Consumer Bankruptcy Journal Winter 2016 - Page 19

WASHINGTON UPDATE of Columbia Circuit (D.C. Circuit) for an en banc review of  PHH v. CFPB. The petition, which was expected, argues that this case represents “what may be the most important separation-ofpowers case in a generation.” You can read the petition here. More from the CFPB… the CFPB has taken action against B&B Pawnbrokers, Inc. for deceiving consumers about the actual annual cost of its loans. In a lawsuit filed in federal court, the CFPB alleged that B&B Pawnbrokers broke the law by misstating the charges associated with pawn loans. The CFPB’s lawsuit seeks to end B&B Pawnbrokers’  illegal practices, get restitution for the consumers it harmed, and impose penalties. You can read the lawsuit here. In good news for consumers, the Internal Revenue Service (IRS) aims to include as many homeowners as possible in a taxable-income exclusion set to expire at the end of the year. According to Notice 2016-72, the IRS will accept debt reduction modifications as long as the borrower receives a trial offer by the sunset of the Home Affordable Modification Program, set for Dec. 30, 2016. The program was created to encourage banks to lower monthly mortgage payments to help homeowners stave off foreclosure after the subprime mortgage crisis.  “This is trying to capture as many people as possible in the folks that can benefit from that tax assistance,” Sarah Boll )5չ͕Ёѡ9ѥ) յȁ1܁ ѕȁ%ѽ) ɜ 99ظ)Q%ILե͕́ѡ)ɽɅ́ѡЁ܁ݹ́Ѽ)ɕՍѡɥѡ)̰ЁɽɅ́ѡЁЁɕՍ)ѕɕЁɅѕ́ȁɕэɕ嵕)ѕɵ̰5ͅ !ݹ)Ёɕٔɥɥɽ)ѡȁɔ)İܰ()eЁѼєѡ)ѕȁѼɵЁٕͥɔ)ѡѡ%ILͅQ)ݥ͕Ёѕȁͅ她)ݹȁ́ɽٕȁɥ)ѡݹȁЁѡ)ɥ嵕ЁȁѡЁѡɕѡ)ɔɵЁٕͥݥ)ɕ5ͅ)I=4Q!%9QIMPI=UAO )ɽյȁٽ)ɝѥ́́ͼ)ɥЁѡ յ)Aɽѕѥ ɕ׊è A)ѥѥݥѠѡ ɍե)͕ɕɥ́ͥ) A؁A! Ʌѥ Iѡ)ɥ ɔ)=Q!K ȁ䁅̰ɔ́)Ѽѡ A=Ց͵e ݕ)QɔԁݥѡȀ)ՅIаݡԁ䁙)ɵѥ́ݕ͕́հ́)ɕͽɍ()I͍ٕȁѡЁ)յѕɅѥ)M͵ɴ́eЁ݅ЁѼхѼ)]́ݡ䁙ɵ́́ɕ䁽IՉ䰁ѡɅѕ)ͥєɕѥ́ݡȁ́ݥѠѡəЁ)ɥ́ɽͥʹ((شĵIU d)ȁ٥ͥЁՉ乍()9ѥͽѥ յȁ эѽɹ̀$(($(($()]ѕȀ() =9MU5H 9-IUAQ d)=UI90((((