Week Ahead in Banking: September 20, 2021


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(Reuters) – Here are some events of interest to the banking and finance community this week. All times are local unless otherwise noted.

Tuesday, September 21

10:00 a.m. – The Minority Depository Institutions Advisory Committee (MDIAC), which advises the U.S. Office of the Controller of Currency, will hold a virtual public session to solicit and discuss ideas on how to ensure the continued health and viability of MDIs, and other issues addressing concern. Pre-registration is requested. For more information on the announcement, Docket ID OCC-2021-0016, see the OCCs post in the federal register

Wednesday September 22nd

11 am ET – The Independent Community Bankers of America (ICBA) presents Board Governance and Structure: An Update on Best Practices. Philip Smith, partner of Gerrish Smith Tuck and vice president of the affiliate banking advisory firm, will cover the fundamentals of banking directors before discussing strategies to improve operations and increase responsiveness in difficult situations. The webinar is part of the ICBA “Community Banker University” series. More details here

2:00 p.m. – The 4th US Court of Appeals will argue about how specific a borrower’s complaints must be to trigger a loan service provider’s obligation under the Real Estate Settlement Procedures Act and Regulation X not to disclose negative information to credit agencies for 60 Days. A Maryland federal judge dismissed a potential class action lawsuit brought against Caliber Home Loans by two borrowers, Rogers Morgan and Patrice Johnson, after failing to meet their explicit demands for a 60-day freeze. The court upheld Caliber’s motion for dismissal after determining that the letters did not include the specificity and other requirements of a Qualified Written Motion (QWR) under RESPA or an Error Notice (NOE) under Rule X, and the remedial action taken by RESPA did not fulfill. The case is Morgan et al. v. Caliber Home Loans Inc., U.S. 4th Court of Appeals No. 20-1745. For Morgan and Johnson: Phillip Robinson of the Consumer Law Center. For Caliber Home Loans: Matthew Fitzgerald of McGuireWoods.

Thursday, September 23

10 a.m. – The 9th appeals court will again hear follow-up appeals against a 2018 ruling in which the Consumer Financial Protection Board secured a civil penalty of $ 10.3 million against online payday lender CashCall – a Result that both sides regard as a loss. The CFPB had requested $ 287 million in refunds and civil penalties, claiming CashCall was the “real lender” behind high-yield loans allegedly made by Western Sky Financial, owned by Native Americans. CashCall argued that the CFPB had no authority to enforce state usury laws and also sought legal advice. The judge found that CashCall had inadvertently violated federal law, resulting in the lowest penalty and no refund for borrowers. The 9th District heard the case in September 2019, but stayed on hold in October pending the U.S. Supreme Court ruling in Seila Law v. CFPB, which was issued in June 2020, was pending Supreme Court decision of June 2020 on fair appeals in Liu v SEC. The case is CFPB v CashCall Inc. et al., U.S. 9th Court of Appeal No. 18-55407, 18-55479. For the Consumer Financial Protection Bureau: Kristin Bateman and Owen Martikan, CFPB. For CashCall et al .: Reuben Cahn from Keller / Anderle and Theodore Boutrous Jr. from Gibson Dunn & Crutcher.

Do you know of an event that could be included in Week Ahead in Banking and Finance Law? Contact Jody Godoy at [email protected]

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