DCA Blog

Circuits Split over Inherited IRAs in Bankruptcy Cases

Bankruptcy in the United States courts has always been a battle between competing interests. On one hand, bankruptcy exists for the benefit of creditors; the bankrupt party (the “debtor”) generally works with the court and its officers to pay back creditors as much of the debt as possible. On the other hand, bankruptcy is designed to give debtors a fresh start. So while paying back creditors often requires debtors to turn over most of their assets, the bankruptcy laws also attempt to protect debtors from living on the streets.

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CFPB Releases Mortgage Complaint Data

On March 28, 2013, the Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database (CCD) to include complaints involving mortgages, student loans, bank services, and other types of loans. The expansion also features added specificity about each complaint; such as the type of mortgage involved. The CFPB launched the CCD last year with data relating to credit card complaints. The new database allows consumers to view over 90,000 complaints, up from 19,000 available before the expansion.

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Fourth Circuit Extends FCA Statute of Limitations in Wartime

Under the False Claims Act (FCA), whistleblowers must file their qui tam claims within six years of the alleged violation (or within 10 years if the case is filed within 3 years of the whistleblowers discovery of the fraud). But in a March 18, 2013 decision, the United States Court of Appeals for the Fourth Circuit applied provisions from the Wartime Suspension of Limitations Act (WSLA) that toll the FCA statute of limitations for fraud in wartime, holding that this claim was thus not time-barred.

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New Rules for Mortgage Lenders

The Consumer Financial Protection Bureau (“CFPB”) was created in 2010 as part of a wave of legislation attempting to make the subprime mortgage crisis a one-time disaster. Driven by Senator Elizabeth Warren, the CFPB was designed to put fairly heavy regulations on lending institutions: regulations that not only would punish banks for misdeeds, but also would require all mortgage lending institutions to be more discerning in their lending practices. The carrot for the lenders is that following the strict guidelines to the letter in many cases gives the lender a safe harbor from borrowers. The safe harbor exists when a lender makes what the CFPB is calling “qualified” mortgages.

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Department of Justice Intervenes in Whistleblower Suit Against Lance Armstrong

On February 22, 2013, the U.S. Department of Justice (DOJ) announced that it will intervene in a Qui Tam whistleblower suit filed against Lance Armstrong, his team manager and Tailwind Sports, LLC.

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