Lots of people and companies buy old debt—for example, hedge funds, private equity firms, and even some commercial bank affiliates. Typically, this is debt that the original creditor has charged off and sold for a fraction of the legal balance. […]
Should community and regional banks operating outside of New York care about the proposed regulation? Yes. There are at least three reasons why. The bottom line is that the proposed regulation calls for tighter cybersecurity standards and may have long […]
In Daugherty v. Convergent Outsourcing, Inc., the Fifth Circuit Court of Appeals held that a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such debt is judicially unenforceable […]
The Consumer Financial Protection Bureau (“CFPB”) issued its final rule setting forth amendments and clarifications to mortgage servicing regulations on August 4, 2016. The final rule will implement new servicing regulations including the following […]
In Martin v. Federal National Mortgage Association, No. 15-41104 (5th Cir. Feb. 22, 2016), the Fifth Circuit issued its fourth opinion in recent months rejecting a borrower's assertion that a mortgage servicer waived acceleration of a loan by engaging […]
Jeff Heck ("Heck") sued CitiMortgage, Inc. ("CitiMortgage") over CitiMortgage's failure to allow his purchase of real property at a non-judicial foreclosure sale after Heck successfully bid on the foreclosure property, was given 20 minutes to obtain […]
The Federal Deposit Insurance Corporation (FDIC) is the newest entity in a long line of governmental and corporate interests to voice concern over cybersecurity measures taken by banks and other financial institutions. The FDIC recently published its […]
In light of the recent data breach at Hyatt Hotels, which affected 250 hotels in 50 countries, we thought it timely to discuss the fallout from another hotel data breach: namely, the recent consent order entered in the FTC's action against the Wyndham […]
Last week, the Government Accountability Office released a report indicating that the Dodd-Frank Wall Street Reform has imposed increasing compliance burdens on community banks, credit unions, and industry associations. These typically smaller institutions […]
Texas and federal bank examiners intend to focus more closely on banks' cybersecurity practices in 2016. The Texas Department of Banking's September 15, 2015 Industry Notice 2015-8 announced it was "requiring that all banks measure their […]
Has your bank or other business been sued for violating the Truth In Lending Act's ("TILA") requirement for a notice of mortgage transfer based on a mortgage you acquired before May 20, 2009? If so, then a recent Ninth Circuit decision […]
A recent Fifth Circuit decision is helpful for lenders seeking to foreclose against a borrower asserting a Texas statute of limitations defense. In Boren et al. v. U.S. National Bank Association, the Borens failed to pay on a home equity note in 2008 […]