ABA last week provided feedback to the Consumer Financial Protection Bureau on proposed changes to the final servicing rules for servicers sending periodic statements to borrowers in bankruptcy.
The House Financial Services Committee today held a hearing on the Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
The Federal Reserve Board and the FDIC today announced that four out of five systemically important domestic banking institutions have successfully remedied deficiencies in their 2015 resolution plans.
The House Judiciary Committee today passed a bill that would create new provisions in the federal bankruptcy code to wind down a failing large bank with more than $50 billion in assets.
The Supreme Court today ruled unanimously against borrowers who sought to void second mortgages in Chapter 7 bankruptcy when their houses were worth less than the balance owed on the first mortgages. ABA filed a friend-of-the-court brief in the cases — Bank of America v. Caulkett and Bank of America v. Toledo-Cardona¬ — arguing that the lower court rulings allowing junior liens to be “stripped off” did not align with previous Supreme Court rulings and would cause widespread disruption in housing markets.