A few changes to the Federal Rules of Bankruptcy Procedure became effective on December 1, 2021. The most noteworthy change relates to Bankruptcy Rule 9036, which addresses notice and service by electronic transmission.
On Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases
A district court judge recently reversed and remanded a well-known bankruptcy decision discharging a significant student loan debt. In the Southern District of New York, Judge Philip Halpern, reviewing the bankruptcy court’s summary judgment decision de novo, found that neither the debtor nor the defendant were entitled to summary judgment under the familiar Brunner test.
Now that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we are thankful for being able to return to our offices, our favorite restaurants, and
On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share agreements (ISAs). In this enforcement action, the CFPB found that BFF falsely represented that ISAs do not create debt and are not loans
On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators issued a Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response
After the Consumer Financial Protection Bureau (CFPB) issued their Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071, Rohit Chopra, the new CFPB director, expressed his concern regarding the regulatory burden that the proposed rule would have on small banks. Director Chopra stated that he hoped the CFPB could move towards bright-lined rules that are
On October 29, 2021 — just 32 days prior to the November 30, 2021 effective date — the Consumer Financial Protection Bureau (CFPB) released new guidance regarding the debt validation notice requirements that are part of the upcoming debt collection rules. Specifically, the CFPB provided (1) new Frequently Asked Questions related to the special rule
On October 8, the governor of New York signed Bill No. AO-2260A to assist borrowers who need accommodation for visual impairments. Bill No. AO-2260A is “an act to amend the general business law, in relation to requiring debt collectors to inform debtors that written communications are available in large print format” (or other different formats).
The Second Circuit last week in United States v. Halkbank significantly limited the immunity granted under the Foreign
Sovereign Immunities Act (FSIA) by giving a broad interpretation to the act’s “commercial activity” exception. Entities that could otherwise claim FSIA immunity should be aware that the commercial activity exception is likely to present a significant obstacle