On May 30, the Supreme Court issued its opinion in Cantero v. Bank of America, reversing and remanding the case to the Second Circuit. Rather than articulating a bright line test for preemption, the Supreme Court instructed the circuit court to conduct a “nuanced analysis” to determine whether the National Bank Act preempts a New York state law that requires the payment of 2% interest on mortgage escrow accounts.
FCC Chairwoman Jessica Rosenworcel today announced the FCC will vote later this month on new rules to further protect consumers from illegal and unwanted calls and texts. If adopted by a vote of the full Commission at its September 26 Open Meeting, the new rules will bolster current FCC rules on blocking and robocall mitigation in several key areas.
The Consumer Financial Protection Bureau (CFPB) today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt. The report discusses how problems with real estate companies’ “revenue management software” can result in improperly inflated rental debt amounts.
The California Department of Financial Protection and Innovation (DFPI) has received information about scammers fraudulently claiming to be from the “Department of Financial Protection and Innovation” and using the same letterhead and logo of the DFPI.
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 1, 2024, through August 31, 2024. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
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