Business Law

The Consumer Financial Protection Bureau issued its latest Supervisory Report this week, highlighting in particular the types of unfair and deceptive practices found by CFPB examiners to have been committed during the reporting period July – October 2013 by mortgage servicers. These practices were uncovered by examiners in connection with: servicing transfers; waivers of rights in loss mitigation agreements; payment processing; furnishing information to consumer reporting agencies; and other issues arising in servicing of defaulted loans. The CFPB adds that… Read more

Dear constituency list members of the Insolvency Law Committee, the following is a case update on a recent decision of interest: SUMMARY The United States Court of Appeals for the Ninth Circuit held that fraud which would have justified the bankruptcy court denying a discharge under 11 U.S.C. §727(a)(4)(A) will support an action to revoke a discharge under 11 U.S.C. §727(d)(1).  Jones v. U.S. Trustee, Eugene, ___ F.3d ___, 2013 WL 6224330 (9th Cir. 2013 Dec. 2, 2013 Dkt. no. 12-35665) (“Jones”). … Read more

Dear constituency list members of the Insolvency Law Committee, the following is a case update on two cases of interest that will be heard by the United States Supreme Court: SUMMARY This January, the United States Supreme Court will hear oral arguments on two bankruptcy cases originating out of the Ninth Circuit Court of Appeals:  Law v. Siegel, No. 12-5196 and Executive Benefits Ins. Agency v. Arkison, No. 12-1200.  The cases present distinct questions.  In Law, the question is whether—pursuant either to its… Read more

The Opinions Committee (the “Committee”) of the Business Law Section of the State Bar of California (the “California State Bar Business Law Section”) has prepared and issued this sample opinion (the “Venture Opinion”)1 in consultation with the Corporations Committee (the “Corporations Committee”) of the California State Bar Business Law Section, and with the approval of the Executive Committee of the California State Bar Business Law Section. Read more

Today the Consumer Financial Protection Bureau (CFPB) filed a complaint and proposed consent order with the United States District Court for the Southern District of Florida against Republic Mortgage Insurance Company (RMIC) for allegedly paying kickbacks for mortgage insurance referrals.  CFPB Director Richard Cordray stated that kickbacks are illegal and “can drive up costs for consumers seeking to buy a home.” The CFPB alleges that RMIC violated federal consumer financial law by providing kickbacks to lenders in exchange for referrals… Read more

On October 24, 2013, the Consumer Financial Protection Bureau (CFPB) further demonstrated how it is taking up the Department of Housing and Urban Development’s (HUD) mantle as the defender and enforcer of the Real Estate Settlement Procedures Act (RESPA). Read more

In a victory for retailers seeking to invalidate debit card interchange fee and transaction routing limits set by the Federal Reserve Board (FRB), the U.S. District Court for the District of Columbia concluded that the FRB’s Final Rule was clearly contrary to Congress’ intent. Read more

While practitioners are aware of liens frequently encountered in practice, such as those arising under the California Commercial Code or placed on real property, judgment liens and tax liens, California has also authorized a large number of other liens that will not show up in a search of public records. Read more

The Sample California Third-Party Legal Opinion For Business Transactions (“Sample Opinion”) was prepared by the Opinions Committee of the Business Law Section to illustrate what an opinion following the precepts of the opinion reports of the Business Law Section might look like. Read more

The Report of the The Opinions Committee of the Business Law Section of the State Bar of California on Selected Legal Opinion Issues In Venture Capital Financing Transactions (November 2009) ("Report”) is a commentary on customary practice with respect to third-party legal opinions given in venture capital financing transactions (defined for this purpose as equity investments in privately held companies by professional investors). The Report supplements the Corporations Committee’s Report on Legal Opinions in Business Transactions and the Opinions Committee’s Remedies Report by addressing… Read more