Financial trade groups, including the Credit Union National Association, are asking the U.S. Court of Appeals for the 11th Circuit to reconsider a ruling that the groups say will hamper the debt collection industry by imposing “overly broad restrictions” on it.
Matthew Carello, a blind man, filed suit against the Aurora Policemen Credit Union in Illinois in 2017, alleging that its website violated the Americans with Disability Act. Amy Coney Barrett, President Trump’s nominee for Supreme Court justice, authored an opinion that upheld a District Court ruling that Carello did not have standing to sue.
A California judge has agreed to delay until March 15 the trial of a dispute between the San Francisco Federal Credit Union and city officials over who is responsible for taxi medallion loans whose values have plunged. In a suit filed in San Francisco County Superior Court, the San Francisco Federal Credit Union argues that the city’s transit agency agreed to sell transferable taxi medallions to drivers for $250,000. According to the suit, filed in March 2018, the city asked the credit union to assist in the sales by making loans to drivers purchasing the loans. In exchange, the credit
In a ruling that sounds strange but that credit unions say is extremely important, a U.S. appeals court affirmed this week that federal credit unions may use the federal court system.
In issuing its ruling, the U.S. Court of Appeals for the Fourth Circuit said that Navy Federal Credit Union is a “citizen” of Virginia, where it is headquartered.
Financial institutions are not required to share the agent fee they receive from Paycheck Protection Program loans with accounting firms and others who help borrowers apply for the assistance, a federal judge ruled this week. Judge T. Kent Wetherell II of the U.S. District Court for the Northern District of Florida said that unless there is a specific agreement between a company and a lender, federal law does not require the lender to share the fee it receives with the firms. The ruling was made in the case, Sport & Wheat, CPA v. ServisFirst Bank, Inc., in which a small
A San Francisco credit union is accusing city officials of dragging their feet in a lawsuit alleging that the city promised to repay the credit union for millions of dollars in taxi medallion loans that went into default.
Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, NCUA Chairman Rodney Hood said Monday.
The U.S Supreme Court on Monday declared the single-director structure of the Consumer Financial Protection Bureau unconstitutional.
The agency’s configuration is “incompatible with the structure of the Constitution, which—with the sole exception of the Presidency—scrupulously avoids concentrating power in the hands of any single individual,” the court said.
The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the National Credit Union Administration’s Field of Membership rule.
The refusal is a major win for the agency and credit unions that have defended the rule.
Consumer groups filed suit against the Consumer Federal Protection Bureau Tuesday, asking a federal judge to enjoin the agency from operating its controversial Task Force on Consumer Financial Law.