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Results: 1-10 of 303

CFPB amends ability-to-repay rule to ease standards for small creditors

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 18 2013

On May 28, the Consumer Financial Protection Bureau (the "CFPB") finalized important amendments to its ability-to-repay rule. Among other things, the

Federal agencies make changes to regulation governing the garnishment of deposit accounts containing benefit payments

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 18 2013

On May 29, the Treasury Department, Social Security Administration, and certain other federal agencies issued a final rule amending the regulation

Assistant managers fail to break the piggy bank...for now

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 18 2013

Assistant bank managers came up short in their recent efforts to cash in on claimed lost overtime compensation under the Fair Labor Standards Act. In

Defrauded initial lien holder maintains priority over subsequent innocent lenders

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

The court granted summary judgment in favor of a defrauded lender in a lien priority dispute with subsequent third-party lenders. The court

Bank loses possessory lien following turnover of funds to trustee should have sought adequate protection

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

The bank, which held a possessory lien in the deposit account of the debtor, lost its lien when it turned over the funds in the account to the trustee

Following Castleton Plaza, competitive bidding required where insider asserts ‘new value’ exception to absolute priority rule

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

The court denied confirmation of the debtor’s plan, finding that: (i) the debtor failed to demonstrate that it would be able to obtain financing to

Make-whole claim in the amount of 37 of loan balance is enforced by Delaware Bankruptcy Court

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

Good news for lenders. Judge Carey of the Bankruptcy Court for the District of Delaware enforced a make-whole premium equal to 37 percent of the

Beware the credit overbid

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

The Sixth Circuit Court of Appeals held that the secured lender’s credit bid, which equaled the total debt owed on two properties but exceeded the

Trustee fails to carry burden, court affirms pre-petition transfers to cover check-kiting losses not avoidable preference

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

Pre-petition, the debtor engaged in a check-kiting scheme using accounts held at two banks. As a result of the scheme, one of the banks incurred

Mortgage foreclosure is ‘debt collection’ under Fair Debt Collection Practices Act

  • Reed Smith LLP
  • -
  • USA
  • -
  • June 12 2013

The plaintiff sued the mortgage servicing company and the law firm it hired to foreclose on the Plaintiff’s property, alleging violations of the Fair