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After eight years of debate, Congress amended the Bankruptcy Code by passing the Bankruptcy Abuse and Consumer Protection Act of 2005 (“BAPCPA”), the largest overhaul of the bankruptcy laws since 1978. Under this legislation, an individual debtor’s Chapter 7 (liquidation of assets) petition that reflects a presumption of abuse, as determined by application of the new “means test,” can be dismissed. Other amendments include the priority of payments under a Chapter 13 plan, debtor counseling and additional credit disclosures. CBA long has long promoted responsible bankruptcy laws and strongly supported passage of BAPCPA through its efforts on Capitol Hill.
- October 25, 2013CFPB Issues Remittance Exam Procedures On Tuesday, October 22, 2013, the CFPB announced the publication of exam procedures and a small entity guide for the remittance rules, which take effect on October 28, 2013. The CFPB also announced the launch of an eRegulations tool, a web-based version of the Bureau’s rules. Regulation E, including the remittance rule, is the first regulation to be included...
- October 18, 2013CFPB Issues Bulletin, Interim Rules to Clarify Mortgage Servicing Requirements On Tuesday, October 15, 2013, the CFPB released a bulletin and interim final rule providing additional guidance on the mortgage servicing rules issued in January. The guidance addresses several issues, such as communications with family members of deceased barrowers, contact with delinquent borrowers, and the treatment...
- October 7, 2013August 23, 2013CFPB Highlights Supervisory Issues On Wednesday, August 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued a press release in connection with Supervisory Highlights for August. Issues cited in the release include bank and nonbank mortgage servicing, detailing problems with account transfers, poor payment processing and servicers’ loss mitigation processes. Most notably, the CFPB...July 26, 2013CBA Files Comment Letter on Mortgage Rules On Monday, July 22, 2013, CBA filed a comment letter with the CFPB concerning the agency’s proposed clarifications and revisions of the mortgage rules issued in January. Specifically, the CFPB’s proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures under the servicing rules; (2) amounts counted as mortgage...