News & Analysis as of

Repossess

Auto-finance companies agree to pay nearly $800,000 to settle Justice Department allegations regarding SCRA auto repossession...

by Ballard Spahr LLP on

The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

by Goodwin on

On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

Fed Adopts Final Rule Regarding Contract Termination Provisions for Repos, Stock Loans and Swaps with Systemically Important Banks

by Proskauer Rose LLP on

On September 1, 2017 the Federal Reserve voted to adopt a final rule requiring U.S. global systemically important banking institutions ("GSIBs") and the U.S. operations of foreign GSIBs to amend qualified financial contracts...more

Federal Reserve Board Seeks Public Comment on Alternatives to LIBOR

The U.S. Federal Reserve Board is requesting public comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new reference rates intended as alternatives to the...more

The “As-Is, Where-Is” Disclaimer – How Strong Is It?

by Steptoe & Johnson PLLC on

A bank is planning to sell equipment collateral – either repossessed equipment taken after a borrower’s default or leased equipment that has been returned by a lessee at the end of the lease term. [In this article, the term...more

Nevada Enacts Multiple Laws Affecting Consumer Finance

by Ballard Spahr LLP on

Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more

Justice Department Settles with Michigan Credit Union for Violations of the Servicemembers Civil Relief Act

by Ballard Spahr LLP on

The U.S. Department of Justice (DOJ) announced last week that it reached an agreement with Michigan-based COPOCO Community Credit Union to settle a lawsuit alleging that the credit union violated the Servicemembers Civil...more

Tenth Circuit Joins Missouri River to Divide Kansas City Over What Constitutes A Stay Violation

by Bryan Cave on

On February 27, 2017, the United States Court of Appeals for the Tenth Circuit joined a minority approach followed by District of Columbia Circuit: failing to turn over property after demand is not a violation of the...more

CFPB Examination of Auto Repossession Firms: An Unpleasant Surprise!

by Arnall Golden Gregory LLP on

Tim owns a small company that handles auto repossessions in the local area. He knows very well the state and local statutes and regulations that apply to his business. Tim has a vague notion that the Consumer Financial...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

CentsAbility: Creditors' Rights Law Update - South Carolina Court of Appeals applies Uniform Commercial Code Six-Year Statute of...

by Nexsen Pruet, PLLC on

This summer, the South Carolina Court of Appeals decided the appeal of Coastal Federal Credit Union v. Brown. The Court had to determine which statute of limitations applied to the credit union’s action to collect a...more

Third Circuit: The Repossession of Your Car as Collateral on a Usurious Loan is Not an FDCPA Violation

by Dorsey & Whitney LLP on

The U.S. Court of Appeals for the Third Circuit recently held that a repossession company did not violate the Fair Debt Collection Practices Act (“FDCPA”) when it repossessed the defaulting debtor’s car, even though the loan...more

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

by MoFo Reenforcement on

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

by Ballard Spahr LLP on

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

Law Commission consults on logbook loans

by Dentons on

The Law Commission has issued a consultation on its proposals for the reform of bills of sale legislation. The Law Commission believes that the law on “logbook loans” should be reformed to include protections similar to those...more

Significant Tax Provisions in the 2016-2017 Ohio Budget Bill Affecting Businesses

by BakerHostetler on

On June 30, 2015, Ohio Governor John Kasich signed into law the biennial budget bill, Amended Substitute House Bill No. 64 (“HB 64”). The legislation underwent substantial changes during the legislative process such that the...more

What to Do with Personal Property Found in a Repossessed Vehicle

by Miller & Martin PLLC on

So you have repo'd your borrower’s motor vehicle and discovered that she left a laptop, some dirty socks and a picture of Uncle Joe asleep on the sofa in the back seat. "No problem," you say. You just toss out the dirty socks...more

Bank Held in Contempt for Failing to Return Collateral Repossessed Before Bankruptcy

Most lenders know that a bank cannot repossess collateral after a borrower files bankruptcy unless the bank first obtains relief from the automatic stay. But can a bank retain collateral that it repossessed before the...more

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