bakerlaw.com 1 Financial Services 2017 Year-End Report 2 FINANCIAL SERVICES 2017 YEAR-END REPORT Table of Contents Introduction 3 Litigation 4 Industry Developments 5 Representative Matters 7 Emerging Issues and Trends 8 Lending 10 Industry Developments 11 Representative Matters 11 Emerging Issues and Trends 12 Regulatory, Compliance and Licensing 13 Industry Developments 14 Representative Matters 16 Emerging Issues and Trends 16 Restructuring 18 Industry Developments 19 Representative Matters 19 Emerging Issues and Trends 20 Conclusion and Contact Us 22 3 FINANCIAL SERVICES 2017 YEAR-END R

On March 20, Florida Governor Rick Scott signed Senate Bill 220 into law. The bill is designed to limit the ability of defendants in foreclosure proceedings to keep contesting the foreclosure after agreeing, in bankruptcy, to surrender the property to their lenders.

The Court of Appeals for the Ninth Circuit revived a chapter 13 debtor’s bankruptcy case holding that the bankruptcy court below made no specific finding that the debtor violated the Controlled Substance Act (“CSA”) to support dismissal of the case.

In one of the first decisions issued this year by the United States Court of Appeals for the First Circuit, the court addressed an issue of first impression. In Mission Products Holdings, Inc. v. Tempnology, LLC, n/k/a Old Cold LLC, No. 16-9016 (1st Cir. Jan. 12, 2018), the First Circuit held that the omission of trademarks from the definition of “intellectual property” in Section 101(35A) of the Bankruptcy Code, as incorporated by Section 365(n), leaves a trademark licensee with nothing more than a claim for damages upon the rejection of its license under Section 365(a).

Some think that when you file for bankruptcy, you sell your proverbial soul to the devil.

While this view isn’t necessarily true, it does imply that bankruptcy is not an easy choice. It could mean short term relief, but it could also affect your self-image, reputation, and even future credit negatively. The experts at Allstate Law Center add that before making this choice, you should consider all factors and options.

Filing for bankruptcy is one of the most challenging experiences you can ever have. In fact, the things that happen before bankruptcy – calls from debt collectors, receiving garnishments, and the fear of losing your investments including your home and your car – can drive anyone to physical and mental exhaustion.

On June 8, 2017, Clifford J. White III, director of the U.S. Trustee Program(“UST Program”)[1], proclaimed before a congressional subcommittee that “debtors with assets or income derived from marijuana may not proceed through the bankruptcy system.”

This week, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017), holding that a debt collector does not violate the Fair Debt Collection Practices Act (FDCPA) by filing an “obviously time-barred” proof of claim in a bankruptcy proceeding. This case should stem the tide of FDCPA lawsuits against debt collectors for efforts to collect potentially time-barred debts in bankruptcy proceedings.

This decision is significant to debt collectors and debt buyers who, according to the dissent, “have ‘deluge[d]’ the bankruptcy courts with claims ‘on debts deemed unenforceable under state statutes of limitations.’”

On May 15, 2017, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017) in which it held that filing an “obviously time-barred” proof of claim in a bankruptcy proceeding does not violate the Fair Debt Collection Practices Act (FDCPA).