Troutman Sanders

DECEMBER 19, 2023

On December 12, the U.S. On December 12, the FTC announced that it had finalized a new rule — the Combating Auto Retail Scams (CARS) Rule — addressing two types of illegal tactics consumers allegedly face when buying a car: bait-and-switch tactics and hidden junk fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

APRIL 18, 2023

On April 12, the attorneys representing defunct cryptocurrency exchange FTX in its bankruptcy proceeding announced that FTX recovered approximately $7.3 On April 12, U.S. On April 12, the U.S. For more information, click here. billion in liquid assets and would consider reopening for business in Q2 2024.

Financial services 52

Financial services Financial Institution Loans Bankruptcy 52

Jimerson Firm

MAY 12, 2021

In 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule—referred to as the 2016 Mortgage Servicing Rule —that clarified, revised, and amended several provisions in the 2013 Mortgage Servicing Rules. The 2016 Mortgage Servicing Rule creates certain obligations on the lender in the event a borrower dies.

Collateral 52

Collateral Lender Loans Foreclosure 52

Collection Industry News

OCTOBER 2, 2023

For example, any rules the CFPB has issued in the past 12 years — whether about credit cards, mortgages, payday loans or debt collection, for example — could be nullified, experts said. Its director requests those funds each year, capped at 12% of the Federal Reserve System’s total operating expenses.

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Government Credit Unions Credit Unions Trade 40

Collection Industry News

JUNE 7, 2021

The CFPB found that between 2016 and 2021, the company violated the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531(c), 5536(a) through their engagement in unfair acts or practices.

Lender 40

Lender Loans Collections Government 40

ABI

JANUARY 24, 2024

3] The Debtors filed for bankruptcy in 2016 because of the “substantial environmental liabilities” they incurred as a result of these damages. [4] 12] In May 2017, the Debtors’ liquidating plan was confirmed. [13] 12] In May 2017, the Debtors’ liquidating plan was confirmed. [13] 12] Id. at slip op. at slip op.

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Bankruptcy Debtor Creditors Government 40

ABI

JANUARY 19, 2024

4] In 2016, BWGS Intermediate Holding, (“Intermediate Holding”) an affiliate of Sun Capital Partners, VI, L.P. (“Sun 12] BMO Harris Bank , 2023 WL 320113, at *3. [13] Sun Capital”) entered into a stock purchase agreement (“the Stock Purchase Agreement”) to acquire all of BWGS, LLC’s (the debtor’s) stock from ESOP Trust. [5]

Bankruptcy 40

Bankruptcy Financial Institution Loans Banks 40

ABI

JANUARY 13, 2021

4] During the Matrimonial Action, the ex-wife (the “Claimant”) alleged that her ex-husband (the “Debtor”) concealed $12 million in marital assets based on the court-appointed expert’s findings. [5] 2016)). . . 5] Five years later, the Debtor commenced a voluntary chapter 7 bankruptcy proceeding. [6] Adelphia Commc'ns Corp. (In

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Debtor Bankruptcy Judgment Chapter 7 bankruptcy 40

Collection Industry News

OCTOBER 25, 2021

The complaint alleges that the company was engaged in continuing deceptive practices that violated the Dodd-Frank Act and a 2016 consent order based in part on the same conduct. The 2016 order required LendUp to pay approximately $1.83 The 2016 order required LendUp to pay approximately $1.83 1 12 U.S.C.

Loans 40

Loans Education Student loans Student Loans 40

Consumer Financial Services Law

OCTOBER 24, 2016

9:16-cv-80347, 2016 U.S. In support of its argument, the defendant relied upon the definitions of “servicer” and “servicing” provided in 12 U.S.C § 2605. For purposes of RESPA, is there a difference to be had between “servicing” a loan and being a “servicer”? The question was recently addressed by a district court from Florida.

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Loans 40

Hudson Weir

MARCH 3, 2021

In 2016 and 2015, it was 20%. For example, if your accounting period was 1 January 2017 to 31 December 2017: The first 90 days of your accounting period would fall into the financial year starting 1 April 2016 (1 January 2017 to 31 March 2017). The deadline is usually 12 months after the end of your accounting period.

Trade 52

Trade 52

Collection Industry News

AUGUST 23, 2022

In 2016, the CFPB issued a consent order against a payment processor alleging that the company had engaged in deceptive acts and practices in violation of the CFPA relating to false representations made regarding the company’s data security practices. 12 US Code § 5536(a)(1)(B). 12 USC § 5531. Footnotes.

Financial Institution 40

Financial Institution Trade Collections Financial services 40

Troutman Sanders

AUGUST 2, 2021

LEXIS 137073, at *12 (E.D.N.Y. 1540, 1543 (2016)). On summary judgment, Judge Ross held that LJRA’s November letter violated the FDCPA because “[u]nder the least sophisticated consumer standard, a reasonable consumer … could interpret [it] as an attempt to collect” the $543 debt. L J Ross Assocs. , 1:19-cv-05516, 2021 U.S.

Judgment 52

Judgment Fair Debt Collection Collections 52

ABI

JANUARY 12, 2022

Nitka earned $61,901 in 2015 and made no payments; $83,000 in 2016 and only paid $130.92; $31,000 in 2017 and paid $109; and $8,000 in 2018 and made no payments towards his loan. at *10–11. [ix] at *12­–13. Nitka was unable to satisfy the second element, thus the Tenth Circuit granted summary judgment for the Department of Education.

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Student loans Student Loans Loans Bankruptcy 40

Consumer Financial Services Law

SEPTEMBER 19, 2016

8, 2016) , the Fifth Circuit joined the Sixth and Seventh Circuit in holding that “a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such a debt is judicially enforceable, can be sufficiently deceptive or misleading to violate the FDCPA.” In Daugherty v.

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Debt collector Credit Bureau Collection Agencies Collections Agency 40

Consumer Financial Services Law

MARCH 5, 2018

2505 (2016). Under the National Bank Act, 12 U.S.C. § 3299 would add the following language to 12 U.S.C. § The bill, which is officially entitled “Protecting Consumers’ Access to Credit Act of 2017,” is a response to the Second Circuit’s decision in Madden v. Midland Funding, LLC , 786 F.3d 3d 246 (2nd Cir.

Banks 40

Banks Loans Financial services 40

Troutman Sanders

AUGUST 22, 2022

District Court for the Central District of California entered an order, authorizing the IRS to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency broker, to produce trading records for SFOX users who conducted trades totaling at least $20,000 between 2016 and 2021. For more information, click here. On August 15, the U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

PBWT

JULY 1, 2020

2016 Bankr. LEXIS 18544, at *12-13 (S.D. 12, 2017) ( C reditor enjoined from drawing on letter of credit where contract required creditor to terminate before drawing and such termination was barred by the automatic stay). 1978) ( E njoining post-petition draw under pre-petition letter of credit), with In re Compton Corp. ,

Bankruptcy 40

Bankruptcy Debtor Creditors Retail 40

Jimerson Firm

JANUARY 27, 2022

Department of Economic Opportunity , 264 So.3d 3d 264 (Fla. 2d DCA 2019), a condominium could not revive its covenants under MRTA. This is because the section of MRTA governing revitalization referred specifically to homeowners’ associations or an association of parcel owners. This created a problem for the association in Eastwood Shores.

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Government Collections 98

Consumer Financial Services Law

SEPTEMBER 27, 2016

By: Caren Enloe and Parker Dozier September 26, 2016 A bankruptcy court has dealt a blow to a TCPA defendant’s attempt to moot a class action lawsuit by entering into a settlement with the class representative’s bankruptcy trustee. 12-60237 (Bankr. 663 (2016). In re Presswood , Case No. See Campbell-Ewald Co. Gomez , 136 S.

Bankruptcy 40

Bankruptcy Chapter 7 bankruptcy Debtor Judgment 40

Consumer Financial Services Law

OCTOBER 25, 2016

Ocwen Loan Servicing, 2016 U.S. The consumers filed suit contending the servicer violated the Mortgage Servicing Rules by failing to evaluate the merits of their loss mitigation application within 30 days as required by 12 CFR 1024.41(c). 12 CR 1024.41(c)(1). Specifically, 12 CFR 1024.21(b)(3) LEXIS 18264 (11 th Cir.

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Foreclosure Loans 40

Consumer Financial Services Law

NOVEMBER 16, 2016

3, 2016) at Dkt No. Illobre at *12. A New York district court recently dismissed an FDCPA putative class action attempting to penalize a collection agency for disclosing the FDCPA’s cease and desist requirements to a consumer. Recovery Servs., LEXIS 153525, 16 CV 452 (S.D.N.Y. 1692g(a) on the front of the letter. 16 CV 452 {S.D.N.Y.

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Debt collector Collection Agencies Collections Agency Creditors 40

Troutman Sanders

AUGUST 25, 2021

the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531, 5536, and state law. They allege further that, from 2016 through 2019 alone, Key Credit Repair enrolled nearly 40,000 consumers nationwide, and since 2011, collected at least $23 million in fees from consumers. 1:20-cv-10991-RWZ (Mass.

Trade 52

Trade Banks Collections 52

PBWT

MARCH 23, 2021

4] Brief for the United States as Amicus Curiae , No 20-8 (March 12, 2021) (“ SG Brief ”). [5] Fraudulent Conveyance Litigation , 818 F.3d 3d 98 (2d Cir. 3] In re Tribune Co. Fraudulent Conveyance Litigation , 946 F.3d 3d 66 (2d Cir. 2019), petition for cert. filed , No. 20-8 (July 6, 2020). 3d at 109-24; 946 F.3d 3d at 81-97. [6]

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Creditors Bankruptcy Debtor 65

ABI

JANUARY 12, 2020

3] On June 27, 2016, the Receiver and Underwriters entered into a settlement whereby the Underwriters agreed to pay $65 million, and, upon such payment, coinsureds would be barred from pursuing any claim against the Underwriters relating to policy proceeds or the Stanford entities. [4] 12] See id. [13] Stanford International Bank, Ltd.

Banks 40

Banks Bankruptcy Debtor Judgment 40

ABI

JANUARY 16, 2020

2] In April 2016, Peabody Energy Corporation and its affiliates (the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Eastern District of Missouri. [3] 12] Additionally, the court distinguished In re Peabody Energy Corp. 2016); Mabey v.

Creditors 40

Creditors Debtor Bankruptcy Banks 40

Consumer Financial Services Law

DECEMBER 21, 2016

Unifund CCR, LLC, 2016 U.S. Carney at * 12. A recent decision by a Minnesota district court sheds some light on the issue and provides a positive decision for debt collection attorneys. LEXIS 168707 (Dec. The case arose from the law firm’s post judgment efforts to garnish wages.

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Garnishment Law Firms Acquisition Debtor 40

Jimerson Firm

JANUARY 31, 2023

12-CV-24550, 2014 WL 12514911, at *3 (S.D. 8:12-CV-235-T-33MAP, 2013 WL 3270410, at *1 (M.D. 2014), aff’d sub nom., Blue Martini Kendall, LLC v. Miami Dade Cty. 3d 1343 (11th Cir. City of Miami Beach , No. Nationwide Mut. Kaloust Fin., State, Dep’t of Lab. & & Emp.

Government 52

Government 52

ABI

JANUARY 13, 2021

2] However, in 2016, the City of Dana Point alerted Debtor to several municipal violations. [3] 12] Instead, a court will generally examine the facts to determine whether the debtor is trying to unreasonably deter and harass creditors or if he is attempting to effect a speedy, efficient recovery on a feasible basis. [13] 3d at 828). [14]

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Bankruptcy Debtor Creditors 40

Consumer Financial Services Law

MARCH 8, 2017

due on March 25, 2016. In doing so, the court considered first, whether there was a concrete injury sufficient to support jurisdiction and secondly whether the plaintiff had stated a plausible claim under Rule 12(b)(6). Further, the second option indicated a first payment date of March 25, 2016. payment option was an error.

Debtor 40

Debtor Collections 40

ABI

JANUARY 22, 2020

12] Instead, the facts supported a finding that the parent had an establishment in Brazil as a result of it overseeing the administration of the other debtors’ operations in Brazil. [13] 2016) (citing In re Fairfield Sentry Ltd., 12] See 11 U.S.C. 11] Moreover, the facts did not rebut the presumption. [12] 498, 517 (Bankr.

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Debtor Bankruptcy Creditors 40

Burr Forman

JANUARY 29, 2021

12-6238 (PGH) (LHG), 2014 WL 647970 (D.N.J. 24, 2016), Docket No. June 15, 2016), Docket No. Judge Sheridan in the District of New Jersey made a similar finding in Grossman v. Barclays Bank Delaware , No. Defendant’s Motion for Summary Judgment & Brief in Support at 38-43, Macik , No. 3:14-cv-00044 (S.D.

Judgment 52

Judgment Loans Credit Card Debt Banks 52

Credit Corp

JULY 6, 2021

Here’s the S&P 500 data from 2016 to today. So should you have invested in 2016? I recently heard a co-worker talking about his 12-year old son. All-time highs have happened before, and they beg the question of whether it’s smart to invest. S&P 500 – Past five years. Punctuation my own addition.

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Trade Banks 98

Fico Collections

SEPTEMBER 13, 2022

Tue, 11/10/2020 - 12:17. Between 2010-2015, missed payment balances decreased significantly; although they increased steadily between 2016-2020. Changes in card management, customer behaviour and regulations make card delinquencies and other trends very different from the crash of 2008. Darcy Sullivan. by Liz Ruddick.

Financial services 52

Financial services Lender Collections 52

Consumer Financial Services Law

DECEMBER 12, 2016

1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account. Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. In Parker Burns v. LEXIS 165587 (E.D.

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Creditors Collection Agencies Collections Agency Debt collector 40

PBWT

MAY 14, 2021

In recognition of the 15th anniversary of the passage of chapter 15 of the Bankruptcy Code, the New York City Bar Association’s Bankruptcy & Corporate Reorganization Committee hosted a webinar on May 12, 2021 to discuss the current state of chapter 15 cases and potential, corresponding and significant future developments. [1]

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Debtor Bankruptcy Creditors Trade 65

In the Red

JANUARY 22, 2018

Then, in November 2016, the First Circuit Bankruptcy Appellate Panel (“BAP”) became the first appellate court to follow the Seventh Circuit’s 2012 decision in Sunbeam Products, Inc. Fast forward to January 12, 2018 when, on appeal from the BAP, the U.S. The Sequel. The Final Installment. In re Tempnology LLC , 559 B.R.

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Bankruptcy Debtor Manufacturing Trade 100