Law and legal issues

A federal judge ruled PricewaterhouseCoopers was negligent in its audits of Colonial Bank, which failed in 2009 in the midst of the financial crisis, potentially exposing PwC to heavy damages.

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.

A federal judge appeared to be leaning toward siding with President Trump during oral arguments Friday in a case in which Consumer Financial Protection Bureau Deputy Director Leandra English is challenging the president's ability to appoint Mick Mulvaney as acting director.

The Trump administration and acting Consumer Financial Protection Bureau chief Mick Mulvaney won round one in a legal battle challenging Mulvaney's leadership. His critics will have a tall order trying to win round two.

Past statements by Office of Management and Budget Director Mick Mulvaney about the Consumer Financial Protection Bureau should disqualify him from leading the agency, according to New York Attorney General Eric T. Schneiderman and 16 other state AGs.

Over 30 current and former Democratic lawmakers filed a new amicus brief Monday supporting Consumer Financial Protection Bureau Deputy Director Leandra English to be reinstated as acting director of the agency.

Advocacy groups filed an amicus brief supporting Leandra English’s suit to head the Consumer Financial Protection Bureau, arguing that President Trump's interim pick of Mick Mulvaney was illegal.

The agency has suffered a series of setbacks over the past two months, from a rollback of its arbitration rule to a legal battle over its leadership. Here's what happened — and where the agency might lose next.

A federal judge said Tuesday that he will hear motions Dec. 22 in a case that seeks a preliminary injunction against acting Consumer Financial Protection Bureau Director Mick Mulvaney and would instead install Deputy Director Leandra English as interim head of the agency.

Mortgage servicers should be especially concerned by the rise in Telephone Consumer Protection Act lawsuits, which often hinge on whether consent to call borrowers exists or has been revoked.

The former heads of the House and Senate banking committees argued Thursday that the Dodd-Frank Act clearly intended to allow the CFPB's deputy director to serve as acting director after the full-time head of the agency departed.

District Judge Timothy J. Kelly ruled Tuesday that Office of Management and Budget Director Mick Mulvaney was the legal interim head of the Consumer Financial Protection Bureau, denying a request by Deputy Director Leandra English to block the appointment.

The trade group wants Equifax to reimburse community banks for costs tied to the massive data breach at the credit bureau this year. The ICBA also wants a court to order Equifax to improve its security measures.

A yearlong, $25 million lawsuit filed against Alachua County's property appraiser, tax collector, clerk of the court and a number of their employees has been thrown out by a judge.

The impending bankruptcy of Walter Investment Management Corp. should not affect its subsidiary Ditech Financial's capability to service securitized mortgages, Fitch Ratings said.

The general contractor in the renovation of Wall Street Theater in Norwalk, Conn., has filed a motion in court seeking to collect on a mechanic's lien.

During the past year, many have hoped for action from Washington that would alleviate regulatory burden and stem the rapid pace of consolidation. But in the current political environment, that appears increasingly unlikely.

Walter Investment Management Corp. is looking to file for bankruptcy protection by Nov. 30, after lining up $1.9 billion of debtor-in-possession warehouse financing.

The HUD secretary’s comment that such use of the False Claims Act was “ridiculous” may delight the mortgage industry but does not bode well for taxpayers or the federal government’s future fraud enforcement efforts.

With little fanfare, President Trump officially nixed the rule prohibiting financial firms from including mandatory arbitration clauses.