The 8th Circuit Court of Appeals filed its order on January 31, 2006, affirming a district court's ruling in favor of American Express, in a case brought under Missouri's Uniform Fiduciaries Law, the Uniform Commercial Code, and certain common law
There is confusion over when consummation of a loan occurs. If a loan is not funded or, in the case of a dealer contract, sold to a lender and subsequently funded, was it ever a consumer loan?
Vallies purchased a truck from Phil Fitts Ford. The dealership arranged financing for Vallies through Sky Bank. Guaranteed Auto Protection (GAP) insurance was purchased and financed in the transaction.
Car dealers have been "shopping" their deals with multiple lenders for years. Their customers don't necessarily know which lenders will get a shot at these loans, and they usually don't care, if they get the financing they want to buy their cars.
This case, decided on September 7, 2005, by the U.S. Court of Appeals for the Seventh Circuit, does not directly involve a financial institution, although credit information supplied by US Bank was the trigger that set off the suit.
Drivers' Licenses are of particular concern to financial institutions as they follow the dictates of their Customer Identification Programs when new customers establish their banking relationships.
Nearly everything that could go wrong did in this case. A bank under-encoded a large check, shorting its depositor $216,000. The depositor didn't catch the error for several months. The bank sent its adjustment request to the wrong address.
This case turns on whether the bank had violated the Civil Rights Act of 1964 (and the Missouri Human Rights Act) by firing a minority employee for an infraction of bank policy when it failed to fire a white employee for breaking the same policy.
The Third District Court of Appeals found, in a decision filed August 4, 2005, that RESPA Section 8(b) provides consumers a cause of action for illegal markups, but not for overcharges, and provided definition for when a lender's markups may viola
In this U.S.