Federal Enforcement Actions Expected to Increase With Creation of Consumer Financial Protection Bureau
New article by Southern California law firm, McNamara Benjamin LLP discusses 6 Do's and Don'ts for what to do when a Federal Court Receiver calls.
San Diego, CA, October 27, 2015 (Newswire.com) - McNamara Benjamin, LLP, one of the very few firms to handle federal receivership cases in Southern California, recently published an article discussing the rise in regulatory receiverships in recent years. The firm anticipates that with the creation of the Consumer Financial Protection Bureau (CFPB), their frequency will continue to increase.
Regulatory receiverships present unique challenges for creditors. These receiverships are, by design, flexible. There are far fewer statutes and rules specifying creditors’ rights and responsibilities in regulatory receiverships than exist in bankruptcy, the article states.
Regulatory receiverships present unique challenges for creditors. These receiverships are, by design, flexible. There are far fewer statutes and rules specifying creditors' rights and responsibilities in regulatory receiverships than exist in bankruptcy.
McNamara Benjamin LLP , Lawyers
Their recent article discusses the 6 Do's and Dont's of what to do when a Federal Court Receiver calls, including:
- Do read the receivership order
- Do reach out to the receiver's counsel upon reviewing the order
- Do monitor the case, and be prepared to intervene when needed
- Don't assume a regulatory receivership is like a bankruptcy
- Don't engage in any form of "self-help"
- Don't assume all unsecured creditors will be treated equal
The lawyers of McNamara Benjamin LLP have served as receivers and counsel for receivers in well over twenty regulatory receiverships involving hundred of millions of dollars in claims and assets. Their lawyers have also represented secured and unsecured creditors in numerous other receiverships. Each receivership is unique, and their experience allows them to navigate the complex and uncertain circumstances that arise.
The complete article can be found here. To learn more about regulatory receiverships or to schedule an interview with a McNamara Benjamin LLP attorney, contact us here.