The United States Court of Appeals for the Seventh Circuit upheld a lower court opinion holding that a bill collector violated the Telephone Consumer Protection Act.

The Sixth Circuit held that the borrowers’ presentation of a copy of the closing package, which did not contain the required number of Notices of the Right to Cancel, along with affidavits swearing "that everything they received in the copy package they submitted into evidence," was insufficient to overcome the presumption of receipt when the lender produced a signed copy of the disclosure.

A Texas appellate court reversed a trial court’s judgment in favor of a lender, upon a finding that the lender failed to establish that the disposition of collateral was commercially reasonable.

The FDIC confirmed that the CFPB’s guidance on the mortgage loan originator compensation rules (reported in the April 3, 2012 edition of the Alert) is applicable to FDIC-regulated banks and has directed its banks to ensure that their policies and procedures are consistent with the CFPB’s compensation rules.

The Department of the Treasury and the FRB extended to June 1, 2010 the effective date for financial services providers to implement the compliance requirements of a final rule that imposes restrictions on online gambling pursuant to the Unlawful Internet Gambling Enforcement Act of 2006.

The Department of Health and Human Services ("HHS") has issued interim final rules relating to the Early Retiree Reinsurance Program introduced by the Health Care Reform Acts.

It is no consolation prize for the City of Sacramento, but on the eve of the City losing the Sacramento Kings to the City of Seattle, the U.S. Department of Transportation announced that it will provide $135 million in federal matching money for the Sacramento Regional Transit District’s light rail system.

The CFPB extended the comment period to June 29, 2012 for the Notice and Request for Information on the Impact of Overdraft Programs on Consumers.

The Consumer Financial Protection Bureau issued an interim final rule that establishes its procedures for conducting investigations.

The Consumer Financial Protection Bureau issued an interim final rule that establishes its practices for adjudication proceedings.

The CFPB launched an inquiry into how it should study arbitration clauses and agreements between financial service companies and consumers.

The Department of Labor recently issued Field Assistance Bulletin 2013-02A under the Employee Retirement Income Security Act of 1974.

Robert Schoshinski, Assistant Director of the Division of Privacy and Identity Protection of the FTC, testified before the House Subcommittee on Financial Institutions and Consumer Credit.

The GAO released a report on the regulatory oversight of the Servicemember Civil Relief Act, which provides protections to active duty servicemembers, in the foreclosure context.

The SEC issued a press release announcing that it has established supervisory arrangements with financial regulators of the member states of the European Union and the European Economic Area, as part of long-term strategy to improve the oversight of certain entities in the asset management industry that operate across national borders.

In Frey, the plaintiffs sought to represent a putative class of people who claimed to have been overcharged by the defendant Bekins, claiming that the overcharges stemmed from a company policy.

The U.S. District Court for the Southern District of New York recently denied a motion seeking certification of a class of purchasers of Freddie Mac’s Series Z preferred stock in a suit against Freddie Mac’s former CEO Richard Syron and former CFO Anthony Piszel. In re Fed. Home Loan Mortg. Corp. Sec. Litig., 2012 WL 1028642 (S.D.N.Y. Mar. 27, 2012).

In recent fiscal cliff discussions, President Obama has floated the idea of a retroactive 28% cap on municipal bonds.

Following its Memorial Day recess, the U.S. Senate has taken up consideration of H.R. 4213, the bill containing the proposed changes to the taxation of carried interest as a revenue offset, passed by the House of Representatives on May 28.

The Federal Transit Administration late last month released new evaluation criteria for transit projects vying for funds from the New Starts and Small Starts programs.