Upcoming banking week: September 20, 2021
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(Reuters) – Here are some events of interest to the banking and financial community this week. All times are local, unless otherwise specified.
Tuesday September 21
10 a.m. – The Minority Depository Institutions Advisory Committee (MDIAC), which advises the U.S. Office of the Comptroller of the Currency, will hold a virtual public meeting to solicit and discuss ideas to ensure the continued health and viability of MDIs and to address other issues of concern. Prior registration is required. For more information on the announcement, Docket ID OCC-2021-0016, see OCC’s Publish in the federal register
Wednesday September 22
11:00 am ET – The Independent Community Bankers of America (ICBA) presents “Governance and Board Structure: A Best Practices Update”. Philip Smith, partner of Gerrish Smith Tuck and vice president of his affiliate banking consulting firm, will cover the basics of bank boards before outlining strategies to improve operations and increase responsiveness when difficult situations arise. The webinar is part of the ICBA Community Banker University series. More details here
2:00 p.m. – The 4th U.S. Circuit Court of Appeals to Hear Arguments on the Specificity of a Borrower’s Complaints to Trigger a Loan Manager’s Obligation, Under the Real Estate Settlement Procedures Act and Settlement X, to stop providing negative information to credit bureaus. for 60 days. A Maryland federal judge has dismissed a possible class action lawsuit that two borrowers, Rogers Morgan and Patrice Johnson, have brought against Caliber Home Loans after failing to honor their explicit demands for a 60-day shutdown. The court allowed Caliber’s motion to dismiss after finding that the letters lacked the specificity and other requirements of a Qualified Written Request (QWR) under RESPA or Notice of Error (NOE). ) under Rule X. The appellants claim that the judge erred in finding their letters insufficient. and failing to give effect to RESPA’s remedial objectives. The case is Morgan et al. v. Caliber Home Loans Inc., 4th United States Circuit 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 23 September
10:00 a.m. – The 9th U.S. Circuit Court of Appeals will again hear cross-appeals from a 2018 judgment in which the Consumer Financial Protection Board obtained a civil fine of $ 10.3 million against the lender payday online CashCall – an outcome that both parties see as a loss. The CFPB had requested $ 287 million in restitution and civil penalties, alleging that CashCall was the “real lender” behind the high-interest loans allegedly made by Native American firm Western Sky Financial. CashCall argued that the CFPB did not have the power to enforce state usury laws and also raised a lawyer opinion defense. The judge found that CashCall had unintentionally violated federal law, resulting in the lowest penalty and no refund for borrowers. The 9th Circuit heard the case in September 2019, but stayed the proceedings in October pending the decision of the United States Supreme Court in Seila Law v. CFPB, issued in June 2020. Next, the panel ordered the parties to inform the effect, if any, of the high court ruling of June 2020 on fair remedies in Liu v. DRY. The case is CFPB v. CashCall Inc. et al., 9th US Circuit Court of Appeals Nos. 18-55407, 18-55479. For the Office of Consumer Financial Protection: Kristin Bateman and Owen Martikan, CFPB. For CashCall et al: Reuben Cahn of Keller / Anderle and Theodore Boutrous Jr. of Gibson Dunn & Crutcher.
Do you know of an event that could be included in Week Ahead in banking and financial law? Contact Jody Godoy at [email protected]