Collection Industry News

DECEMBER 10, 2023

US bankruptcy filings rose 18% in 2023 due to higher interest rates, tougher lending standards, and the continued end of pandemic-era support measures, according to data from bankruptcy data provider Epiq AACER. The report said commercial Chapter 11 business reorganisation filings increased by 72% in 2023, while consumer filings rose by 18%.

Bankruptcy 40

Bankruptcy Banks Trade Lender 40

Fico Collections

NOVEMBER 21, 2022

FICO Ranks Top 5 in the 2023 Chartis RiskTech100® Report. FICO awarded first place in six categories on risk and compliance technology in the 2023 Chartis RiskTech100 ® Report, including Innovation for the sixth year in a row. Mon, 11/21/2022 - 20:30. asokolowski. Fri, 06/03/2022 - 12:24. by Darryl Knopp. Darryl Knopp.

Financial Institution 52

Financial Institution Retail Government 52

ABI

JANUARY 24, 2024

11] Thus, the bankruptcy court held that PSE&G’s amended proof of claim sought an amount that was more than what was in the original proof of claim and denied the motion for leave to amend the proof of claim. [12] 16-11501 (CTG), 2023 Bankr. 28, 2023). [2] 11] Id. [12] 1] In re Maxus Energy Corp., at slip op.

Bankruptcy 40

Bankruptcy Debtor Creditors Government 40

Troutman Sanders

APRIL 6, 2023

Utah House Bill 20 , titled “Collection Agency Amendments,” was signed into law last month and goes into effect May 3, 2023. See Utah Code Ann. §

Collection Agencies 52

Collection Agencies Collections Agency Collections Debt collector 52

Credit Corp

MARCH 21, 2023

In a January 2023 report , their analysis showed that the average debt per borrower was over $37,000 for federal student loans and nearly $55,000 for private loans. Private student loans aren’t provided by the federal government, and they often come with much higher interest rates. 2021 37 10.2 Source: U.S.

Student loans 98

Student loans Student Loans Loans Education 98

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Section 363(b) of title 11 of the United States Code (the “Bankruptcy Code”) provides that bankruptcy courts may authorize the trustee of a debtor to sell or lease property of the bankruptcy estate. [1] 1] 11 U.S.C. § 927, 933 (2023). [4]

Bankruptcy 40

Bankruptcy Debtor Government 40

Collection Industry News

FEBRUARY 25, 2024

Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card rates top 20% Credit card rates were already high but spiked along with the Federal Reserve’s string of 11 rate hikes, including four in 2023. Americans now owe a collective $1.13

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Personal loans 40

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the Securities and Exchange Commission (SEC) informed the U.S. On October 11, B25-0449 was signed by Mayor Muriel Bowser (D).

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

FEBRUARY 13, 2024

Genesis filed for Chapter 11 protection in January 2023 with $5.1 Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). However, the Court upheld the Third Circuit’s decision that the FCRA allows for suits against “any person,” including government agencies.

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

ABI

JANUARY 19, 2024

While the arbitration was pending, Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, which resulted in a stay of the arbitration. [7] 18] The Court reasoned that whether a party may sue as a third-party beneficiary is governed by relevant state law. 26] [1] 11 U.S.C. § 23] 11 U.S.C. §

Debtor 40

Debtor Bankruptcy Unsecured Creditor Retail 40

CSA

DECEMBER 7, 2022

The FCA also notes that it intends to maintain the current charges for appointed representatives for 2023/24 and will review them again when consulting on 2024/25 fee and levy rates. The FCA’s fee and levy policy consultation is available here and closes for responses on 16 January 2023. The MMHPI paper can be found here.

Government 40

Government Consumer Credit Creditworthiness Financial services 40

Direct Recovery

APRIL 17, 2023

Chapter 11 – This is usually for corporations. Chapter 13 – This is similar to Chapter 11, but geared towards helping individuals. The post Bankruptcy Guide for California – 2023 appeared first on Direct Recovery.

Bankruptcy 52

Bankruptcy Student loans Student Loans Lawyers 52

ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff A motion for a preliminary injunction in a bankruptcy is governed by Federal Rule of Bankruptcy Procedure 7065, which incorporates Federal Rule of Civil Procedure 65. [1] 22-17842-PDR, 2023 Bankr. 11] Id. Garrity Kuester St. 5] Id. [6]

Bankruptcy 40

Bankruptcy Debtor Creditors Government 40

Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. On October 11, U.S. For more information, click here. and the U.S.,

Financial services 52

Financial services Banks Student loans Student Loans 52

Troutman Sanders

JANUARY 18, 2023

Then, on July 13, 2022, Celsius filed voluntary petitions for relief under Chapter 11 of the bankruptcy code. But on January 4, 2023, the U.S. However, on June 12, 2022, Celsius issued a memo informing its customers of its decision to pause withdrawals from the platform due to “extreme market conditions.”

Bankruptcy 98

Bankruptcy Debtor Government Collections 98

Troutman Sanders

OCTOBER 12, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it has obtained for consumers since the release of its March 2023 Special Fees Edition, discussed here.

Financial Institution 52

Financial Institution Repossession Trade Loans 52

Troutman Sanders

MAY 2, 2023

Speaking at the Consensus 2023 conference, Senator Lummis stated that the next installment of her bill — the Responsible Financial Innovation Act — will be presented to the Senate within eight weeks. Government Money Market Fund.” The fund, which announced its blockchain integration during Consensus 2023 , invests at least 95.5%

Financial services 52

Financial services Trade Consumer Credit Government 52

Credit Corp

SEPTEMBER 7, 2023

Previously, you needed 1,000 subscribers and 4,000 watch hours, but the policy was updated in June 2023 with lower requirements. government via the FDIC. This means that if, for some reason the bank doesn’t have the money when you want your funds, the government would provide the bank with the money to pay you up to $250,000.

Government 106

Government Banks Trade Loans 106

Troutman Sanders

DECEMBER 19, 2023

According to the statement issued by SEC Commissioner Gary Gensler, “the existing securities regime appropriately governs crypto asset securities.” On December 12, the Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

JANUARY 17, 2024

bankruptcy filings surged by 18% in 2023, reaching a total of 445,186 cases, up from 378,390 in 2022. On January 11, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies to address inaccurate background check reports, as well as “sloppy” credit file sharing practices.

Financial services 52

Financial services Student loans Student Loans Trade 52

CSA

DECEMBER 14, 2022

Government launches consultation on reform of Consumer Credit Act. The consultation paper outlines the government’s intended approach to reforming the CCA and invites views on how certain provisions may be replicated in FCA rules. The government’s consultation paper is available here and closes for responses on 17 March 2023.

Financial services 52

Financial services Consumer Credit Government Banks 52

Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Fico Collections

APRIL 3, 2023

FICO is proud to be part of the groundbreaking research at ZIB that is helping to drive greater efficiency for governments, and solve both business problems and some of the biggest challenges we face as a society. Mathematical optimization is one of the foundation technologies for AI-powered decision management.

Education 97

Education Financial services Government 97

Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. State Activities: On March 11, California Attorney General (AG) Rob Bonta announced his support for SB 1061, a bill proposed by State Senator Monique Limon.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

JULY 19, 2023

During September 2023, the FSB and the International Monetary Fund (IMF) are expected to release a joint paper that synthesizes the policy findings from IMF work on macroeconomic and monetary issues and the FSB’s work on supervisory and regulatory issues. On July 11, the U.S. For more information, click here. Specifically, the U.S.

Financial services 40

Financial services Lender Trade Banks 40

Collection Industry News

NOVEMBER 25, 2023

Since the meeting, yields have receded off 16-year highs as markets digest the impact of heavy debt-fueled borrowing from the government and views over where the Fed is headed with rates. The minutes noted that policymakers viewed the rising term premium as a product of greater supply as the government finances its huge budget deficits.

Government 40

Government Banks Collections 40

Troutman Sanders

JANUARY 17, 2023

In the complaint , which was filed in the district court for the Central District of California on January 12, 2023, the DOJ alleged that from 2017 through 2020, the bank “avoided” providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County.

Banks 52

Banks Loans Lender Education 52

Troutman Sanders

AUGUST 21, 2023

District Court for the Eastern District of Michigan dismissed without prejudice a lawsuit filed against the federal government aimed at blocking the Biden administration’s effort to provide debt relief to student borrowers. On August 11, in the case of Yuille v. For more information, click here. On August 14, the U.S.

Financial services 52

Financial services Banks Loans Financial Institution 52

Price Meese

AUGUST 2, 2023

Purcell | On July 14, 2023, the U.S. 2023), the court affirmatively adopted the Federal Communications Commission’s (FCC) “material inhibit” standard for violations of the TCA and replaced the existing “effective prohibition standard.” at 11-12 (citing Chevron USA v. In Cellco Partnership v. 22-2392 (3d Cir. 837 (1984)).

Government 40

Government Construction Judgment 40

Troutman Sanders

APRIL 18, 2023

Court of Appeals for the Fourth Circuit held that the Military Lending Act (MLA) does not govern loans borrowed in part to finance the purchase of a car, even when the loan covers additional related costs. billion in liquid assets and would consider reopening for business in Q2 2024. For more information, click here. On April 12, U.S.

Financial services 52

Financial services Financial Institution Loans Bankruptcy 52

Troutman Sanders

MAY 16, 2022

On May 11, the U.S. The businesses allegedly impersonated law enforcement officers, government officials, process servers, and law firm personnel to scare or intimidate consumers into paying alleged debts. This legislation closely resembles the comprehensive laws adopted in Virginia and Colorado and will take effect on July 1, 2023.

Financial services 52

Financial services Foreclosure Lender Judgment 52

Collection Industry News

NOVEMBER 13, 2023

Credit card rates top 20% Credit card rates were already high but have recently spiked along with the Federal Reserve’s string of 11 rate hikes, including four in 2023. “Your credit card is probably your highest cost debt by a wide margin.” But that comes at the expense of other long-term financial goals, he added.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Consumer Credit 40

Troutman Sanders

DECEMBER 4, 2023

The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in Washington, D.C., The OCC is maintaining the 2023 rates in the general assessment, independent trust, and independent credit card fee schedules, and is not adjusting assessment rates for inflation.

Financial services 52

Financial services Collateral Banks Trade 52

Burr Forman

NOVEMBER 16, 2021

Notably, CMS extended the time period for certain services to remain on the telehealth services list through December 31, 2023 (which were temporarily added to the list as a result of the COVID-19 public health emergency), providing CMS with additional time to analyze whether the services should be permanently added to the list.

Healthcare 59

Healthcare Government 59

Troutman Sanders

MARCH 4, 2021

The CDPA will take effect January 1, 2023. 2 : Consumer Rights Release Date: March 11, 2021. Like the CCPA, Virginia’s CDPA builds on the Fair Information Privacy Principles (FIPP), making many of the lessons learned implementing the CCPA applicable here. The series will be divided into the following parts: Introduction and Overview.

Government 52

Government 52

Troutman Sanders

JUNE 23, 2023

248 amended chapter 649 of the Nevada Revised Statutes governing debt collection agencies. In an opinion dated June 15, 2023, a majority of the three-judge panel affirmed the district court’s order. 248 directly advanced that substantial government interest, the panel held the legislation did not run afoul of the First Amendment.

Debt collector 52

Debt collector Collection Agencies Collections Agency Debtor 52

Troutman Sanders

APRIL 18, 2022

On April 11, the White House published a fact sheet , outlining the Biden administration’s actions to lessen the burden of medical debt and increase consumer protection. Privacy and Cybersecurity Activities: On April 11, Connecticut’s Senate Judiciary Committee voted 25-14 in favor of passing S.B. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52