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    Note to Lenders: CFPB Amends the Fair Debt Collection Practices Act
    2023-01-09

    In 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Rule”) that amends Regulation F, 12 C.F.R. part 1006, the Fair Debt Collection Practices Act (the “FDCPA”). The Rule became effective on November 30, 2021. Because the FDCPA was implemented over four decades ago, the Rule is designed to interpret and further the goals of the FDCPA in present day. The Rule places additional restrictions on debt collection practices and addresses communications regarding debt collection.

    Scope of the Rule

    Filed under:
    USA, Banking, Insolvency & Restructuring, Bankruptcy, Fair Debt Collection Practices Act 1977 (USA), Federal Trade Commission (USA), Consumer Financial Protection Bureau (USA)
    Location:
    USA
    A few additional thoughts… on the regulatory response in the wake of the FTX bankruptcy
    2022-12-07

    We recently had a chance to speak to The Independent and

    Filed under:
    USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, IT & Data Protection, Reed Smith LLP, Bitcoin, Cryptocurrency, US Securities and Exchange Commission, Consumer Financial Protection Bureau (USA), Commodity Futures Trading Commission (USA), US Congress
    Location:
    USA
    Firm:
    Reed Smith LLP
    Cryptoassets & Insolvency: Legal, Regulatory and Practical Considerations- September 2022
    2022-09-29

    Part I: Introduction and Background Cryptoassets & Insolvency 2 Introduction Cryptoassets have emerged from relative obscurity to become an increasingly significant and mainstream presence: in just five years the global market cap for cryptocurrencies rose from around $15bn to over $3tn at its peak in November of last year.

    Filed under:
    United Kingdom, USA, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Litigation, Tax, White Collar Crime, Shearman & Sterling LLP, Cryptocurrency, Initial coin offering, Cybersecurity, Anti-money laundering, Non-fungible tokens, Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), Internal Revenue Service (USA), US Securities and Exchange Commission, Financial Conduct Authority (UK), Consumer Financial Protection Bureau (USA), Financial Crimes Enforcement Network (USA), HM Treasury (UK), Bank of England
    Authors:
    Alexander Wood , Helena Potts , Kevin Heverin
    Location:
    United Kingdom, USA
    Firm:
    Shearman & Sterling LLP
    Montana Court Refuses to Shift Venue of “Related to” CFPB Police Action to Texas Bankruptcy Court
    2018-03-06

    On February 6, 2018, the District Court for the District of Montana refused a debtor’s request to change the venue of a post-petition “related to” police/regulatory action commenced by a federal agency in district court. The decision will have important implications on how “related to” litigation is treated for venue purposes—especially in the context of police and regulatory actions.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Consumer Financial Protection Bureau (USA)
    Authors:
    Peter R. Morrison
    Location:
    USA
    Firm:
    Squire Patton Boggs
    The year in bankruptcy: 2012
    2013-02-04

    December 2012 marked the fifth anniversary of the beginning of the Great Recession, which officially began in December 2007 and ended in June 2009 (at least in the U.S.). Five years down the road, the U.S. economy is undeniably on the road to recovery, with unemployment down to 7.8 percent from a high of 10.2 percent in October 2009, a significant drop in mortgage-foreclosure rates, and a housing market strengthened by the lowest mortgage rates in history. Even so, the recovery is shaky.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Mortgage-backed security, Consumer Financial Protection Bureau (USA)
    Authors:
    Charles M. Oellermann , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    5th Cir. Holds Tax Buyers Not Subject to TILA
    2016-06-02

    The U.S. Court of Appeals for the Fifth Circuit recently held that a transfer of a tax lien to a tax buyer under Texas law does not constitute an extension of credit that is subject to the federal Truth in Lending Act (TILA).

    A copy of the opinion is available at:  Link to Opinion.

    Filed under:
    USA, Texas, Banking, Insolvency & Restructuring, Litigation, Real Estate, Tax, Maurice Wutscher LLP, Property tax, Debt, Tax lien, Truth in Lending Act 1968 (USA), Consumer Financial Protection Bureau (USA), Fifth Circuit
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    CFPB Reopens Comment Period on ‘Periodic Statements in Bankruptcy’ Mortgage Servicing Amendments
    2016-04-26

    The Consumer Financial Protection Bureau (CFPB) recently reopened the comment period for its proposed amendments to the mortgage servicing related rules under RESPA and TILA that generally would require servicers to provide modified periodic statements to consumers who have filed for bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Maurice Wutscher LLP, Bankruptcy, Mortgage loan, Consumer Financial Protection Bureau (USA)
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    CFPB Releases Blog Post on the Dischargeability of Private Student Loans in Bankruptcy
    2022-04-14

    On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Specifically, the CFPB argues that the following private student loans can be discharged without a showing of undue hardship and an adversary proceeding:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Troutman Pepper, Bankruptcy, Consumer Financial Protection Bureau (USA)
    Authors:
    Christopher J. Capurso
    Location:
    USA
    Firm:
    Troutman Pepper
    CFPB Releases its Report Examining Consumer Bankruptcy Trends from 2001 to 2018
    2019-10-07

    The Consumer Financial Protection Bureau published its quarterly consumer credit trends report on September 25. In the Report, the CFPB gave an in-depth look at bankruptcy trends and the impact of filing for the period 2001-2018, which includes the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) and the Great Recession.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Troutman Pepper, Debtor, Title 11 of the US Code, Consumer Financial Protection Bureau (USA)
    Authors:
    Jared D. Bissell , David M. Gettings
    Location:
    USA
    Firm:
    Troutman Pepper
    CFPB Finalizes Single-Statement Transition Period for Mortgage Statements to Borrowers in Bankruptcy
    2018-03-14

    On March 8, the Consumer Financial Protection Bureau (“CFPB”) finalized the amendment to its 2016 Mortgage Servicing Final Rule (“2016 Final Rule”) to clarify the transition timing for mortgage servicers to provide periodic statements and coupon books when a consumer enters or exits bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Mayer Brown, Consumer Financial Protection Bureau (USA)
    Location:
    USA
    Firm:
    Mayer Brown

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