JOSEPH CIOFFI

In a World Where Subprime Auto Lending Is Illegal

The deep voiced “In a world . . .” movie trailer narrator is no longer with us, but his legacy lives on, calling us to imagine the unthinkable as we brace for a post–pandemic future. While we enter what we expect to be a moment of increased scrutiny from regulators and legislators with respect to lending and consumer protection, it’s not unreasonable to ask: could subprime auto lending...

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Biden Administration Signals Change in Direction for Subprime Auto Regulations

Joseph Cioffi and Nicole Serratore's article, “Biden Administration Signals Change in Direction for Subprime Auto Regulations,” was published in Westlaw Today. Click here to view the full article.

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Hidden Threats to Lien Priority: How Mortgage Lenders Can Hold Their Ground

Residential mortgage lending has seemed to fare reasonably well in the thick of the pandemic due to stimulus and relief programs, but as pandemic-era relief recedes and foreclosures rise, hidden threats to a lender’s first priority lien status may become apparent and require resolution. With foreclosures up 9% in the first quarter of 2021 versus the prior quarter, several recent cases highlight...

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The OCC’s Crypto Charter Craze

The epic battle of state regulators versus federal agencies for the right to regulate online financial services shows no sign of ending soon. In 2019, a federal New York district judge found that the Office of the Comptroller of the Currency (OCC) lacks the authority to grant non-depository fintechs special purpose charters. Such charters would enable fintechs providing online financial services...

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Of Forgiveness and Forbearance in Student Loan ABS

Last week, I moderated a panel on valuation and trends in student loan securitizations and the secondary market at the iiBig Virtual Education Finance & Loan Symposium. Below are some insights from me and my fellow panelists: Ian Rasmussen, Senior Director, ABS, at Fitch Ratings; Mark Weadick, Managing Director at SL Capital Strategies LLC; and Melvin Zhou, Director, ABS Consumer at Kroll Bond...

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Under the Hood of Subprime Auto: The Timing’s Right for Introspection

It’s a change of seasons like no other before it. The weather is turning, vaccines are rolling, stimulus is arriving and maybe best of all, Hollywood is luring audiences back to movie theaters to watch titans collide above cities on the biggest screen possible. Down here on the ground, a new administration and an evolving regulatory landscape could bring titanic change to subprime auto. It’s...

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The Future of Student Loan Reforms under the Biden/Harris Administration

With a full plate of health, safety and security priorities on the table and the challenge served up by a deeply divided Congress, the prospects are dim for substantial student loan forgiveness in the early stage of the Biden/Harris Administration. Still, we anticipate the White House will try to find meaningful ways to reform a space that has become a progressive lightning rod. Any significant...

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