On Friday, the Office of Thrift Supervision closed Imperial Savings and Loan Association, headquartered in Martinsville, Virginia, and appointed the FDIC as receiver.
Two items of interest in the on-going saga of intellectual property enforcement against bankrupt Collezione Europa and its principals, Paul and Leonard Frankel.
Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.
On Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Ravenswood Bank, headquartered in Chicago, Illinois, and appointed the FDIC as receiver for the bank.
FTC Amends Telemarketing Sales Rule: On July 29, 2010, the FTC announced new amendments to the Telemarketing Sales Rule that will prohibit debt relief companies from collecting advanced fees.
On Friday, the Oregon Division of Finance and Corporate Securities closed LibertyBank, headquartered in Eugene, Oregon, and appointed the FDIC as receiver for the bank.
On Friday, the OTS closed Bayside Savings Bank, headquartered in Port Saint Joe, Florida, and the Florida Department of Financial Regulation closed Coastal Community Bank, headquartered in Panama City Beach, Florida, and the agencies appointed the FDIC as receiver for the banks.
On Friday, the Georgia Department of Banking & Finance closed NorthWest Bank and Trust, headquartered in Acworth, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Washington Department of Financial Institutions closed The Cowlitz Bank, headquartered in Longview, Washington and appointed the FDIC as receiver.
Last week, the Federal Trade Commission announcedamendments to the Telemarketing Sales Rule (TSR) relating to the telemarketing of debt relief services, including new restrictions on advance fees charged by debt relief companies.