Proposed CFPB Rule Changes

Proposed CFPB Rule Changes: Clarifications, Additional Requirements, and where Small Loan Servicers Fit The Consumer Finance Protection Bureau (“the Bureau”) has proposed new regulations to clarify a number of issues that the Bureau felt remain unresolved under existing rules.  The new rules are voluminous and address loss mitigation, small servicer definitions, and service transfer deadlines.  You

Lyons v. US Bank and NWTS: Trustees in Washington Should not Rush to Sale

In Lyons v. US Bank and NWTS, the Washington State Supreme Court found that a trustee can be liable for damages suffered by a debtor under the Consumer Protection Act even without a property having reached sale. The title of trustee is one that should be borne with the very derivation of the term in

Surprise! Without Consent, Banks own Property Surrendered in Bankruptcy

Financial Services clients are in for a surprise if they read In Re Watt from the US Bankruptcy Court for the District of Oregon stating that, without consent, banks own property surrendered in bankruptcy. The court wrote that USC 1322(b)(9) does not restrict a court from vesting real property in a bank’s name even if the