In a 4-3 decision, the California Supreme Court has held that California's anti-predatory-lending law pre-empts Oakland's predatory lending ordinance.The ruling, issued Jan. 31, is good news for California, according to the American Financial Services Association, which brought the case against the city of Oakland, because it means that legitimate subprime lenders can remain in business. "This decision means that lenders who serve higher-risk borrowers will be able to operate with parity throughout the state of California, avoiding the balkanization of the regulatory landscape, which would levy compliance costs too high to bear," the AFSA said. Bob Armbruster, president of the National Association of Mortgage Brokers, said the verdict is good news for the industry and consumers. "This is a win for consumers, because there is not another layer of laws put upon them," he said. For the past few years, a battle has been raging in the California courts over the extent of municipal authority to adopt predatory lending ordinances. The Los Angeles City Council passed a similar ordinance in 2002, but agreed to postpone enforcement pending the outcome of the Oakland case.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11