As interest rates increase, the lending community is expecting an uptick in collection proceedings. As part of the collection process, lenders will need to send default notices to borrowers informing borrowers of the default and how to cure. It is imperative for those default notices to contain the appropriate and necessary information as required by...

During the Ag Lending Conference on September 7th, I reported that an injunction had been entered in Texas preventing the CFPB from enforcing Rule 1071 against the parties to that case. I also mentioned a pending Kentucky case motion requesting the same relief from members of the Kentucky Bankers Association. At that time, I stated...

Portions reprinted with permission from the Minnesota Bankers Association On July 31, a federal court in Texas issued an injunction preventing the CFPB from enforcing its 1071 rule until the U.S. Supreme Court decides on the constitutionality of the CFPB’s funding structure in a separate case. That ruling is expected in the summer of 2024....

On May 30th, 2023, Governor Tim Walz signed into law a bill legalizing the recreational use of marijuana in the State of Minnesota. The bill is likely to create a new sector in Minnesota’s retail business landscape; however, financial institutions’ opportunities to work with those new businesses may not be as open and carefree as...

The U.S. Consumer Financial Protection Bureau (“CFPB”) publishes an agenda of its planned rulemaking activities twice a year – typically in the Spring and Fall. These agendas provide a brief look at the focuses and priorities of the CFPB for the coming year. The CFPB published its Spring 2023 rulemaking agenda, indicating that it anticipates...

In a case decided Wednesday, February 23, 2023, the U.S. Supreme Court held that a Chapter 7 bankruptcy debtor is precluded from discharging in bankruptcy a debt obtained by fraud, regardless of the debtor’s own personal knowledge of or culpability in the fraud, at least where the fraud was committed by an agent or partner within the...

Though not binding in Minnesota yet, the U.S. Court of Appeals for the Second Circuit’s recent decision relating to the automatic stay in bankruptcy is causing some angst across the nation. A creditor loan servicer in New York received something of a shock in July 2022, when the U.S. Court of Appeals for the Second...