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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

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

Bill on Bankruptcy: Delaware Garners Almost All Big Chapter 11s  [Video]

Dec. 5 (Bloomberg) -- Why the bankruptcy court in Delaware garnered almost five times more significant Chapter 11 reorganizations this year than New York is the first topic of discussion on the new video with Bloomberg Law's...more

BAPCPA Backfires: Unsecured Creditor’s Returns Decrease in Post-BAPCPA Landscape

A new study published by the American Bankruptcy Institute has found that the aggregate effect of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which was passed in part to improve creditor...more

Mortgage Debt Lesson: Don't Pursue Collection Of A Discharged Mortgage

Creditors should double check the bankruptcy status of a debtor/borrower before pursuing collection. As a pending case illustrates, pursuing collection of an initially reaffirmed, but later discharged mortgage could be a...more

CFPB Refines Mortgage Rules to Resolve Conflicts and Inconsistencies

On October 15, 2013, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule and bulletin refining and making technical changes to certain provisions of its January 2013 mortgage rules. The interim rule...more

When the FDCPA and the Bankruptcy Code Conflict: Which Controls?

As most lenders and banking litigators understand, courts construe the language of the Fair Debt Collection Protection Act (FDCPA) very broadly. As we have discussed in previous posts, an initial communication to collect a...more

Infobytes Special Alert: CFPB Issues Mortgage Servicing Rule Amendments And Guidance Addressing Conflicts With Bankruptcy And Debt...

On October 15, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued an interim final rule amending certain provisions of its mortgage servicing rules and making technical changes to other January 2013 mortgage rules...more

Third Circuit Holds FDPCA Can Apply in Bankruptcy Proceedings

The United States Circuit Court for the Third Circuit upheld a lower court’s decision that the Bankruptcy Code precluded a borrowers’ claims under the Fair Debt Collection Practices Act. After filing for bankruptcy,...more

FHA Fresh Start Program Now Available 1 Year After Bankruptcy

New FHA Fresh Start Program provides mortgage financing in as little as 12-Months after a bankruptcy, short sale or foreclosure. Restrictions apply. Please contact a qualified mortgage broker for details. Stop struggling...more

Bill on Bankruptcy: LightSquared, the Battle among Hedge Funds [Video]

Sept. 5 (Bloomberg) -- The hedge funds battling for control of LightSquared Inc., the developer of a satellite-based wireless communications system, is the first item on the bankruptcy video with Bloomberg Law's Lee Pacchia...more

Bill on Bankruptcy: Appeals Court Changes the Law on Fraud [Video]

Aug. 29 (Bloomberg) -- The U.S. Court of Appeals in Chicago may be out on a limb by itself, or an opinion this week may signal change in attitude toward lenders who discover a customer's fraud and do nothing, as Bloomberg...more

Service Provider Challenges CFPB Authority

On July 22, a Connecticut bankruptcy attorney and a firm with whom the attorney contracts for legal support services filed a lawsuit charging the CFPB with “grossly overreaching its authority” in requesting “sensitive and...more

Bill on Bankruptcy: Make-Whole Premiums, Lehman, ResCap  [Video]

July 17 (Bloomberg Law) -- Bankruptcy Judge Sarah A. Hall in Oklahoma City is this week's "Judge of the Week" on the new video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. In the...more

Virginia Financial Institutions - June 2013

In this issue: - CFPB Amends Ability-to-Repay Rule to Ease Standards for Small Creditors - Assistant Managers Fail to Break the Piggy Bank...For Now - Federal Agencies Make Changes to Regulation...more

Bill on Bankruptcy: Lawyers Must Disclose What Clients Pay  [Video]

June 19 (Bloomberg) -- Lawyers may object to disclosing how much they actually collect per hour from non-bankrupt clients, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on...more

Credit Counseling: Obstacles to Innovation and Path to Consumer Empowerment

In this presentation: - Tax-Exemption Challenges - Bankruptcy Counseling Challenges - Consumer Protection Statutes - Excerpt from Presentation: How did we get here? - Federal and...more

GILBERTO T SALDIVAR vs. JPMORGAN CHASE BANK, N.A.,

MEMORANDUM OPINION Defendants, JPMorgan Chase Bank, N.A. (“Chase”) and Deutsche Bank National Trust Company’s (“Deutsche Bank”),...

This decision is important because of the reasoning, the logic and most importantly the application of New York law. Virtually all the REMIC trusts were common law trusts formed under New York law for a lot of reasons. So...more

CFPB uses enforcement powers in attempt to shut down debt relief company in Florida

This past Thursday, the CFPB announced that it filed a complaint against a Florida debt-relief company that misled consumers across the country. Following an investigation into American Debt Settlement Solutions, Inc. (ADSS)...more

Incentive Awards Corrupted Class Action Settlement By Undermining Adequacy Of Class Representatives And Counsel

The United States Court of Appeals for the Ninth Circuit recently considered “the issue of whether class representatives and class counsel are adequate where the settlement agreement conditions payment of incentive awards on...more

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

Citing a conflict of interest between class representatives and a class, the Ninth Circuit Court of Appeals recently invalidated a $45 million class action settlement that had previously been approved by the district court....more

Reports Of Late Payments To Credit Reporting Agencies While Bankruptcy Is Pending Do Not Violate Federal And State Fair Credit...

After filing for Chapter 7 bankruptcy, a consumer discovered that her credit report listed delinquent payments to a bank even though she had been current with her payments up to the date she filed. After disputing the report...more

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock  [Video]

May 2 (Bloomberg Law) -- Eastman Kodak Co. filed a Chapter 11 plan that cratered the stock and bumped up the unsecured notes, although the plan may be revised to pay off second-lien debt fully in cash, as Bloomberg Law's Lee...more

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