Troutman Sanders

JANUARY 10, 2023

At the time Celsius filed for bankruptcy on July 13, 2022, it had approximately 600,000 Earn Accounts, which consisted of $4.2 At the time Celsius filed for bankruptcy on July 13, 2022, it had approximately 600,000 Earn Accounts, which consisted of $4.2 For more information, click here. On January 4, the U.S.

Financial services 52

Financial services Unsecured Creditor Bankruptcy Banks 52

Troutman Sanders

JANUARY 28, 2022

2021 was a transformative year for the consumer financial services world. To access the report and view a message from Consumer Financial Services Practice Group Leader, Michael Lacy, and learn about our complementary webinar offerings, please click here. We hope this report brings you value.

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

Troutman Sanders

DECEMBER 5, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. inquiring into the policies and procedures Coinbase has in place to protect its customers’ assets in the event of bankruptcy.

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Troutman Sanders

JULY 31, 2023

In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.

Bankruptcy 52

Bankruptcy Collections Lender Banks 52

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? While falling behind on a payment or two might not seem like a big deal, collections-stage debt can do substantial damage to your credit. Read on to learn more about Delivery Financial Services and how to get them deleted from your report.

Financial services 69

Financial services Debt collector Collection Agencies Collections Agency 69

Troutman Sanders

MARCH 2, 2021

2020 was a transformative year for the consumer financial services world. We hope you find this helpful as you navigate the evolving consumer financial services landscape. Access full report here.

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

Troutman Sanders

NOVEMBER 15, 2022

On November 11, prominent cryptocurrency exchange FTX abruptly filed for Chapter 11 bankruptcy and founder Sam Bankman-Fried resigned as CEO. John Ray III, a well-known bankruptcy attorney who administered now-defunct energy giant Enron’s 2001 Chapter 11 restructuring, will replace Bankman-Fried as CEO of FTX.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

FEBRUARY 6, 2023

Genesis Global Capital LLC (Genesis), the entity responsible for providing interest payments to Gemini Earn accountholders, filed for bankruptcy on January 20 after announcing its decision to pause withdrawals of Gemini Earn deposits. For more information about the Axios report, click here. For more information, click here.

Financial services 52

Financial services Trade Banks Bankruptcy 52

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

Financial services 60

Financial services Collection Agencies Collections Agency Debt collector 60

Troutman Sanders

JANUARY 17, 2023

million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services. On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

APRIL 18, 2022

Multiple student loan servicers. New third-party collections during the pandemic. On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled, “ Busting myths about bankruptcy and private student loans.” Pre-pandemic payment assistance on student loans. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

OCTOBER 4, 2022

On September 29, an independent examiner was appointed in the Celsius bankruptcy case. 8985 has been referred to the House Committee on Financial Services for its consideration. The indictment alleged, among other things, that Wolfgramm and Bitex collected approximately $1.7 For more information, click here.

Financial services 52

Financial services Trade Retail Banks 52

Troutman Sanders

APRIL 28, 2023

Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. Accordingly, the statute of limitations period to collect the payment does not commence until the borrower misses the periodic payment.

Bankruptcy 52

Bankruptcy Foreclosure Lender Loans 52

UK debt collections

OCTOBER 15, 2021

New figures released show that Small Business Debt Collection is needed more than ever. Small Business Debt Collection action. Very often Small Business owners can be fearful of utilising a Debt Collection Agency as it may alienate their non paying customer, it shouldn’t be that way.

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Collections Bankruptcy Retail Collection Agencies 79

Troutman Sanders

JULY 26, 2021

Resolution plans describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. PST, the California Department of Financial Protection and Innovation will hold the inaugural meeting of its Debt Collection Advisory Committee.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

FEBRUARY 8, 2021

Uejio said he was directing CFPB’s Division of Research, Markets, and Regulations to “explore options for preserving the status quo with respect to [the qualified mortgage rule] and debt collection rules.” The debt collection rule is currently scheduled to go into effect on November 30, 2021. For more information, click here.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Jimerson Firm

FEBRUARY 10, 2022

At the same time, however, the account owner/debtor is still responsible for the balance, and the lender/creditor can still make an effort to collect what is owed, with obvious exceptions being discharged or dischargeable bankruptcy filings. Collecting Debts After 1099-C Issuance. Charging Off” Uncollectable Debt.

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Lender Credit Unions Credit Unions Collections 98

Consumer Financial Services Law

AUGUST 27, 2019

Enloe A First Circuit Bankruptcy Appellate Panel (the “Panel”) recently held that a mortgage company’s communications did not violate the discharge injunction when viewed under an objective standard and considering the facts and circumstances surrounding the communications. By Caren D. 21st Mortg. 427 (2019).

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Bankruptcy Judgment Foreclosure Debtor 40

PDC Flow

NOVEMBER 17, 2022

Creating a digital omnichannel strategy for debt collection is essential for the future. Managing Member Halstead Financial Services Dianne Harrell. VP Global Strategies Cedar Financial What Does Digital Collection Mean? Any collections as a result of electronic means.". Pran Navanandan. Web chat or chatbot.

Collections 71

Collections Financial services Bankruptcy 71

Consumer Financial Services Law

MARCH 15, 2019

A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. In those cases, the Sixth Circuit concluded that foreclosure proceedings are debt collection. Fabrizio & Brook, P.C., LEXIS 33450 (E.D.

Bankruptcy 40

Bankruptcy Foreclosure Law Firms Creditors 40

Troutman Sanders

NOVEMBER 4, 2020

Finally, we will revisit the status of COVID-19-inspired state efforts to directly regulate credit reporting, and the impact on credit reporting of pandemic-inspired state regulation of debt collection. CDIA Guidance for Forbearance & Natural Disaster Credit Reporting; Bankruptcy Reporting & Considerations.

Financial services 52

Financial services Consumer Credit Bankruptcy Collections 52

PDC Flow

AUGUST 18, 2020

This year has seen vast, unexpected change for the credit and collection industry. What made you decide to focus your practice in financial services and more specifically in the debt collection industry? Our law firm employed a paralegal who was related to the president of a local collection agency.

Collections 98

Collections Debt collector Law Firms Trade 98

Consumer Financial Services Law

SEPTEMBER 13, 2016

A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. The court went on, however, to award sanctions for violation of Bankruptcy Rule 9037. In re Branch, 2016 Bankr.

Bankruptcy 40

Bankruptcy Healthcare Debtor Financial services 40

UK debt collections

NOVEMBER 16, 2022

Over a million people and businesses could be owed money in the UK following the collapse of the crypto exchange FTX, according to bankruptcy filings. In the UK, crypto assets are largely unregulated, and experts and financial watchdogs warn there’s little protection for consumers. Not many options.

Financial services 59

Financial services Bankruptcy Law Firms Creditors 59

BN Lawyers

OCTOBER 23, 2020

Brit Suttell wins the National Creditors Bar Association Donald Kramer Award for efforts on behalf of Credit and Legal Collections Industry. The Donald Kramer award is given each year to “someone whose efforts have made a substantial and lasting impact for the benefit of the credit and legal collection community.”.

Law Firms 52

Law Firms Legal Collections Creditors Financial services 52

Consumer Financial Services Law

MAY 16, 2017

Johnson in the Lower Courts Aleida Johnson filed her Chapter 13 bankruptcy petition in 2014. Johnson sued Midland in federal court, alleging that Midland had violated sections 1692e and 1692f of the federal Fair Debt Collection Practices Act by filing a time barred proof of claim. The majority opinion was authored by Justice Breyer.

Bankruptcy 40

Bankruptcy Chapter 13 bankruptcy Creditors Debtor 40

Troutman Sanders

NOVEMBER 8, 2023

The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted. Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt.

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Creditors Chapter 7 bankruptcy Unsecured Creditor Debt collector 52

True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. While there are a number of reasons for this , the end result is a growing gap between consumer’s expectations and the services creditors offer. . Implement Smarter Staffing.

Debt collector 60

Debt collector Collections Financial services Financial Institution 60

Consumer Financial Services Law

MAY 12, 2017

A New York District Court recently tackled the intersection between bankruptcy and pre-petition FDCPA claims and the application of judicial estoppel to undisclosed claims. Shortly after filing suit, Jeziorowski filed bankruptcy pursuant to Chapter 7. Jeziorowski v. Jeziorowski v. Credit Prot. LEXIS 66084 (W.D.N.Y.

Bankruptcy 40

Bankruptcy Debtor Fair Debt Collection Creditors 40

Consumer Financial Services Law

NOVEMBER 22, 2019

In a recent appeal directly to the Fifth Circuit from a Southern District of Texas Bankruptcy Court, the court affirmed the bankruptcy court’s denial of a motion to compel arbitration. In Henry v. In those instances, where the statutes cannot be harmonized and one must displace the other, the court looks to congressional intent.

Bankruptcy 40

Bankruptcy Creditors Debtor Education 40

Consumer Financial Services Law

JANUARY 9, 2016

The issue of whether the Bankruptcy Code precludes claims under the FDCPA took another twist in an opinion issued by the Second Circuit last week. In Garfield , the consumer brought suit in the district court seeking damages for violations of the FDCPA, contending the loan servicer was attempting to collect on a discharged obligation.

Bankruptcy 40

Bankruptcy Debtor Debt collector Loans 40

Titan Consulting

SEPTEMBER 22, 2020

All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score. Consumers in need of debt relief have three primary options to reduce their debt: credit counseling, debt settlement, or bankruptcy.

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Debt settlement Bankruptcy Unsecured Debt Credit Card Debt 98

Consumer Financial Services Law

FEBRUARY 10, 2020

The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House Financial Services Committee. Debt Collection Rule – Mum is the Word. The Report is silent as to when a final debt collection rule will be forthcoming.

Bankruptcy 40

Bankruptcy Financial services Consumer Credit Collections 40

Consumer Financial Services Law

JANUARY 22, 2021

Background The case arose from four separate chapter 13 bankruptcy cases in which the debtors sought to regain possession of their vehicles from the City of Chicago, which had seized and impounded the vehicles prepetition due to unpaid parking tickets and similar traffic fines. The case, City of Chicago v. Fulton, No. Fulton, No. 11 U.S.C. §

Bankruptcy 40

Bankruptcy Chapter 13 bankruptcy Construction Debtor 40

True Accord

AUGUST 11, 2022

August 14 is National Financial Awareness Day , making it an appropriate time to shine a spotlight on initiatives that can help improve consumer financial awareness in the collections space. Overall, lower levels of financial literacy end up contributing to increased rates of bankruptcy, defaults, and foreclosures.

Acquisition 61

Acquisition Debt Recovery Education Student loans 61

Burr Forman

JUNE 7, 2021

At Burr & Forman, Simms-Petredis serves as a Partner in the firm’s Financial Services group with a focus on financial litigation and compliance. She assists clients federal, state and bankruptcy court, as well as in arbitration.

Fair Debt Collection 52

Fair Debt Collection Bankruptcy Financial services Consumer Collections 52