3 October 2014 – Consumer Financial Services Watch

K&L Gates Announcement: K&L Gates Receives Top Rankings in BTI’s Litigation Outlook Survey

Oct 03 2014

K&L Gates has been ranked as one of three top law firms as a “Powerhouse” in Class Action and Torts Litigation for the second consecutive year. The firm was also named as a “Standout” in Securities and Finance Litigation, Complex Commercial Litigation and Routine Commercial Litigation in BTI Consulting Group’s 2015 Litigation Outlook survey.

In addition, the firm was once again included in BTI’s “Honor Roll of Most Feared Law Firms” listing as well as on the honor roll of firms noted by clients for IP Litigation.

The rankings were based on direct client feedback from more than 300 interviews with general counsel and in-house litigation counsel from a wide array of industries.

Click here to read the press release on our rankings.

K&L Gates Legal Insight: The CFPB Weighs in on Marketing Services Agreements

Oct 03 2014

By: Phillip L. Schulman, Holly Spencer Bunting

The Consumer Financial Protection Bureau (“CFPB”) has, for the first time, publicly expressed views on marketing services agreements (“MSAs”) under Section 8 of the Real Estate Settlement Procedures Act. After months of rumors regarding the CFPB’s investigation, it issued a consent order against Lighthouse Title, Inc., a Michigan title insurance agency that had entered into a series of MSAs with various settlement service providers (“Consent Order”). Although the Consent Order fails to describe the nature of the services performed under the agreements, it clarifies the CFPB’s concerns regarding methods used in determining the payments under such agreements. The Consent Order also raises troubling questions about how the CFPB interprets Section 8 of the Act, since many of those interpretations seem to be at odds with guidance previously offered by the U.S. Department of Housing and Urban Development. This alert provides a brief background regarding MSAs, highlights issues raised by the CFPB Consent Order and discusses lessons learned for structuring new and existing MSAs.

To read the full alert, click here.

Archive:3 October 2014