary trading and own certain funds (the Volcker rule). As previously covered in InfoBytes...


Federal Legislation
Icon Legal Scale

July 20, 2018

New Jersey appeals court says statute of limitations does not apply in allegedly fraudulent mortgage application

Buckley Sandler, LLP--InfoBytes Blog

On July 13, the Superior Court of New Jersey Appellate Division reverseda trial court’s decision, ruling that a deceased homeowner’s family (defendants) had provided sufficient evidence to show that a division of a national bank (lender) had knowingly engaged in predatory lending practices when it approved a fraudulent mortgage application in violation of the New Jersey Consumer...


Legal News
ACES Intelligent Questionnaires
Icon Legal Scale

July 20, 2018

8th Circuit reverses district court’s decision, rules compound interest not contractually agreed upon violates FDCPA

Buckley Sandler, LLP--InfoBytes Blog

On July 16, the U.S. Court of Appeals for the 8th Circuit reversed a district court’s decision, holding that under Minnesota law, compound interest cannot be collected unless specifically agreed to in a contract. The decision results from a suit filed by a consumer alleging that a law firm violated the Fair Debt Collection Practice Act (FDCPA) when...


Legal News
Icon Legal Scale

July 20, 2018

District court dismisses FDCPA suit, rules least sophisticated debtor would not be misled by placement of dispute language

Buckley Sandler, LLP--InfoBytes Blog

On July 18, the U.S. District Court for the District of New Jersey dismissed a class action lawsuit alleging a debt collector failed to provide clear instructions that debt disputes must be submitted in writing in order to be valid as required under the Fair Debt Collection Practices Act (FDCPA). According to the opinion, the plaintiff claimed that...


Legal News