Tips for Loan Servicers on Defending Consumer Claims in Federal Court and Making Successful Article III Standing Challenges

Loan servicers and their counsel are often sued by consumers during contested mortgage foreclosure proceedings. The United States Supreme Court’s opinions in Spokeo, Inc. v. Robins[1] and TransUnion v. Ramirez[2] continue to be an important precedent in defending consumer claims. More ›

New York City Department of Consumer and Worker Protection Issues Proposed Amendments to its Rules Relating to Debt Collectors

In September, the New York City Department of Consumer and Worker Protection (DCWP) requested comment on proposed amendments to its rules relating to debt collectors, which could significantly change the requirements and procedures concerning debt collection with New York City consumers. DCWP had previously proposed amendments in November 2022, which were not finalized. More ›

Interactive COVID-19 Regulatory Map for Consumer Financial Institutions

To assist consumer financial services lenders, servicers and investors, Hinshaw has developed an interactive tracker of state regulations related to the COVID-19 pandemic. The tracker documents actions by various state regulators, along with the limits imposed by states on foreclosures, evictions, and debt collections, and allows users to click on any state to view applicable provisions.  More ›

New York Mandates New Consumer Protections for Relatives of Deceased Debtors

Effective March 28, 2019, § 601-a of New York's General Business Law ("GBL 601-a") will provide additional consumer protections to relatives of deceased borrowers. Typically, when a debtor passes away, the obligations on their uncollected debts pass to the debtor's estate. This can result in confusion about whom debt collectors should contact and what they can say regarding the decedent's unpaid debt. GBL 601-a will require, among other things, that no representations are made to relatives of deceased debtors to the effect that they are obligated to pay the decedent's unpaid debt. More ›

Congress Waters Down Dodd-Frank for Small and Regional Banks, Updates Consumer Protections

After much anticipation, Senate bill 2155—which rolls back major aspects of the Dodd-Frank law—was approved by Congress and was signed into law by President Trump.

Among the most notable changes, the legislation waters down regulations for small and regional banks. The threshold for banks "too big to fail" will be raised from $50 billion in assets to $250 billion, so that fewer than ten major U.S. banks will now be subject to Dodd-Frank's strictest regulations, including the Federal Reserve's stress test.

While the bill is widely regarded as regulatory roll back, the legislation also updates certain consumer protections, mostly regarding credit reports and student loans. More ›