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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the Securities and Exchange Commission (SEC) informed the U.S. For more information, click here. For more information, click here.

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Ninth Circuit Affirms Bankruptcy Court’s Decision that Applicable Homestead Exemption is the One in Effect at the Time of the Bankruptcy Filing

Troutman Sanders

Boskoski , the appeal arose out of the debtor’s attempt to avoid, in bankruptcy, a 2014 judgment lien in the original amount of $256,075.95 The debtor filed for bankruptcy protection in 2021. But the bankruptcy court applied the $600,000 homestead exemption available in 2021, which allowed the debtor to avoid the entire lien.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Notably, Chairman McHenry’s proposal would preserve the current dual banking system model and delegate “supervisory, examination, and enforcement authority” of “state qualified stablecoin payment issuers” to “state payment stablecoin regulators.” For more information, click here. On May 15, during an interview with Financial Times , U.S.

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U.S. Bankruptcy Court Rejects Safe Harbor Claims of Bahraini Entities Seeking Setoff Rights

ABI

(“Tadhamon”), a Bahraini corporation, and Bahrain Islamic Bank (“BisB”), an Islamic commercial bank, could not assert rights of setoff under Bahraini Law and that no safe harbor provisions in title 11 of the United States Code (the “Bankruptcy Code”) protected them from returning owed funds. [1] 414, 423 (Bankr.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Federal Activities: On May 12 and May 10, the House Financial Services and Senate Banking Committees, respectively, held hearings with Financial Stability Oversight Council (FSOC) Chairwoman Secretary Yellen to discuss FSOC’s annual report to Congress. On May 11, the U.S. On May 6, the CFPB released its Fair Lending Report for 2021.

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Securities Investor Protection Act (SIPA) Trustee Recovers “Fictitious Profits” from an Investor

ABI

2 Between November 9, 1998, and December 11, 2008, Madoff made a total of 65 transfers to Miller’s IRA, which amounted to $4,680,063, where $669,793 represented fictitious profits cashed out by Miller within the two years before Madoff filed bankruptcy. European American Bank , to determine whether a transferee is an initial transferee.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The Federal Reserve Banks’ 2020 estimated net income of $88.8 For more information, click here. For more information, click here.