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Appeal deadline is currently March 14. Council has introduced an ordinance to extend deadline to March 31, 2025. The ordinance will not be considered until March 13. At a specially scheduled meeting held March 5, New Castle County Council introduced an ordinance to extend the deadline to file...

For the past decade, many courts have found class action waivers in consumer contracts to be valid and enforceable under the Federal Arbitration Act. However, recently, the Allegheny Court of Common Pleas in Pittsburgh recognized not all clauses warrant enforcement in Pierce v. FloatMe Corp., No. GD...

The Consumer Financial Protection Bureau (“CFPB”) filed an action on December 23, 2024, against Rocket Home Real Estate LLC (“Rocket Homes”), a real estate brokerage and affiliates (“Defendant Brokerage”) and an individual owner of the real estate brokerage, asserting violations of the Real Estate...

After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to consumers. The CFPB has hailed the issuance of the Rule as permitting “consumers...

On October 16, 2024, the New York Department of Financial Services (“NYDFS”) issued guidance and strategies (“Guidance”) concerning cybersecurity risks that arise in response to the advancements in artificial intelligence (“AI”). While AI technology has, in many cases, positively impacted businesses...

On July 11, 2024, the U.S. Court of Appeals for the 7th Circuit held in Bureau of Consumer Financial Protection v. Townstone Financial, Inc. , that the Equal Credit Opportunity Act (“ECOA”) prohibits discriminatory conduct, comments or remarks directed at both actual and prospective applicants for...

On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated valuation models (“AVMs”) affecting the mortgage industry. The new rule...

On June 24, the Supreme Court granted certiorari review in a case with serious implications for those seeking federal permits which, in turn, require environmental impact statements under the National Environmental Policy Act (“NEPA”). NEPA is the most litigated federal environmental statute, and a...

Introduction Flood risks in New Jersey are growing due to the effects of climate change. Coastal and inland areas may experience significant flooding now and in the near future, including in places that were not previously known to flood. What You Need to Know: On July 3, 2023, New Jersey passed the...

On May 16, 2024, the United States Supreme Court issued its highly anticipated decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America , determining once and for all that the Consumer Financial Protection Bureau’s (“CFPB”) self-funding mechanism is not...

The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer programming. According to the consent order, the school “offers training...

It is rare for the Supreme Court to decide cases involving the Constitution’s Takings Clause, and, indeed, not uncommon for the Court to go years without considering the Clause at all; so, when the Court issues two decisions involving the Takings Clause in less than a week, attention must be paid...

Mark April 4, 2024 in your calendar – it is the day that the Consumer Financial Protection Bureau (CFPB) set its sights on the video game industry. The CFPB issued a Report this week entitled "Banking in video game and virtual worlds [1] ." In the Report, the CFPB detailed the many different ways it...

On November 21, 2023, the Federal Trade Commission (FTC) approved a resolution allowing it to use “compulsory process in nonpublic investigations involving certain products and services that use or claim to be produced using artificial intelligence (AI) or claim to detect its use.” This allows the...

On October 31, 2023, a Missouri jury awarded the plaintiff class in Sitzer/Burnett v. Nar, et al a $1.78 billion damages verdict against several real estate brokerage companies and the National Association of Realtors, based on a finding that the defendants conspired to fix commission being paid by...

I. Introduction: On October 3, 2023, the U.S. Supreme Court held oral argument in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau. This case has potentially widespread implications for the consumer finance industry, as it challenges the...

On November 7, 2023, the City Council of Chicago approved a referendum that will put Chicago’s ‘mansion tax’ on the 2024 primary ballot on March 19, 2024. If passed, the measure would change the amount of real estate transfer taxes the City of Chicago imposes on commercial and residential properties...

In September, the Consumer Financial Protection Bureau issued guidance on compliance with the Equal Credit Opportunity Act’s adverse action notice requirements for lenders utilizing artificial intelligence in their credit decision process. Specifically, the Bureau noted that lenders may not rely...

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