An Ohio federal jury rejected class plaintiffs’ $444 million breach of contract claim related to the bank’s Early Access Cash Advance loan program and found no liability for Fifth Third Bank under the voluntary payment doctrine.
ABA joined the Texas Bankers Association and Rio Bank lawsuit to block the CFPB from implementing its 1071 final rule.
Cross River Bank entered a consent order with the FDIC to resolve claims the bank engaged in unsafe or unsound fair lending compliance practices.
U.S. Supreme Court settles circuit split, rules IRS may summons bank information without account holder notice
In a unanimous decision written by Justice John Roberts, the U.S. Supreme Court ruled IRS need not provide notice to innocent bank account holders when the summonses are issued to aid in the collection of a delinquent taxpayer’s tax assessment.
In an unsigned per curiam opinion, the U.S. Supreme Court reversed a Sixth Circuit decision upholding an FDIC disciplinary order against former Northwestern Bank executive Harry Calcutt.
The American Bankers Association and a group of trade organizations filed an amicus brief urging the New York Supreme Court’s Appellate Division to hold the retroactive application of the New York Foreclosure Abuse Protection Act is unconstitutional. U.S. Bank attempted to foreclose on Robyn Simon’s home in 2009. The New York Supreme Court dismissed the bank’s claim because it failed to sufficiently demonstrate standing to commence the action.
In a 2-1 decision, a Fourth Circuit ruled vehicle financing transactions including guaranteed asset protection plans are exempt from the Military Lending Ac. Jerry Davidson, an active-duty service member, purchased a car using a retail installment contract which also financed GAP coverage. Davidson argued the contract violated the MLA because it required arbitration and did not include required MLA disclosures.
Investors of Silicon Valley Bank sued former bank executives and underwriters, alleging SVB made misrepresentations in its public statements and filings with the SEC. According to the complaint, SVB concealed the magnitude of risks facing its business model resulting from the Fed raising the federal rate. SVB also allegedly concealed risks posed by potential increases to interest rates and related reduction n client merger and acquisition activity days later when the company issued registration statements.
In a unanimous decision written by Justice Elena Kagan, the U.S. Supreme Court ruled constitutional challenges to the structure of the FTC and SEC can be brought in federal court without first going through administrative appeals. Axon sued FTC alleging its administrative trial procedures and structure violated Axon’s due process rights and Article II of the U.S. Constitution.
The U.S. Supreme Court agreed to review whether an Americans with Disabilities Act has Article III standing to sue a company for violating the ADA if the tester has no intention of patronizing the company.