According to a report by the Federal Reserve Bank of New York’s Center for Microeconomic Data, household debt rose again in the second quarter of 2017 to $9.14 trillion. At $8.69 trillion, home mortgages account for the vast majority of household debt. When combined...
Attorneys for the Consumer Financial Protection Bureau (CFPB) filed a memorandum to the U.S. District Court of Northern Illinois on Monday arguing the district judge should deny a motion to relocate the agency’s hotly contested case against four tribal lending...
Two tribal lending entities (TLEs), Great Plains Lending of the Otoe-Missouria Tribe and Plain Green of the Chippewa Cree Tribe, filed a petition for certiorari with the U.S. Supreme Court to review a January 2017 decision by the Ninth Circuit. The circuit court...
A recent ruling out of the Tenth Circuit could have a big impact on tribal jurisdiction over lands opened up to non-Indian settlement decades ago. The court overturned the conviction of Patrick Dwayne Murphy, a citizen of the Muscogee (Creek) Nation, after he was...
On the heels of publishing a new rule on mandatory arbitration, the Consumer Financial Protection Bureau (CFPB) is caught in a struggle for its future in multiple federal courts and Congress. As courts diverge and lawmakers clash over healthcare, the budget, Russia,...
Senator Mark Warner (D- VA) introduced a new bill that would allow a third party that purchased or otherwise obtained a debt from a bank to continue charging during collection the interest rates of the bank’s home state. The bill contains similar language to...
Mortgage servicer Ocwen Financial will have support in its bid to have the structure of the Consumer Financial Protection Bureau (CFPB) declared unconstitutional after a Florida judge recently ruled that the U.S. Attorney General’s office could provide its views on...
On the back of reports that Americans spent $15 billion last year in bank overdraft fees, the Consumer Financial Protection Bureau (CFPB) is mulling new standard disclosure forms for banks that allow customers to opt-in to overdraft protection. In addressing the new...
In the wake of the mortgage crisis of 2008, a bipartisan Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to stabilize financial markets and shield consumers from predatory financial products and services. Following the...
The newly proposed federal budget bill for fiscal year (FY) 2018 (House Concurrent Resolution 71) contains a number of provisions that could reshape key sections of the Dodd-Frank Act. The proposed budget is part of a larger 10 year plan to balance the federal budget...
