News Topic: litigation

Weak loan growth, a $3.25 billion litigation accrual and other costs tied to the phony-accounts saga all added up to a messy fourth quarter for the San Francisco bank. ... Read full article

The CFPB's recent freeze on collecting any personally identifiable information from companies it supervises is slowing investigations and could ultimately cripple the agency's enforcement function — and that may be the point. ... Read full article

A federal judge appeared to be leaning toward siding with President Trump during oral arguments Friday in a case in which Consumer Financial Protection Bureau Deputy Director Leandra English is challenging the president's ability to appoint Mick ... Read full article

Provident Financial Holdings in Riverside, Calif., announced that it expects to record a $650,000 litigation charge to settle two more long-running lawsuits related to overtime compensation. ... Read full article

Over 30 current and former Democratic lawmakers filed a new amicus brief Monday supporting Consumer Financial Protection Bureau Deputy Director Leandra English to be reinstated as acting director of the agency. ... Read full article

Advocacy groups filed an amicus brief supporting Leandra English’s suit to head the Consumer Financial Protection Bureau, arguing that President Trump's interim pick of Mick Mulvaney was illegal. ... Read full article

A federal judge said Tuesday that he will hear motions Dec. 22 in a case that seeks a preliminary injunction against acting Consumer Financial Protection Bureau Director Mick Mulvaney and would instead install Deputy Director Leandra English as interim ... Read full article

The former heads of the House and Senate banking committees argued Thursday that the Dodd-Frank Act clearly intended to allow the CFPB's deputy director to serve as acting director after the full-time head of the agency departed. ... Read full article

District Judge Timothy J. Kelly ruled Tuesday that Office of Management and Budget Director Mick Mulvaney was the legal interim head of the Consumer Financial Protection Bureau, denying a request by Deputy Director Leandra English to block the appointment. ... Read full article

Bay Bancorp shareholders will get the added payouts if the Maryland bank's management settles a lawsuit and addresses a number of bad credits. ... Read full article

The disagreement is tied to Walnut Street, an entity formed in 2014 to move certain commercial loans out of the bank. Separately, the company is facing a civil money penalty from the FDIC tied to issues with a third-party payment processor. ... Read full article

With little fanfare, President Trump officially nixed the rule prohibiting financial firms from including mandatory arbitration clauses. ... Read full article

While used infrequently by credit unions, arbitration clauses can be an effective way to ensure both the credit union member and the credit union’s interest are protected when disputes arise. ... Read full article

Republicans were able to use an obscure legislative process to overturn a rule that banks and credit unions feared would raise their litigation costs. ... Read full article

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation. ... Read full article

In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain. ... Read full article

Wilmington Trust and some of its executives had been accused of intentionally understating past-due loans in 2009 and 2010. ... Read full article

The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial service company still face significant legal threats from state capitals. ... Read full article