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Liens Recorded Between Foreclosure, Sale Date Ruled Valid by Florida Appellate Court

In a case of first impression among the Florida appellate courts, the Fourth District Court of Appeal held that liens recorded between the foreclosure judgment and the sale date are valid and enforceable against the property...more

New York DFS Brings Enforcement Action Against Two Debt Buyers for Collecting on Payday Loans

The New York Department of Financial Services (DFS) announced last week that it had entered into consent judgments with Webcollex LLC d/b/a CKS Financial (CKS) and National Credit Adjusters (NCA) for allegedly violating the...more

Fla. Appellate Court Reverses Itself In Key Foreclosure Victory For Mortgage Industry

The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more

PLI’s “The CFPB Speaks” Panel Discussion

On April 4, at the Practicing Law Institute’s (“PLI”) 21st Annual Consumer Financial Services Institute in Manhattan, Alan Kaplinsky (a co-chair of the institute) moderated a panel entitled “The CFPB Speaks,” where CFPB...more

Assignee Not Liable Under TILA for Mortgage Servicer's Failure to Provide Payoff Statement, 11th Circuit Holds

The assignee of a residential mortgage loan is not liable under the Truth In Lending Act (TILA) for a loan servicer's failure to timely provide a payoff demand, the 11th Circuit recently held. TILA requires that a mortgage...more

Elimination Of Regional Breakouts In Freddie Mac PMMS Creates Uncertainty In New York

Freddie Mac's Primary Mortgage Market Survey (PMMS) no longer provides regional breakouts for the 15-year and 30-year fixed-rate mortgages, or the 5/1 hybrid ARM. Every week, lenders throughout the country are surveyed on the...more

NY Amends Debt Collection Regulations, Issues More Guidance

The New York Department of Financial Services (DFS) has amended several provisions of its Third-Party Debt Collector and Debt Buyer Regulations and issued additional guidance in the form of new frequently asked questions...more

Second Circuit: Transfer of Mortgage Servicing Rights Triggers FDCPA Disclosure Requirement

A federal appeals court has ruled that a nonbank mortgage servicer’s notice of servicing rights transfer sent pursuant to RESPA constitutes debt collection and thus triggers mandatory FDCPA disclosures. The Second Circuit...more

New York City Can Regulate Attorney Debt Collection Conduct, Second Circuit Rules

New York City can regulate the conduct of attorneys engaged in debt collection, the U.S. Court of Appeals for the Second Circuit has ruled. In Eric M. Berman, P.C. and Lacy Katzen, LLP v. City of New York, et al., the...more

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Second Circuit Rules FDCPA Does Not Require Disclosure of Settlement’s Tax Consequences

The U.S. Court of Appeals for the Second Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) does not require a debt collector to disclose the possible tax consequences of a debtor’s acceptance of a...more

5/26/2015  /  Appeals , Debt Collectors , FDCPA , Income Taxes

NY Attorney General Enters into Far-Reaching Settlement with Largest Credit Reporting Agencies

New York Attorney General Eric Schneiderman recently announced that his office reached a landmark settlement with the nation’s three leading credit reporting agencies (CRAs) that will require them to significantly reform,...more

N.Y. DFS Provides Insight on Key Provisions of Its Debt Collection Regulations

At a recent DBA International Symposium on New York State’s debt collection rules and regulations, New York Department of Financial Services (DFS) Executive Deputy Superintendent Joy Feigenbaum clarified certain provisions in...more

NY Attorney General, FTC Bring Joint Enforcement Actions against Debt Collectors

The New York Attorney General and Federal Trade Commission recently announced they had filed two joint federal court lawsuits against debt collectors in the Western District of New York. The Attorney General and FTC are...more

New York Issues Guidance on New Third-Party Debt Collector and Debt Buyer Regulations

The New York Department of Financial Services has issued guidance about its new Third-Party Debt Collector and Debt Buyer Regulations in the form of Frequently Asked Questions (“FAQs”). The FAQs provide insight on the scope...more

New York Issues Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) published its final debt collection regulations on December 3, 2014, following an extensive rulemaking period. The regulations impose requirements on third-party debt...more

New York DFS Extends Emergency Subprime Calculation Rule

The New York Department of Financial Services (DFS) recently extended for 90 days its emergency rule adjusting the criteria for determining when a Federal Housing Administration (FHA) mortgage loan is classified as subprime....more

Federal Court Dismisses Industry Challenge to NYC Responsible Banking Law but Leaves Door Open For Future Lawsuit

A federal judge recently dismissed a complaint brought by the New York Bankers Association (NYBA) seeking to invalidate the New York City Responsible Banking Act (the Responsible Banking Act). In New York Bankers Ass’n Inc....more

N.Y. Announces New Rules To Govern Default Judgments in Consumer Collection Lawsuits

The New York Court System has adopted new rules effective October 1, 2014, to obtain a default judgment in a consumer collection action, Chief Judge Jonathan Lippman announced recently. Debt collectors and debt buyers should...more

NY Department of Financial Services Issues Revised Proposed Debt Collection Rules

The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more

New York AG, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed in June in federal court in Buffalo, New York, against several corporations...more

NY Attorney General, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed last month in federal court in Buffalo, New York, against several corporations...more

Are the DFS’ latest debt collection rules a harbinger of things to come?

In May, we wrote that the New York Department of Financial Services (“DFS”) would soon be issuing revised debt collection regulations for debt buyers and third party debt collectors. On July 16, the DFS released the revised...more

N.Y. Department of Financial Services Issues Revised Proposed Debt Collection Rules

The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more

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