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Bank of America has been hit with a proposed class action accusing it of violating federal laws by failing to properly investigate when consumers dispute the mortgage payment information it reports to credit bureaus.

Filed on Thursday in Roanoke, Virginia federal court, the lawsuit said the bank “does not conduct a substantive review of any sort” when consumers point out errors, but leaves damaging material on credit reports that can hurt their ability to get loans.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2xZIViZ

JPMorgan Chase, Ban...

Hartford HealthCare is suing insurer Anthem for refusing to reimburse the healthcare provider directly for emergency medical services, alleging Anthem is retaliating because HHC didn't renew its contract.

The two parties are in the midst of protracted negotiations following the expiration of their contract on Sept. 30.

Hartford HealthCare filed its suit Oct. 5 in U.S. District Court of Connecticut, alleging that Anthem is violating the Affordable Care Act and state statute by no longer treating Hartford HealthCare as a network provider, and reimbursing HHC directly f...

After getting sued by the Consumer Financial Protection Bureau earlier this year, Ocwen Financial Corp. was so quick to invite the Justice Department to undercut the Obama-era agency that a federal judge told the mortgage servicing company to slow down.

U.S. District Judge Kenneth Marra initially denied Ocwen’s “motion to invite the views of the attorney general of the United States,” saying it was premature because the company had yet to formally launch its constitutional arguments against the CFPB. Later, Marra granted the motion, giving U.S. Attorney General Jeff...

With just four words, Mark Johnson allegedly passed a secretive signal to fellow HSBC Holdings Plc currency traders to launch a buying spree of pounds: "My watch is off."

The bank’s former global head of foreign exchange alerted the traders around the globe via a phone calls and chat messages in December 2011 that were recorded. The gambit was designed to take advantage of a $3.5 billion client order to buy sterling, the U.S. says.

After a ruling from U.S. District Judge Nicholas Garaufis Friday, jurors listened to the recordings, which prosecutors say show Johnson t...

The dominoes continue to fall for Ocwen Financial.

Last week, Ocwen reached settlement agreements with a total of 10 states that remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year.

And Wednesday morning, Ocwen announced that over the last week, it reached settlements with three additional states to remove each state’s mortgage servicing restrictions.

Ocwen also announced that the Securities and Exchange Commission concluded two different examinations of the nonba...

U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following opening statement at today’s hearing entitled, “Wells Fargo: One Year Later.”

Brown’s remarks, as prepared for delivery, follow. 

Thank you Chairman Crapo for holding this hearing.

A year ago, then-Wells Fargo CEO John Stumpf sat in this hearing room attempting to explain the inexplicable.  The bank’s punitive sales goals had pressured its employees into opening over 2 million fraudulent checking and credit card accounts.

In writt...

The IRS will pay Equifax $7.25 million to verify taxpayer identities and help prevent fraud under a no-bid contract issued last week, even as lawmakers lash the embattled company about a massive security breach that exposed personal information of as many as 145.5 million Americans.

A contract award for Equifax's data services was posted to the Federal Business Opportunities database Sept. 30 — the final day of the fiscal year.

The credit agency will "verify taxpayer identity" and "assist in ongoing identity verification and validations" at the IRS, according to the...

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