News & Analysis as of October 31, 2024

Financial Services Industry

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Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code. Debtors are... more +

CFPB settles claims against operator of training program arising out of income share agreements

Ballard Spahr LLP on 12/1/2023

The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

Troutman Pepper on 11/30/2023

On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Seventh Circuit Holds Bankruptcy Debtor Has No Standing to Assert FDCPA Claims

Burr & Forman on 5/1/2023

In Pucillo v. National Credit Systems, Inc., No. 21-3131, 2023 WL 3090627 (7th Cir. Apr. 26, 2023), the Seventh Circuit Court of Appeals affirmed the district court's dismissal of the plaintiff's FDCPA claims for lack of...more

U.S. Court of Appeals Issues Important Ruling on Time Limits to Sue Under Fair Debt Collection Practices Act

Foster Swift Collins & Smith on 3/27/2023

On March 1, 2023, the U.S. Sixth Circuit Court of Appeals issued a decision with important implications for parties involved in debt collections regulated under the Fair Debt Collection Practices Act (FDCPA). The decision, in...more

Should I Stay or Should I Go? Bankruptcy Preemption May Bar FDCPA and FCCPA Claims Either Way

Carlton Fields on 11/14/2019

After receiving a bankruptcy discharge, a borrower whose home is pending foreclosure has two options: stay in the home and, perhaps, make voluntary payments on the mortgage, or leave the home and start fresh. When a debt...more

Real Property, Financial Services, & Title Insurance Update: Week Ending October 4, 2019

Carlton Fields on 10/31/2019

Real Property Update - Foreclosure / Bankruptcy / Surrender: borrower cannot challenge judgment of foreclosure entered upon judicial notice of his statement of intention to surrender the property and order of discharge...more

Financial Services & Title Insurance Update: Week Ending October 11, 2019

Carlton Fields on 10/23/2019

Financial Services Update - Title Insurance Coverage: where an accurate survey would have shown that seller had abandoned access and parking easement, which had been built upon by a neighbor, title insurer had no duty to...more

Bankruptcy Disclaimer Did Not Violate FDCPA

Smith Debnam Narron Drake Saintsing & Myers,... on 3/15/2019

A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. Tyler v. Fabrizio & Brook,...more

Real Property, Financial Services, & Title Insurance Update: Week Ending May 11, 2018

Carlton Fields on 5/16/2018

REAL PROPERTY UPDATE - Summary Judgment: incorporation of an affirmative defense by referencing “previously filed pleadings” does not obviate movant’s obligation to comply with particularity requirements mandated by rule...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending October 6 & 13, 2017

Carlton Fields on 10/18/2017

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE - Ad Valorem Taxes: land lease holders are considered equitable owners of land for tax purposes if land lease renews automatically and is perpetual; owners of condominium...more

Sixth Circuit: Firm's Post-Foreclosure Conduct Does Not Violate FDCPA

Ballard Spahr LLP on 8/8/2017

Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more

CFPB Mortgage Servicing Rule Amendments Published in Federal Register

Ballard Spahr LLP on 10/21/2016

The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. ...more

Supreme Court to Resolve Circuit Split Over Filing Bankruptcy Proof of Claim on Time-Barred Debt

Ballard Spahr LLP on 10/18/2016

The U.S. Supreme Court granted certiorari last week in Midland Funding, LLC v. Aleida Johnson, a decision of the 11th Circuit that held that Midland’s filing of a proof of claim in the plaintiff’s bankruptcy case on a...more

4th Circuit: Filing Proof of Claim on Time-Barred Debt Did Not Violate FDCPA

Ballard Spahr LLP on 9/12/2016

A debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) by filing proofs of claim in bankruptcy cases on debts that were time-barred by Maryland’s statute of limitations (SOL), a divided U.S. Court of...more

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