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Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule

Troutman Sanders

Transcript: Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule (PDF) Jordan highlights the importance of data portability in banking, comparing it the telecommunications industry’s phone number portability. He suggests that the rule will increase competition, forcing banks to offer better services to retain customers.

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What Happens to the Merchant When You Dispute a Charge?

Credit Corp

If you successfully dispute a charge, the bank will notify the merchant and return funds to the issuing consumer via a chargeback. If you file a dispute for a credit card charge with a bank, that bank will quickly notify the corresponding merchant that you’ve initiated this process. What Is a Chargeback?

Banks 59
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NJ Appellate Division Finds No Private Right of Action for Debt Purchaser’s Alleged Failure to Obtain State License

Troutman Sanders

The appellate division held that the NJ Licensing Act does not provide for a private right of action and violations are only enforceable by the Commissioner of Banking and Insurance. Instead, the offending conduct was misrepresenting “that it had the legal right to collect on the account when it lacked the proper license to do so.”

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Can a Lender Pursue Debt Collection After a Charge Off and 1099-C Issuance?

Jimerson Firm

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Bank of Am. , Bank of Am. Charging Off” Uncollectable Debt. 1099-C Issuance. For example, in Ware v.

Lender 98
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Using a Civil Lawsuit to Recover Stolen Money or Property

Jimerson Firm

Most importantly, civil theft requires a heavier burden of proof and carries additional legal consequences and remedies, including the potential for treble damages (three times the actual damages). Conversion Conversion refers to the wrongful exercise of control over someone else’s property without their permission or legal right.

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Sixth Circuit Examines Who is a Debt Collector for Purposes of FDCPA Section 1692(f)(6)

Consumer Financial Services Law

1692f(6) by dispossessing her of her personal property when there was no legal right to possession. The mortgagee, the bank, pursued a nonjudicial foreclosure of the property. Pursuant to state law, the bank held a sheriff’s sale at which it purchased the property, leaving a deficiency. PRINCIPAL PURPOSE.

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What Business Owners Should Know Before They Guarantee a Line of Credit

FFGN COLLECT NY

Most business owners have a line of credit with the bank but don’t realize that, as the business owner, they may be personally responsible for repaying any monies loaned. Often, especially in uncertain financial times, the bank will want someone to guarantee a line they might not otherwise make — usually the officer of the borrowing company.