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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.
- June 16, 2017On Friday, June 16, 2017, the FDIC appointed M. Anthony Lowe to FDIC Ombudsman and Director of the Office of the Ombudsman. Mr. Lowe assumes his duties July 2, 2017, and will be based in Chicago. He replaces Cottrell Webster, who previously retired from the FDIC. Mr. Lowe has been with the FDIC for 32 years and currently services as the agency’s Chicago Regional Director for the divisions of Risk...April 25, 2017On Tuesday, April 25, 2017, the OCC entered into a consent order and assessed a $15 million civil money penalty against U.S. Bank National Association for alleged bankruptcy filing violations. The OCC claims, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others did not comply...December 7, 2016President-elect Donald Trump treated more than 800 donors to a play-by-play of election-night drama at a New York breakfast fundraiser on Wednesday, according to two people who attended the event. Trump’s recounting of his emotions on Nov. 8 took up the bulk of his remarks at the restaurant Cipriani, with one attendee relaying that Trump said he expected to lose and take a vacation with his wife...August 18, 2016On Thursday, August 18, 2016, the Federal Reserve Board announced the launch of a Facebook page , named “Board of Governors of the Federal Reserve System.” In the press release, the Fed indicates posts will include “press releases, speeches, testimony, reports, and educational material, frequently asked questions, photos, and videos.” The Fed has posted new content daily since the launch, mainly...March 13, 2015CFPB Holds Field Hearing on Arbitration On Tuesday, March 10, 2015, the CFPB held a public field hearing in Newark, N.J., to discuss the use of arbitration agreements in consumer financial products and services; Dong Hong, CBA's Vice President and Regulatory Counsel, served as a panelist at the hearing. In conjunction with the field hearing, the CFPB issued its report on mandatory pre-dispute...March 12, 2015It may be a legislative long shot, but 13 Senators want some student borrowers to have a bankruptcy option for debt relief. President Barack Obama on Tuesday floated the idea of making it easier for student borrowers to get rid of some of their student debt through the bankruptcy process. Thirteen Democrats in the Senate acted on that suggestion Thursday when they introduced a bill dubbed the...March 10, 2015The White House is weighing steps to make it easier for Americans to expunge certain student loans through bankruptcy, opening the door for student debt made by private lenders to be treated on par with credit-card debt and mortgages. Federal law prohibits student loans, from private lenders and from the U.S. government, from being wiped out in bankruptcy, except in rare circumstances. Other...September 12, 2014CFPB Holds Consumer Advisory Board Meeting in Washington, D.C. On Thursday, September 11, 2014, the CFPB's Consumer Advisory Board (CAB) held its third meeting of the year, attended by approximately 20 people, including the public and members of the press. The agenda covered the student loan market, small dollar credit building, harnessing technology to improve access to financial services, and...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...