By Ella Vincent and Teresa Pearson on Posted in Bankruptcy,Debt CollectionOn January 14, 2021, the United States Supreme Court issued its opinion in City of Chicago v. Fulton, addressing whether the “mere retention” of bankruptcy estate property constituted an act to “exercise control over property of the estate” in violation of the automatic stay under § 362(a)(3) of the Bankruptcy Code. In an 8-0 opinion,… Continue Reading
By Mark Northrup on Posted in Debt Collection,Foreclosure,Graham & Dunn,Regulatory DevelopmentsThe Washington Supreme Court has confirmed a personal guarantor’s liability to a lender following the lender’s nonjudicial foreclosure of its borrower’s real property collateral. In Washington Federal v. Harvey/Washington Federal v. Gentry, Nos. 90078-7, 90085-0, slip op. at 2-3 (Wash. Jan. 8, 2015), the Court held that “guarantors of commercial loans whose own property has… Continue Reading
By Faye Ricci on Posted in Auto Finance,CFPB,Credit Cards,Debt Collection,Mortgage ServicingThe CFPB has exclusive supervisory authority over depository institutions that have assets totaling more than $10 billion dollars. For these depository institutions, the CFPB is the primary rule maker and enforcer of consumer protection laws applicable to these institutions. For depository institutions that have $10 billion or less in total assets, the Federal Reserve Board… Continue Reading
