Creditors

News & Analysis as of

84 House members urge expedited CFPB action on small business lending data collection rules

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

Nevis Modernizes its Trust Laws to Become Even More Competitive

As a jurisdiction, Nevis is highly regarded as setting the standard among offshore trust laws, blazing new trails in this is area since 1994 with other jurisdictions attempting to play catch-up. Over time, other jurisdictions...more

NLRB Imposes New "Indirect Control" Joint Employer Standard in Browning-Ferris

On August 27, 2015, the last day of Harry Johnson, III's term as a Board member, the National Labor Relations Board issued its long-awaited decision in Browning-Ferris Industries of California, Inc. The Board voted 3-2 to...more

What is a Stipulated Judgment?

When a debt is legitimately owed I have found that most people simply want to negotiate a settlement with the creditor and get it behind them. And while creditors will usually agree to settle a debt, if a court case has...more

Sixth Circuit Rules on New TCPA Limitations

On Friday, the Sixth Circuit declared that a debtor who provides a cellphone number to a creditor has consented to receiving calls, and the creditor does not violate the Telephone Consumer Protection Act (“TCPA”), 47 U.S.C. §...more

Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases

A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down...more

Southern District of New York Recognizes Bondholders’ Rights Under Section 316(b) of the Trust Indenture Act

In lieu of proceeding through a chapter 11 bankruptcy, borrowers and their creditors usually prefer to restructure their debt agreements outside of court. Although they avoid the costs and delays of bankruptcy, out-of-court...more

[Webinar] Dealing with Financially Troubled Customers Outside and Inside of Bankruptcy - Sept.16, 12:00pm CDT

This presentation is designed to provide business professionals involved in supplying goods and/or services on credit with the latest and most effective strategies for dealing with customers experiencing financial difficulty....more

Civil Code Reform: New Provisions on Contracts and Obligations

On 8 March 2015, the President signed Federal Law No. 42-FZ "On Amending Part 1 of the Russian Civil Code." The amendments aim at increasing the stability and predictability of contractual relations under Russian law at...more

Ninth Circuit Holds that Absolute Waiver of Subrogation Rights Insulates Insider-Guarantor from Preference Exposure

In Stahl v. Simon (In re Adamson Apparel, Inc.), 785 F.3d 1285 (9th Cir. 2015), the United States Court of Appeals for the Ninth Circuit considered an unresolved issue of bankruptcy law: whether a corporate insider who...more

What the Mahalo??

Although commonly known, judgment creditors rarely utilize the charging order as a collection mechanism. This may change as a result of recent case law developments. The charging order has long been recognized in the...more

CFPB publishes TRID rule questions index

The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index...more

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

Don’t Be Caught Dead Handed: Avoiding Legal Challenges to Dead Hand Proxy Puts in Loan Agreements

A number of public companies have become the target of shareholder books and records inspection demands and litigation related to certain “change of control” provisions in their loan agreements. The type of provisions at...more

When a Driver’s License Is More Than a Bad Picture: Is Your UCC Financing Statement Still Effective?

UCC Financing Statements Must Contain the Debtor’s Correct Name - “[A] financing statement is sufficient only if it [among other things] . . . provides the name of the debtor. “ N.C. Gen. Stat. § 25-9-502(a)(1) (emphasis...more

Our customer has filed bankruptcy but demands that we continue to extend trade credit! Are we obligated to do so?

Trade creditors often face the issue of whether they are required to continue providing goods or services on credit to a customer that has filed chapter 11 bankruptcy. Unfortunately, the Bankruptcy Code fails to specifically...more

Spotlight on Brazil: Recuperação Judicial vs. Chapter 11

The bankruptcy proceedings of Brazilian oil companies OGX and OSX have all the makings of a financial soap opera: one high-profile billionaire filing for bankruptcy on behalf of two related enterprises with a combined...more

The ABI Commission on Business Bankruptcy Reform: The Sale of All or Substantially All of the Debtor's Assets and Proposed...

This is the fifth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. This alert covers the Commission’s recommendations regarding the...more

Court Of Chancery Determines That Advancement Claim Is A General Creditor Claim

These two decisions hold that an advancement claim should be treated as a claim of a general creditor by a company in liquidation. Hence, those claims do not get priority in payment along with administrative expenses of the...more

Sands Anderson Report on First Day Hearing in Bankruptcy Filings of Alpha Natural Resources

Lawyers from the bankruptcy team of Sands Anderson attended “first day” hearings in the Chapter 11 bankruptcy case of Alpha Natural Resources, Inc. (“Alpha”) and its 149 related companies held on August 4, 2015 in the United...more

Senate Interest in Small Business Loan Data Rulemaking May Significantly Impact Financial Institutions

On July 10, 2015, 19 United States senators, including Sen. Elizabeth Warren, implored the Consumer Financial Protection Bureau (CFPB) to exercise its rulemaking authority related to publicly available small business loan...more

CFPB sends debt collection questionnaire

The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.” The cover...more

Bankruptcy Avoidance Litigation Part I — Do I Really Have to Give That Payment Back?

(Part one in a two-part series on avoidance litigation in bankruptcy cases) While initial consumer and commercial bankruptcy filings have, in recent years, ebbed in the wake of the historic highs of the Great Recession,...more

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

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