And Now, Bankruptcy Court Layoffs
Due to the decline in bankruptcy filings, earlier mandated budget cuts and sequestration, the Central District Bankruptcy Courts have incurred recent significant staff layoffs and early retirements. Eighteen of our fellow bankruptcy staff throughout the Central District were laid off effective, Friday, October 4th, with many others taking early (often to their overall career plans--premature) retirement. These
staffers are highly trained in their respective bankruptcy fields
If you have missed any of our earlier Newsletters, you can find them on the left side of the Home Page of our Blog Site located at www.glassgoldbergblog.com.
Warmest regards
Marshall Goldberg,
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The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFPB includes the Office of Older Americans, which has a mandate to help protect the financial interests of consumers aged 62 and up. The CFPB created the office and appointed directors in October 2011. Read More
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NCUA Proposes Pay-to-Play Program to Allow Credit Unions to Trade Derivatives
The National Credit Union Administration (NCUA) issued a proposed rule last month to lift a federal ban on derivatives trading by credit unions. The proposal would allow qualified credit unions limited authority to engage in derivatives activities for purposes of mitigating against interest rate risk (IRR) under a pay-to-play regulatory scheme. Read More
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A proposed class of complainants filed an action against Bank of America, NA over the bank's service fees for payroll debit cards, relying on California's fraud and unfair competition laws. The federal district dismissed the action, based on its finding that the National Bank Act preempts state law fraud and unfair competition claims. Read More
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In May, the Third Circuit Court of Appeals revived a dispute over whether a consumer could be compelled to arbitrate claims against Rocky Mountain Bank and Trust and Global Client Solutions in a matter arising from Dawn Guidotti's attempt to negotiate a settlement of her consumer debt. Read More |
In a recent unpublished opinion, the Eleventh Circuit upheld the district court's ruling that Wells Fargo was not obligated to provide notice of transfer because Wells Fargo fell within the administrative exception to the TILA notice provisions. The court dismissed the action.Read More
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Oh What a Tangled Web We Weave When First We Practice to Deceive
Sir Walter Scott nailed it eloquently in his comment about the complications engendered by stretching the truth.
CafePress, Inc. operates an e-commerce platform enabling customers to create, buy and sell various customized and personalized products worldwide. On July 30, 2012, CafePress announced net losses of $260,000, or two cents per share, more than double losses of $129,000 in the same quarter a year earlier. Read More
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The Consumer Financial Protection Bureau released a preliminary report on the overdraft practices of banks and other financial institutions on June 11, 2013. The report describes a broad variety of overdraft practices among nine financial institutions and different consumer experiences. The self-proclaimed consumer watchdog group's intense focus on the overdraft issue has banks waiting for the other shoe to drop: new regulations aimed at limiting overdraft options.
According to CFPB director, Richard Cordray, the overdraft report "raises concerns about the ability of consumers to anticipate and avoid overdraft costs. As I indicated at a field hearing on this subject last year, we recognize that federal agencies have addressed these issues in different ways at different times, and our review is intended to help develop more consistent federal oversight of these issues across financial institutions." (Emphasis added.) Read More
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October 2013
 Scan me!
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