On November 25, the New York Court of Appeals issued a pair of decisions — Art. 13 LLC and Van Dyke — that provide definitive guidance on the hotly contested and heavily litigated issue of the Foreclosure Abuse Prevention Act’s (FAPA) reach. In both cases, New York’s high court confirmed that FAPA applies retroactively to foreclosure actions where a final judgment of foreclosure and sale has not been enforced, and rejected all constitutional challenges to the statute.
Contending that the CFPB is relying on a “novel” definition of “combined earnings,” the union representing CFPB employees is asking a federal court to rule that the Trump Administration is planning to violate an injunction barring the administration from shutting down the bureau.
Comptroller Jonathan V. Gould today testified on the Office of the Comptroller of the Currency’s (OCC) activities before the Committee on Financial Services of the U.S. House of Representatives.
On November 24, the plaintiffs in National Treasury Employees Union (NTEU) v. Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion to clarify the existing injunction, asking the court to confirm that the CFPB may not justify noncompliance by declining to request funds from the Federal Reserve Board (Fed) and that “combined earnings” under 12 U.S.C. § 5497(a)(1) refers to the Federal Reserve System’s total earnings, not a net figure reduced by interest expense.
In a sign of the ongoing volatility of consumer complaints, TCPA (-18.4%) and CFPB (-8.6%) complaints were both down last month, after having been on a bit of a tear all year (+56.6% and +93% YTD, respectively). Meanwhile FDCPA (+14.9%) and FCRA (+24.7%) complaints were both up for the month and also for the year (+2.9% and +36.4% YTD, respectively). So everything is up YTD and it looks like it may end the year that way, unless FDCPA suits take a significant hit in Nov & Dec.
.jpg)
.jpg)