Banking Update

During the 2013 legislative sessions, both Nebraska and Iowa enacted several pieces of legislation that could affect banks and their customers. This article provides brief summaries of several pieces of legislation.

Recently, the Eighth Circuit Court of Appeals joined a growing number of jurisdictions in holding that a borrower’s written notice of intent to rescind a home mortgage loan is insufficient to preserve the borrower’s right to rescind under the Truth in Lending Act. The reason: the borrower failed to file […]

The Consumer Federal Protection Bureau (CFPB) recently settled an abusive practices enforcement action with American Debt Settlement Solutions, Inc. (ADSS), a Florida for-profit corporation. The settlement marks the first time the CFPB has exercised its new authority to censure “abusive” practices in addition to those that are deemed unfair or […]

The Consumer Financial Protection Bureau (“CFPB”) has issued two new bulletins designed to provide guidance on what conduct by creditors and debt buyers (collectively, “debt owners”) and debt collectors may be deemed unfair, deceptive, or abusive acts or practices, and what representations regarding a consumer’s credit score, credit report or […]

In 2010 the Nebraska legislature adopted amendments to Article 9 of the Uniform Commercial Code (the “Amendments”). To preserve the effectiveness of pre-Amendment records and to allow secured parties to bring affected records into compliance with the new requirements, the Amendments provide rules for an orderly transition. The transition rules […]