Williams Mullen's Comeback Plan: Part IV - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
COVID-19 Comeback Plan: Part III - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
Williams Mullen's Comeback Plan: Part II - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
Williams Mullen's COVID-19 Comeback Plan: Part I - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
Episode 3: Professor Peter Molk Interview on Drafting Around LLC Default Rules
Connecticut Collections: How to get paid if you are owed money? Part 1: Pre and Post-Judgement Collection Specifics
Weekly Brief: DOJ Memo Details Justification For Killing US Citizens
Bill on Bankruptcy: Delaware to Continue Dominating Bankruptcy
The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more
New York AG Letitia James and the CFPB sued Credit Acceptance Corporation (CAC) for allegedly violating New York usury limits and consumer and investor protection laws, as well as the Consumer Financial Protection Act, by...more
The Consumer Financial Protection Bureau (CFPB) recently issued two bulletins highlighting its concerns with business practices in the auto finance and servicing industries as a result of inflation and the potential for...more
On February 28, 2022, the CFPB released a Compliance Bulletin and policy guidance entitled “Mitigating Harm from Repossession of Automobiles.” In its bulletin, the CFPB sets forth the objective of reminding market...more
Coming out of the COVID-19 pandemic, the auto finance industry will face a number of issues when it comes to self-help repossession following a borrower’s default. A number of jurisdictions across the country have put...more
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Rule) amending Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The Rule modernizes requirements...more
Motor vehicle financing can be full of compliance minefields. Defaults and repossessions provide more than their fair share of potential mines. However, there are some steps you can take to try to avoid some key issues that...more
The number of older Americans with student loan debt – either theirs or someone else’s -- is growing. Sadly, learning how to deal with this debt is now a fact of life for many seniors heading into retirement....more
In 2014, the Consumer Financial Protection Bureau (CFPB) promulgated a number of mortgage servicing rules, including rules governing loss mitigation procedures. ...more
The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry. Auto loans are a key sector in the...more
One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more
Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more
The U.S. Federal Housing Administration (FHA) issued final guidance in the form of Mortgagee Letter 2016-11 regarding the subordination of Property Assessed Clean Energy (PACE) assessments on Tuesday, July 19, 2016. As...more
In August, the CFPB issued a compliance bulletin to clarify lenders’ obligations to terminate Private Mortgage Insurance (PMI) charges under 12 U.S.C. § 4902. One subject that the bulletin did not address—but which is...more
The Consumer Financial Protection Bureau (CFPB) recently focused its attention on the student loan industry following alleged widespread servicing failures reported by borrowers and found by the CFPB's examinations and...more
The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more
Corinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate...more
Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt...more
On October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default....more
In alignment with its recent focus on private student loans, the CFPB released a report describing the types of complaints it received related to “auto defaults”, the practice of placing private student loan borrowers in...more
The CFPB’s Student Loan Ombudsman has released a report entitled “Mid-year update on student loan complaints” that highlights issues related to co-signers of private student loans. In particular, the report focuses on...more