Is Regulatory Relief on the Way for Community Banks?

February 8, 2018      |      Andrew C. Voorhees, Esq.   

On January 18, 2018, the House Financial Services Committee approved some bills that, if passed by the House and Senate, will roll back some of Dodd-Frank's provisions. One of those proposed bills is the Community Financial Institution Exemption Act, H.R. 1264, which was originally introduced by Representative Roger Williams (R-TX) on February 28, 2017. The Community Financial Institution Exemption Act, which was passed by the committee in a 30 to 25 vote, has support from the Credit Union National Association (CUNA) and the Independent Community Bankers of America (ICBA), among others. This bill, if approved by the House and Senate, could provide considerable relief to community banks from the crushing rules and regulations of the Consumer Financial Protection Bureau (CFPB)....

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Mortgage Loan Modifications – What is the Risk of Loss of Lien Priority?

February 7, 2018      |      Larry R. Rothenberg, Esq.   

Lenders and borrowers often enter into loan modification agreements to change the terms of a mortgage loan. Perhaps the most common modification arises when the borrower is experiencing difficulty repaying the loan according to its original terms, and the lender, seeking to preserve the loan as a performing loan, agrees to reduce the monthly payments and extend the repayment period....

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Looks Like Arbitration is Here to Stay

December 7, 2017      |      James G. Kozelek, Esq.   

On October 24, 2017, with relatively little fanfare, the United States Senate used the Congressional Review Act to repeal the CFPB's Arbitration Agreements Rule. Although the President must sign off on the repeal, it appears as though arbitration is here to stay....

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Life After Death: Ohio Mortgage Creditors' Rights After a Borrower's Death

November 16, 2017      |      Larry R. Rothenberg, Esq.   

For a loan secured by real estate, a borrower typically signs a promissory note or a line of credit agreement, and a mortgage securing real property owned by the borrower. In Ohio, a creditor generally has multiple remedies when a borrower defaults. But how are the creditor's remedies affected by the death of the borrower?...

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Using Charging Orders to Collect from Members of an LLC

October 17, 2017      |      James T. Hart, Esq.   

Commercial collection cases often present unique challenges to judgment creditors. For instance, a judgment debtor in a commercial case may be more sophisticated than the average debtor in a consumer matter, as they are more likely to have the ability to protect assets from routine execution methods. However, such relative sophistication with various asset holdings may also afford the judgment creditor with the opportunity to use otherwise underutilized tools for recovery....

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The Equitable Exception to the Automatic Bankruptcy Stay

September 19, 2017      |      Larry R. Rothenberg, Esq.   

Many defendants facing foreclosure stave off a sheriff's sale by filing a bankruptcy petition before the scheduled sale, thereby invoking the Bankruptcy Code's automatic stay provisions. However, there may be circumstances under which a foreclosure court may reject the bankruptcy stay's applicability to the foreclosure. In Bank of America vs. Williams, Ohio's eighth district court of appeals issued a decision on August 10, 2017 illustrating the application of an "equitable exception" to the automatic bankruptcy stay....

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