Salient insights on key enforcement and legal trends pertaining to the consumer financial services sector
There is a broader trend in financial regulatory developments to implement traditionally consumer-style borrower protections in commercial lending. This is occurring at both the federal and state levels, each of which is discussed below.
Federal: CFPB Finalizes Rulemaking to Regulate Small Business Lending
For the first time since the formal launch of the Consumer Financial…
A recent Illinois Supreme Court opinion may expose banks to a flood of TILA rescission claims by anyone who claims an ownership interest in mortgaged property. The state supreme court ruled that the right to rescind includes “each consumer whose ownership interest is or will be subject to the security interest” or “is subject to …
In a 6-3 decision issued today, the Supreme Court ruled that defendants cannot rely on a strategic offer of judgment to the named plaintiff to moot the claims of the putative class.
After an unfavorable Ninth Circuit decision, U.S. Navy contractor Campbell-Ewald asked the high court to consider, inter alia, whether defendants can strategically…
