Over the past two years, no fewer than seventeen Indiana banks and credit unions have been targeted with class action lawsuits based on their overdraft fee practices (“Overdraft Cases”), their non-sufficient funds (“NSF”) fee practices (“NSF Cases”), or in many instances, both. While many of these…
Early this morning the Illinois legislature passed and sent to Governor Pritzker for signature, one of the most restrictive consumer lending bills seen in decades that, if signed, will have far reaching implications for not only the payday lending and sub-prime lending industry, but traditional…
The United States Bankruptcy Court for the District of New Mexico recently held that a federal credit union chartered under the Federal Credit Union Act, 12 U.S.C. §§ 1752, et seq., constitutes an “instrumentality of the United States” included in the definition of a “governmental unit” under the…
On October 30, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that amends Regulation F, 12 C.F.R. part 1006, which implements the Fair Debt Collection Practices Act, 15 U.S.C. 1692, et seq. (“FDCPA”).
The Final Rule addresses communications…
On June 29, 2020, the United States Supreme Court ruled on Seila Law v. Consumer Financial Protection Bureau.1 The Court held that the Consumer Financial Protection Bureau’s (“CFPB”) leadership by a single director removable only for “inefficiency, neglect of duty, or malfeasance in office”…
On June 3, 2020 the Office of the Comptroller of the Currency (the “Agency”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) soliciting public comments regarding 12 CFR 7, subpart E and 12 CFR 155 (the “Regulatory Framework”) which govern digital banking activities carried out by national…
On May 13, 2020 the Consumer Financial Protection Bureau (the “Bureau”) released a Statement on Supervisory Practices Regarding Regulation Z (the “Statement”) and two FAQs regarding the Bureau’s Payment and Deposits Rule (the “Payments and Deposits FAQs”) and Open-End (not Home-Secured) Rule (the…
On April 22, 2020, the Senate passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which expands relief offered to small businesses due to COVID-19. As one of the major anticipated changes, the Act appropriates an additional $310 billion for the Paycheck Protection…
INTRODUCTION
On April 7, 2020, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau…
INTRODUCTION
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”). Included in the CARES Act are provisions directly affecting financial…
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”). Included in the CARES Act are provisions directly affecting lenders across the United…
We are living through extraordinary times. As experienced veterans of the workout and insolvency arena, the members of Krieg DeVault’s Creditors’ Rights and Bankruptcy Practice Group wish to remind you of our ability to help with any distressed debt or workout issues you may face as a result of…
