Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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4th Circuit Holds No Preemption of Misleading Disclosures Claims, But Confirms Dodd-Frank Not Retroactive

Dodd-Frank may have changed the landscape of federal preemption of state laws regulating national banks and federal thrifts, but it does not apply retroactively. The old rules still prevail for loans originated prior to July 21, 2010, or so everyone assumes, but many courts have now confirmed it. That makes McCauley v. Home Loan Investment Bank, F.S.B. & Deutsche Bank National Trust Company, an opinion recently issued by the Fourth Circuit, an interesting development. The Fourth Circuit joined many others in holding that federal preemption bars claims against federal thrifts to the extent the claims would effectively regulate lending practices, but it held that traditional common law fraud claims are not preempted. Other courts have said as much, but the McCauley opinion leaves relatively little room for federal preemption when fraud is alleged compared to other circuits. Read More ›