Posts in Oklahoma.
Ali v. Wells Fargo Bank, N.A., CIV-13-876-D, 2014 WL 345243 (W.D. Okla. Jan. 24, 2014) This action is one of the first decisions issued regarding the forced-placed insurance provision pursuant to the new mortgage servicing regulations under the "Dodd-Frank Wall Street Reform and Consumer Protection Act" ("Dodd-Frank"). In Ali, Plaintiff brought suit against her mortgage lender, mortgage loan servicer, and an insurance company asserting multiple theories of liability related to lender-placed insurance ("LPI"), by which the lender prevented a lapse of coverage for the ...
Posted in: Dodd-Frank Act, Oklahoma
In Empire Bank v. Dumond, No. 13-CV-0388-CVE-PJC, 2013 WL 6238605 (N.D. Okla. Dec. 3, 2013), the U.S. District Court for the Northern District of Oklahoma recently held that the Dodd-Frank amendment to the statute of limitation for Equal Credit Opportunity Act ("ECOA") claims does not apply retroactively. While the court held that the statute of limitation barred spousal guarantors' ECOA counterclaim, the counterclaim was allowed to proceed because it was asserted under a recoupment theory. Empire Bank obtained guaranties from various individuals, entities, and spousal ...
Posted in: Dodd-Frank Act, Oklahoma