At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in the spread of the COVID-19 Delta variant.
Last month, the Federal Housing Finance Agency announced that government-sponsored enterprises
The Office of the Comptroller of the Currency’s (the OCC) True Lender Rule is all but repealed. On May 11, 2021, the U.S. Senate voted to approve a joint resolution to repeal the True Lender Rule under the Congressional Review Act (the CRA). The House is expected to pass the measure and the president has expressed support for the resolution.
Continue Reading The True Lender Rule: One Step Closer to Repeal
In this episode of White Collar Briefly, Perkins Coie’s David Biderman, firmwide chair of the Consumer Products & Services Litigation group, sits down with Craig Lackey, general counsel of Rushmore Loan Management Services, a major servicer of residential mortgages nationwide. Their discussion covers topics such as the COVID-19-related downturn on the economy and mortgage servicer
On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020, and ending September 30, 2020, unless modified by the governor. In this update, we outline
In response to the COVID-19 pandemic, the federal and state governments as well as many local governments have established regulations to temporarily suspend foreclosure and eviction activities. Perkins Coie has created an easy-to-use state-by-state guidance tracker for eviction and foreclosure orders related to COVID-19.
California Governor Newsom issued Executive Order N-28-20 (order) on March 16, 2020, to assist Californians experiencing financial hardship. The order implements measures specifically aimed at helping those that have lost their source of income due to business closures or layoffs in the wake of COVID-19. The governor’s directives focus on freezing evictions and foreclosures through
As the world reacts to the continued spread of the coronavirus (COVID-19), employers including mortgage lenders and servicers, are rightfully concerned about what, if anything, they should be doing to respond to this global health crisis in relation to their workforce. How companies respond to the COVID-19 pandemic may implicate several areas of employment law,
In Casillas v. Madison Avenue Associates, Inc., 926 F.3d 329, 333 (7th Cir. 2019), the Seventh Circuit upheld the district court’s holding that a plaintiff lacked standing to pursue a claim under the Fair Debt Collection Practices Act (FDCPA) against a debt collector because the plaintiff could not establish that any damages were caused by the FDCPA violation.
The FDCPA requires a debt collector to give written notice to a consumer within five days of its initial communication. 15 U.S.C. § 1692g(a). The notice must include, among other things, a description of two mechanisms that the debtor can use to verify his or her debt in writing. Id. The FDCPA also renders a debt collector liable for “fail[ing] to comply with any provision of [the Act].” Id. § 1692k(a).
Continue Reading Seventh Circuit’s “No Harm, No Foul” Holding Requires Concrete Harm in Consumer Lending Cases
In a Declaratory Ruling and Order issued in 2015, the Federal Communications Commission (“FCC”) sought to clarify key aspects of the Telephone Consumer Protection Act (“TCPA”), including (1) what device making calls qualifies as an Automated Telephone Dialing System (“ATDS”), (2) whether a call made to a reassigned telephone number where the prior subscriber gave consent constitutes a violation, (3) the manner required for a consumer to revoke consent, and (4) whether healthcare-related calls are exempt. The United States Court of Appeals for the District of Columbia Circuit in ACA International v. Federal Communications Commission set aside two parts of the Order but upheld two others.
Continue Reading ACA International v. Federal Communications Commission: A Mixed Opinion on the FCC’s Recent Interpretation of the Telephone Consumer Protection Act