On December 21, Congress overwhelmingly passed a consolidated bill (H.R. 133) that contains $1.4 trillion in appropriations to keep the federal government funded until October 2021 and $900 billion in coronavirus economic relief. The latter is found in Division N of the lengthy bill (which runs over 5600 pages) entitled “Additional Coronavirus Response and Relief.”
deposit account
Nevada Supreme Court Cabins Statute Eliminating Limitations Period On Deposit Claims Against Banks
By Amy L. Schwartz & Dick Thomson on
Posted in Deposit Accounts, Litigation and Court Decisions
On November 20, 2020, the Nevada Supreme Court handed banks a significant victory by agreeing with the Defendant bank’s interpretation of a Nevada statute concerning the application of statutes of limitation.
In Cantlon v. Wells Fargo Bank, N.A., et al., addressing certified questions from the Bankruptcy Court for the District of Nevada, the Nevada Supreme…
CFPB files lawsuit against My Loan Doctor and its founder for alleged deceptive marketing of deposit accounts
By Sarah E. Pruett on
The CFPB filed a complaint on July 6, 2020 in a New York federal district court against My Loan Doctor LLC (“Loan Doctor”) and its founder, Dr. Edgar Radjabli, for allegedly making false, misleading, and inaccurate marketing representations in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.…
Ballard Spahr to hold April 15 webinar on COVID-19 deposit account fraud
By Barbara S. Mishkin on
Posted in COVID-19, Deposit Accounts
While deposit account fraud can happen at any time, it is particularly likely to occur during times of economic stress. COVID-19 scams targeting deposit accounts are already running rampant; deposit litigation in response to these scams is certain to increase in the coming months. On Wednesday, April 15, 2020, from 12 p.m. to 1 p.m.…
CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers
By Barbara S. Mishkin on
The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area. The CFPB began taking bank account or service complaints on March 1, 2012.
As noted below, the report indicates that consumers commonly complain about the use of…
CFPB announces steps to improve checking account access
By Barbara S. Mishkin on
As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail banks encouraging them to offer and market “lower-risk” deposit accounts “to help consumers avoid overdrafts,” issuing a bulletin…