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Legal News

Florida mortgage delinquency, foreclosure rates slightly worse than national average

Source: site In the first quarter of 2022, Florida ranked almost exactly in the middle of the pack in three key categories of the national homeowner economy: delinquent mortgages, total non-current mortgages, and foreclosure rates, according to a report issued by…
Legal News

DFPI Proposes Rules For Commercial Financial Products And Services

Source: site In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq.  The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in connection with…
Bankruptcy News

Revlon files for bankruptcy protection amid heavy debt load

Source: site   Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy, weighed down by a heavy debt load, disruptions to its supply chain network and surging costs NEW YORK — Revlon, the 90-year-old multinational beauty company, has…
Government News

California Finalizes Commercial Financing Disclosure Regulations

Source: site The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations, which require providers of commercial financing, including nonbank lenders, to provide commercial borrowers with cost-of-credit disclosures similar to those…
Educational News

Department Of Education To Overhaul Federal Student Loan Servicing Systems

Source: site The Department of Education is preparing a major overhaul for the current student loan servicing systems.  (iStock) The Department of Education recently announced that it will overhaul its current federal student loan servicing systems, giving more power to borrowers to easily…
Educational News

CFPB Targets Student Loan Debt Relief Scam Reboot

Source: site On June 9, the CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000 from the bank accounts of student borrowers without authorization. According…
Legal News

11th Circuit Holds TILA Statement May Be Subject To FDCPA

Source: site The U.S. Court of Appeals for the Eleventh Circuit decided a case last week in which it held that monthly mortgage statements required under TILA may (but do not necessarily) constitute communications in connection with the collection of a debt and therefore may be…
Legal News

States Encouraged By CFPB To Enforce Federal Consumer Financial Law

Source: site The Consumer Financial Protection Bureau (“the Bureau” or CFPB) released an Interpretive Rule—which is exempt from notice-and-comment requirements of the Administrative Procedure Act—that sets out its view on the power of states to bring enforcement actions pursuant to the federal Consumer Financial…
Bankruptcy News

Major cosmetics company Revlon set to file for bankruptcy amid heavy debt load

Source: site Cosmetics giant Revlon Inc. is preparing to file for Chapter 11 bankruptcy as soon as next week as it battles supply chain problems and a heavy debt load, according to people with knowledge of the matter. Talks around the…
Government News

Biden’s Federal Trade Commission Is Now At Full Strength – What That Means For Business Leaders

Source: site Breaking a partisan deadlock, there are now three FTC Commissioners appointed by Democrats, and two appointed by Republicans who are in charge of how the FTC spends its resources prosecuting the federal competition (or antitrust) laws. As one might…