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The CFPB, together with the FTC, has filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C., a Fair Debt Collection Practices Act case on appeal to the U.S. Court of Appeals for the Ninth Circuit. ...more
A senior mortgagee battled the debtor and a junior mortgagee over its entitlement to post-petition interest: If and when did it become oversecured and thus entitled to interest? Was it entitled to interest at the default...more
Too often I meet with people that have either ignored the fact that have been sued by one of their creditors or even more troubling- aren’t even aware that there is lawsuit is pending against them....more
The New York Attorney General recently announced a settlement with Forster & Garbus, a large debt collection law firm that had filed collection actions against consumers arising out of payday loans. Specifically, Attorney...more
While a minority of circuits, such as the Ninth Circuit (see, e.g., In re Lowenschuss, 67 F.3d 1394 (9th Cir. 1995), have reasoned that bankruptcy courts lack the authority to approve non-debtor releases based on the language...more
In McLaughlin v. Phelan Hallinan & Schmeig LLP, the Third Circuit recently held that debtors are not required to dispute a debt under Section 1692g of the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq., prior to...more
In In re Dingley (August 6, 2014) --- B.R. ----, 9th Cir.BAP (Nev.), the Ninth Circuit Bankruptcy Appellate Panel ("BAP") held that a creditor did not violate an automatic stay for maintaining a contempt proceeding against a...more
Two recent articles highlight how student loan debt is often the subject of distorted reporting.
An article from Hamilton Place Strategies observed that news stories often include anecdotal stories about families...more
The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges...more
On August 4, the OCC issued Bulletin 2014-37, which provides new guidance on the application of consumer protection requirements and safe and sound banking practices to consumer debt-sale arrangements with third parties—e.g....more
The debt collection industry continues to be a major focus of the Federal Trade Commission’s enforcement efforts, as shown by the agency’s decision to simultaneously announce two settlements last week with Tennessee and New...more
Over the years I have noticed that I revisit the topic of whether or not you should avoid the process server in your debt collection lawsuit. It is usually spurred on by a person I meet with in a consultation who had a...more
That's a common question that people ask me when they contact me to discuss bankruptcy. The short answer is "No". We'll look at why that is so in this article....more
As noted in our recent Alert, the Office of the Comptroller of the Currency (OCC) has issued Bulletin 2014-37 on Consumer Debt Sales (the “Bulletin”). The Bulletin addresses the application of consumer protection requirements...more
A new report from The Vanguard Group disagrees with those who seek to draw comparisons between the current level of student debt and the level of mortgage debt that led to the housing crisis.
Titled “No bubble to...more
A bankruptcy court in Pennsylvania recently held that trade creditors who supplied goods to a debtor prior to its bankruptcy filing were not entitled to administrative priority status under Bankruptcy Code section 503(b)(9)...more
On August 4, 2013, the Office of the Comptroller of the Currency (“OCC”) released new guidance to (Bulletin 2014-37) regulated entities on the application of consumer protection requirements and safe and sound banking...more
This September, New York’s highest court will consider an issue of significant interest to international banks with a New York presence – whether a judgment creditor can use New York’s judgment enforcement procedures to...more
Foreign sovereigns have long assumed that the Foreign Sovereign Immunities Act (FSIA) provides them with substantial protection against litigants in United States courts. Although the immunity afforded by the FSIA has never...more
A typical lender is often managing tens of thousands of accounts of all different types and in various states of financial health. So what happens when a lender, for whatever reason, fails to update credit reporting agencies...more
We recently wrote about a new Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more
On July 9, Pennsylvania Governor Tom Corbett signed SB 622, which directs the Department of Banking and Securities to establish licensing requirements, including fees, for providers of debt settlement services. Such a license...more
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
The economic downturn and great recession decreased consumers’ disposable income, made consumer borrowing more difficult and soured public opinion against borrowing and amassing credit card debt. Combating this downward trend...more
America’s fascination with zombies infiltrated the West Virginia Legislature during the 2014 Regular Session, resulting in the introduction of a “zombie debt” bill, House Bill 4360. The bill, as introduced, was designed to...more
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