Bankruptcy Finance & Banking Consumer Protection

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Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

Confusion Surrounds the Fair Debt Collection Practices Act

The United States Supreme Court recently declined to review Crawford v. LVNV Funding, LLC, 758 F.3d 1254, 1257 (11th Cir. 2014) cert. denied, No. 14-858, 2015 WL 246891 (U.S. Apr. 20, 2015), an Eleventh Circuit decision that...more

Privacy Policy Impacts RadioShack’s Sale of Customer Information

On April 10, 2015, RadioShack, and certain affiliated debtor entities, proposed a bankruptcy sale of certain assets, including Personally Identifiable Information (“PII”). Deposition testimony in the case revealed that, over...more

RadioShack bankruptcy court approves sale of personal information collected by debtor

Earlier this year, an affiliate of the hedge fund Standard General LP assumed more than 1,700 RadioShack® store leases in an auction sale in the electronics retailer’s bankruptcy. Standard General reportedly plans to partner...more

Foreclosures: Beware Unexpected Violations

Field v. Bank of America, N.A. (In re Gibbs), 522 B.R. 282 (Bankr. D. Hawaii 2014) – A bankruptcy trustee sued a mortgage lender to recover for defects in a prepetition non-judicial foreclosure sale. The lender brought a...more

Suit Challenging Constitutionality of CFPB Fails for Lack-of-Standing and Other Procedural Defects, D.C. Circuit Holds; Morgan...

Last week, in Morgan Drexen, Inc. v. Consumer Financial Protection Bureau, a divided panel of the D.C. Circuit Court of Appeals affirmed the dismissal of an action challenging the constitutionality of the CFPB. The court did...more

Sued by Midland Funding in Arizona? 3 Ways to Deal with the Lawsuit

When faced with a difficult situation it is comforting to know your options. If you have been sued by one of the junk debt buyers like Midland Funding, CACH, LLC, or Portfolio Recovery you are likely loosing a lot of sleep...more

Eleventh Circuit Throws Out FDCPA Complaint On Grounds of Judicial Estoppel

On March 31, U.S. Court of Appeals in the 11th Circuit concluded that the district court properly dismissed plaintiff’s FDCPA complaint, using the concept of judicial estoppel. Ward v. AMS Servicing, LLC, 2015 WL 1432982...more

Continued Disagreement: Use of Federal Debt Collection Laws to Expand Fraudulent Transfer Look-Back Periods

In Ebner v. Kaiser (In re Kaiser), the U.S. Bankruptcy Court for the Northern District of Illinois allowed a bankruptcy trustee to employ the 10-year look-back period, available to the Internal Revenue Service (IRS) under the...more

Cases We’re Watching: CFPB v. Morgan Drexen

We don’t know about you, but we’ve been following the contentious litigation between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen pretty closely. The CFPB filed its lawsuit in...more

3 Ways to Use Your Tax Refund to Solve Your Debt Problem

It is the time of year when people are gearing up to get their taxes filed. Many will get a nice tax refund check and while what I am about to propose may be some of the least fun things you can do with a tax refund check,...more

UDAAP Council Weekly UDAAP Standards Report - 2/4/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

FDCPA – Your Consumer Bill of Rights

Debt collection phone calls…this is one of the top reasons people file for bankruptcy – so that they can avoid having to deal with debt collectors and all the garbage that goes with it. The thing is, you shouldn’t have to...more

3 Secret Strategies to Winning Your Case With Portfolio Recovery Associates (Or Any Other Junk Debt Buyer)

The law in Arizona as it applies to cases brought by junk debt buyers like Portfolio Recovery Associates is somewhat in flux. This has resulted in rulings from the various courts that can be all over the place. Often the...more

Quick Guide to the Typical Debt Collection Timeline (And Why You Should Care)

If you are dealing with past due debts you no-doubt understand the confusion of what company is trying to collect what debt on behalf of who? (If that makes sense?). Well before a debt ends up in the hands of a junk debt...more

Top 5 Consumer Articles in 2014!

Each year on New Year’s Eve I like to take a look back at the articles I published and which ones helped the most people. During 2014 over 85,000 people from 146 countries read the articles on my blog! It always amazes the...more

3 Ways the System is Rigged Against Consumers

The other day I met with a family who was barely getting by – large family, large amount of debt, and underemployed for eighteen (18) months. For eighteen (18) months the husband had toiled at a job he was overqualified for,...more

Should I Fight My Midland Funding Lawsuit if I Owe the Money?

I believe many people don’t fight back against debt buyers like Midland Funding, LLC because they believe that they owe the money so why fight it? In this article I want to give you three reasons why you should fight back...more

Lender Risk Management for Bankruptcy Stay Violations

A recent decision by the U.S. Court of Appeals for the Ninth Circuit in a bankruptcy case highlights a risk to consumer lenders and suggests a practical approach to risk management through clear policies and employee...more

CFPB, State AGs Announce Joint Enforcement Action Against Military Consumer Lender

On July 29, the CFPB and 13 state AGs announced a consent order that requires a consumer lender currently in Chapter 7 bankruptcy to provide $92 million in debt relief for about 17,000 U.S. servicemembers and other consumers...more

Eleventh Circuit Holds That Filing a Time-Barred Proof of Claim in a Bankruptcy Proceeding Violates the FDCPA

The Fair Debt Collection Practices Act (FDCPA) provides that debt collectors “may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt.” Nor may a debt collector...more

The Consumer Financial Protection Bureau (CFPB): The New Federal Landscape For Lenders and Servicers

Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more

Should You Fight Your Midland Funding Lawsuit or File for Bankruptcy?

Being sued by a debt collector like Midland Funding can be the tipping point that leads many families to file for bankruptcy. But is it the best option in your situation? Bankruptcy will stop the debt collection lawsuit...more

Demand Decency in Debt Collection

Financial difficulties can be all encompassing. The stress associated with not being able to pay your bills touches on everything from being able to pay for your kid’s schools lunch to wondering if your car is going to get...more

Protection From Creditors for Retirement Plan Assets

• The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 clarified the rights of debtors and creditors to retirement assets in federal bankruptcy proceedings, but state attachment and garnishment of such assets...more

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