Richmond partner quoted in two Law360 articles
Financial Services Litigation co-practice group leader and Richmond partner John Lynch was quoted in two Law360 articles in the past two months.
In an October 30 article about an Alabama judge tossing a class action accusing Nationstar Mortgage LLC of violating the Truth in Lending Act by failing to inform a woman that her mortgage had been sold, Lynch, who served as counsel for Nationstar, noted that the case was a part of a series of suits that represent the first instances of litigation on the safe harbor provision of TILA, and that each suit on the matter has been thus far resolved in favor of the mortgage servicers. “This ruling is significant because yet another judge has ruled the same way on this very important issue,” he said.
In a November 1 article about the Consumer Financial Protection Bureau’s new appeals process, Lynch was quoted discussing the bureau’s Supervisory Highlights report, released at the same time as the appeals process. In the report, the CFPB said that it found consistent violations among its regulated institutions, including banks’ failure to get consent when raising borrowing limits for younger customers; a lack of training on credit reporting requirements at consumer credit reporting companies; and delayed disclosures to borrowers in the mortgage process. “The timing and substance of the CFPB’s supervision report certainly signals the filing of more enforcement actions in the near future,” Lynch said. “The CFPB would not acknowledge discovering violations without filing subsequent enforcement actions.”