As a member of the firm’s Financial Services and Bankruptcy and Creditors’ Rights practice groups, Brooks Bossong works with banks, credit unions, direct lenders, and servicers with a focus on creditors' rights/special assets and regulatory compliance. He represents financial institutions throughout North Carolina in the workout of troubled debt restructurings, and regularly assists financial institutions facing government investigations and examinations.
When workouts are no longer viable options in the problem loan context, Brooks is in court handling the recovery of debts and collateral (and defending creditors if borrowers or guarantors assert lender liability claims). Brooks has a statewide practice and is routinely in state and federal court (including bankruptcy court).
Brooks works on complex commercial matters with mixed collateral security issues; in the consumer realm, Brooks has significant experience working with portfolios of consumer loans (mortgages and not home-secured obligations) for lenders and servicers. A large part of Brooks’ practice in both the commercial and consumer contexts consists of advising on compliance issues.
Brooks’ experience includes:
- commercial and consumer litigation with a focus on creditors’ rights
- counseling lenders with respect to regulatory compliance issues
- handling foreclosures (as trustee or as lender’s counsel), with experience working with complex servicing and participation agreements
- collections (and lender liability defense)
- pursuing prejudgment remedies to protect clients’ collateral via receivership, the replevin/claim and delivery process, and the attachment process
- representing secured lenders whose assets are subject to federal forfeiture proceedings
- pursuing post judgment enforcement via NC’s supplemental proceeding process
- domesticating and enforcing foreign judgments
- prosecuting reformation actions when previously recorded deeds of trust don’t reflect the parties’ intentions with respect to lenders’ lien interests in real property collateral
- advising clients with loan modifications, loan sales, and forbearance agreements in which his creditor-clients’ secured positions are re-evaluated (and augmented with additional collateral when necessary)
- counseling banks and credit unions on their SMS text messaging programs (to ensure TCPA compliance)
- counseling financial institutions on corporate governance issues
- assisting financial institutions through investigations by federal agencies
With respect to consumer financial legislation, Brooks regularly advises lenders and servicers on federal and state regulatory and compliance issues, including compliance with federal fair lending laws (Equal Credit Opportunity Act / Fair Housing Act / Reg B), TILA / Reg Z disclosure requirements, and the CFPB’s rules relating to mortgage servicing, early intervention, and loss mitigation procedures. Brooks is a regular speaker on creditors’ rights and regulatory compliance issues.
- Louisiana State University, J.D., 1993
- University of North Carolina, B.A., 1984
- North Carolina
- U.S. District Courts of Eastern, Middle, and Western North Carolina
- North Carolina Bar Association
- NC Creditors Bar Association
- NC Bankers Association
- Greensboro Bar Association
- NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee
- UNC School of Law Center for Banking and Finance Board of Advisors
- Habitat for Humanity Board of Directors
Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence
Overview
As a member of the firm’s Financial Services and Bankruptcy and Creditors’ Rights practice groups, Brooks Bossong works with banks, credit unions, direct lenders, and servicers with a focus on creditors' rights/special assets and regulatory compliance. He represents financial institutions throughout North Carolina in the workout of troubled debt restructurings, and regularly assists financial institutions facing government investigations and examinations.
When workouts are no longer viable options in the problem loan context, Brooks is in court handling the recovery of debts and collateral (and defending creditors if borrowers or guarantors assert lender liability claims). Brooks has a statewide practice and is routinely in state and federal court (including bankruptcy court).
Brooks works on complex commercial matters with mixed collateral security issues; in the consumer realm, Brooks has significant experience working with portfolios of consumer loans (mortgages and not home-secured obligations) for lenders and servicers. A large part of Brooks’ practice in both the commercial and consumer contexts consists of advising on compliance issues.
Brooks’ experience includes:
- commercial and consumer litigation with a focus on creditors’ rights
- counseling lenders with respect to regulatory compliance issues
- handling foreclosures (as trustee or as lender’s counsel), with experience working with complex servicing and participation agreements
- collections (and lender liability defense)
- pursuing prejudgment remedies to protect clients’ collateral via receivership, the replevin/claim and delivery process, and the attachment process
- representing secured lenders whose assets are subject to federal forfeiture proceedings
- pursuing post judgment enforcement via NC’s supplemental proceeding process
- domesticating and enforcing foreign judgments
- prosecuting reformation actions when previously recorded deeds of trust don’t reflect the parties’ intentions with respect to lenders’ lien interests in real property collateral
- advising clients with loan modifications, loan sales, and forbearance agreements in which his creditor-clients’ secured positions are re-evaluated (and augmented with additional collateral when necessary)
- counseling banks and credit unions on their SMS text messaging programs (to ensure TCPA compliance)
- counseling financial institutions on corporate governance issues
- assisting financial institutions through investigations by federal agencies
With respect to consumer financial legislation, Brooks regularly advises lenders and servicers on federal and state regulatory and compliance issues, including compliance with federal fair lending laws (Equal Credit Opportunity Act / Fair Housing Act / Reg B), TILA / Reg Z disclosure requirements, and the CFPB’s rules relating to mortgage servicing, early intervention, and loss mitigation procedures. Brooks is a regular speaker on creditors’ rights and regulatory compliance issues.
- North Carolina Bar Association
- NC Creditors Bar Association
- NC Bankers Association
- Greensboro Bar Association
- NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee
- UNC School of Law Center for Banking and Finance Board of Advisors
- Habitat for Humanity Board of Directors
Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence
Notable
In 2015, the North Carolina Bankers Association called on Brooks to author a Legal Memorandum regarding the Consumer Financial Protection Bureau's new mortgage servicing rules and the recent Flagstar Bank Enforcement Action.
Brooks has been a CLE presenter at the North Carolina Bar Center on multiple occasions.
In a number of recent cases, Brooks was successful at the summary judgment level in defending banking clients from lender liability claims, avoiding lengthy jury trials. Brooks was also successful in pursuing the imposition of personal liability on an individual corporate agent for a judgment debtor corporation who refused to cooperate in furnishing schedules of the corporation’s officers and properties to the levying officer. Insulation Systems, Inc. v. Fisher, 2009, 197 N.C.App. 386, 678 S.E.2d 357, review denied 363 N.C. 654, 684 S.E.2d 890.
Speaking & Writing
- NCUA Board Raises Commercial Real Estate Loan Appraisal Threshold to $1 Million
August 14, 2019 - The CFPB’s Enforcement Case against Ocwen Financial Corporation – 18 Month Checkup
October 3, 2018 - Update on The CFPB’s Enforcement Case against Ocwen Financial Corporation
September 21, 2017 - The NCUA's New Member Business Lending and Commercial Lending Rule, and the Lingering Issue of Spousal Guarantees
May 18, 2017 - Is your Motor Vehicle Loan Safe? Part 2: North Carolina
April 27, 2017 - The CFPB Enforcement Action Against Navy Federal Credit Union and the Broad Sweep of UDAAPs
March 30, 2017 - Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces
September 19, 2016 - Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau
May 19, 2016 - The Consumer Financial Protection Bureau’s New Rule for Compliance with the Home Mortgage Disclosure Act
January 29, 2016 - Redlining and the joint action by the Consumer Financial Protection Bureau and the Department of Justice against Hudson City Savings Bank
November 12, 2015 - Countdown to TRID Implementation
September 25, 2015 - The Consumer Financial Protection Bureau's case against Citibank for violations relating to credit card add-on products
August 25, 2015 - The Consumer Financial Protection Bureau's new "Know Before You Owe" Mortgage Disclosure Rule
July 23, 2015 - The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming
June 23, 2015 - Corinthian Colleges: Part Two - the "Perfect Storm"
April 29, 2015 - The Consumer Financial Protection Bureau's case against Corinthian Colleges
March 12, 2015 - Why the Flagstar Bank Case is Important
January 8, 2015 - Changes to Mortgage Servicing Rules
November 20, 2014 - Consumer Financial Protection Bureau 101
November 10, 2014
Brooks has spoken at numerous CLEs on the topics of creditors’ rights, commercial landlord tenant law, supplemental proceedings, foreclosures, the Federal Fair Debt Collection Practices Act, and the CFPB’s mortgage servicing rule.
He co-authored an edition of Successful Judgment Collections in North Carolina published by National Business Institute in 2000, and was also a co-author of the NC State Bar Association 2011 CLE Manual on Collection and Enforcement of Judgments.
Brooks maintains Nexsen Pruet’s blog regarding the Consumer Financial Protection Bureau and its latest rules and enforcement cases. Click below link for posts:
Outside Nexsen Pruet
Outside Nexsen Pruet, Brooks enjoys racquet sports, reading and running. Brooks is a former member of the Board of Directors for Habitat for Humanity of Greensboro, a current member of the Board of Advisors for the UNC School of Law Center for Banking and Finance, and serves on the North Carolina Bar Foundation’s Programs Committee and the North Carolina Bar Association’s Board of Advisors for NC LEAP (Lawyers for Entrepreneurs Assistance Program). Brooks is a member of Centenary United Methodist Church in Winston-Salem.
