Collection Industry News

JUNE 13, 2022

These concerns have been expressed through high-visibility statements that have included congressional testimony and speeches before trade associations and consumer advocacy groups—all of which have raised the alarm by financial intermediaries of the threat of imminent and severe federal enforcement actions. A Little History.

Retail 40

Retail Manufacturing Trade Financial services 40

Debt Recoveries

APRIL 28, 2020

However it remains a possibility that with some debtors, legal action may be the only the only course of action to secure your recovery. If the usual debt collection efforts have failed, the next step can be legal action. Determine if your claim is legally enforceable. We are often asked, what is the legal process?

Debt Recovery 84

Debt Recovery Debtor Debt collector Lawyers 84

Troutman Sanders

SEPTEMBER 25, 2023

The guidance requires lenders to use specific and accurate reasons when taking adverse actions against consumers, meaning creditors may not simply use CFPB sample forms if they do not reflect actual reasons for denying credit or changed credit conditions. For more information, click here. For more information, click here. 1020.210(b).

Financial services 52

Financial services Loans Banks Debt collector 52

Troutman Sanders

MARCH 11, 2024

On February 26, the Office of Inspector General for the CFPB released a report titled, “The CFPB Can Enhance Certain Practices to Mitigate the Risk of Conflicts of Interest for Division of Supervision, Enforcement and Fair Lending Employees.” On February 29, eight state AGs filed an amicus brief in the SEC’s enforcement action against Kraken.

Financial services 52

Financial services Garnishment Lender Banks 52

Collection Industry News

MARCH 28, 2022

Key takeaways from CCFPL Report: Enforcement. During its first year with authority under the CCFPL, the DFPI proactively identified enforcement targets and opened 106 investigations that resulted in 49 public actions under the CCFPL. These can be found in a statutory report that has been posted to the DFPI website: [link].

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Credit Corp

NOVEMBER 9, 2020

If you’ve experienced any of these types of actions from a debt collection agency, you can report them to the FTC. . Negative or Legal Action, or Threats of It. The most common complaints in this category in 2019 were: Threats or suggestions that a consumer’s credit history would be damaged (34%). government or any state.

Collection Agencies 105

Collection Agencies Collections Agency Credit Bureau Collections 105

Burr Forman

FEBRUARY 1, 2021

DACA Preserved (and possibly expanded): Over the past few years, the Deferred Action for Childhood Arrivals initiative has been wound down in its entirety by the Trump administration, continued by a 5-4 Supreme Court decision, and expanded by a December 2020 U.S. The Obama administration nearly doubled I-9 audits from 2009 until 2013.

Retail 52

Retail 52

Troutman Sanders

OCTOBER 21, 2022

While the FTC has been active in bringing enforcement actions against alleged “junk fees,” it generally lacks the authority to seek penalties against first-time violators or the ability to obtain financial compensation for consumers in instances in which “junk fees” violate the FTC’s prohibition on unfair or deceptive practices.

Trade 52

Trade Loans Collections 52

Troutman Sanders

AUGUST 7, 2023

On August 1, the Enforcement Bureau of the Federal Communications Commission (FCC) issued a cease-and-desist letter to One Owl Telecom for allegedly transmitting prerecorded voice message calls to consumers, which included illegal scam robocall traffic. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

AUGUST 25, 2020

1681s-2(b), which foreclosed their private right of action. Section 1681s-2(b) is also the only provision in § 1681s-2 that includes a private right of action. The statute leaves it to federal and state authorities to enforce the broader expectations under § 1681s-2(a). The case is Sprague v. Salisbury Bank & Trust Co. ,

Banks 52

Banks 52

Troutman Sanders

MAY 4, 2022

Who Can Enforce the Connecticut Act? The Connecticut Act does not create a private right of action. The Connecticut attorney general shall have exclusive authority to enforce violations of the Connecticut Act. What Obligations Apply to Processors? Data Processing Agreements.

Acquisition 52

Acquisition Financial Institution Government Bankruptcy 52

Troutman Sanders

OCTOBER 27, 2021

While this agency has already been formed, it will not begin enforcement activities until July 1, 2023 (six months after the CPRA takes effect). The agency’s mandate includes enforcing California privacy law, a duty currently carried out by California’s attorney general. Enforcement of the CPRA will begin July 1, 2023.

Lawyers 59

Lawyers Trade Government 59

Collection Industry News

JANUARY 24, 2022

This would no-doubt portend a new CFPB-styled “Operation Choke Point,” which was the name of the 2013 Department of Justice initiative to investigate financial institutions for their role in processing payments to certain categories of lawfully operating merchants that had been associated with high-risk activities.

Judgment 40

Judgment Acquisition Law Firms Financial Institution 40

Fraser

JANUARY 17, 2022

OSHA’s mandate required all private employers of 100+ to enforce Covid-19 vaccinations on employees OR require them to wear a mask and test weekly. Both mandates were challenged by conservative states resulting in a rollercoaster of litigation prohibiting and then again permitting enforcement.

Lawyers 52

Lawyers 52

Troutman Sanders

OCTOBER 4, 2022

Federal Activities: On September 30, the Commodity Futures Trading Commission (CFTC) filed an enforcement action against crypto futures and spot market exchange Digitex and its founder and CEO Adam Todd. On September 30, the Securities and Exchange Commission (SEC) filed an enforcement action against Arbitrade Ltd.

Financial services 52

Financial services Trade Retail Banks 52

Consumer Financial Services Law

MAY 7, 2017

The Report provides a summary of the volume of complaints by product category, by company and by state. Student loan complaints showed the greatest month to month decrease after spiking in January 2017 after what appears to be a response to the Bureau’s enforcement action against Navient.

Student loans 40

Student loans Student Loans Loans Collections 40

Burr Forman

MAY 3, 2021

Take Action: If you have professional or personal contacts with current or future plans for travel between India and the U.S., Non-citizens whose entry would further important law enforcement objectives or other national interests as determined by the U.S. a review of the proclamation and listed exceptions is essential prior to travel.

Government 52

Government Trade 52

Debt Recoveries

MAY 29, 2022

If traditional debt collection methods fail, legal action may be necessary. and the debtor or company has assets to satisfy the debt would Debt Recoveries Australia propose legal action. We refer the situation to our legal team at ADC Legal Litigation Lawyers if we are satisfied that the criteria for legal action have been met. .

Debt Recovery 40

Debt Recovery Debtor Debt collector Lawyers 40

Burr Forman

OCTOBER 28, 2021

Burr & Forman’s experienced Cybersecurity & Data Privacy Team helps clients navigate the complex cybersecurity and data privacy landscape with strategies designed to assess current risks, develop a corrective action plan, implement best practices, and provide immediate and appropriate responses to a cybersecurity breach.

Lawyers 52

Lawyers Acquisition Trade Law Firms 52

Troutman Sanders

DECEMBER 5, 2022

Notably, Romero advocated for a two-tiered approach to reducing consumer harm in the crypto markets: Redefining the definition of a “retail investor” to include two categories of retail customers: (1) household retail; and (2) professional and high net worth individuals. OCC Acting Comptroller Michael J. For more information, click here.

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Troutman Sanders

DECEMBER 19, 2023

For example, the whitepaper discusses how the quality of a stablecoin issuer’s reserve asset composition, and its ability to meet redemption requests, will determine whether a particular stablecoin meets the conditions to be included in the Group 1b category and be subjected to existing bank capital requirements.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

JANUARY 26, 2022

The Report covers each of these risk categories in detail. In the near future, the agencies may take such steps as requiring clear and useful disclosures, protecting against fraud, manipulation, and other risks, and making use of existing rulemaking, examination, supervision, and enforcement powers. Implications and Recommendations.

Trade 52

Trade Government 52

Jimerson Firm

MAY 12, 2021

Based on this, in the event a borrower dies, lenders need to know what actions they should consider doing upon notification of a borrower’s death, who is a “successor in interest,” and what their obligations are to a successor in interest. Some Best Practices Upon Notification of Borrower’s Death. Who is a “Successor in Interest”?

Collateral 52

Collateral Lender Loans Foreclosure 52

Troutman Sanders

JANUARY 31, 2023

The Electronic Privacy Information Center (EPIC)’s letter echoed the need to cull down the categories of required information that could be shared. “[W[e data without which it is impossible to provide such product or service).”

Credit Unions 52

Credit Unions Credit Unions Banks Trade 52

Jimerson Firm

JUNE 28, 2021

Luckily for lenders, Florida courts have held that even if the foreclosure lawsuit was dismissed with prejudice , the lender can file a new foreclosure action, if it is based on a different act or a new date of default that was not alleged in the previous foreclosure lawsuit. See Bartram v. Ass’n , 211 So. 3d 1009, 1020 (Fla.

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Foreclosure Lender Judgment Banks 90

Burr Forman

DECEMBER 1, 2020

Specifically, the federal government has been increasing its efforts to enforce HIPAA Security Rule violations, which concern the methods that covered entities and their business associates use to protect electronic patient information from improper access and disclosure. Take Action.

Healthcare 40

Healthcare Government Trade Collections 40

Troutman Sanders

JANUARY 23, 2024

The debt relief is broken down into the following categories: $1.7 Borrowers enrolled in SAVE who are eligible for early forgiveness will have their debts canceled immediately starting next month, with no action on their part. To help as many borrowers as possible benefit from this action, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Collection Industry News

FEBRUARY 21, 2022

The million-dollar question, however, is whether CRAs will heed the CFPB’s threat in its advisory opinion of increased enforcement against them for continuing to use these procedures. Instead, I believe only increased enforcement by the CFPB will get the attention of CRAs. But actions speak louder than words.

Trade 40

Trade Law Firms Construction Government 40

Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. The service’s first use case will address cross-border asset transfers, allowing digital asset wallets to be identified in compliance with the Financial Action Task Force’s “travel rule.” For more information, click here. On April 24, the U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

APRIL 5, 2023

We argue: (1) The complaint represents an end-run around the Dodd-Frank Act’s express exclusion of automobile dealerships from the CFPB’s rulemaking, enforcement, and supervisory authority. (2) 3) The complaint attempts to circumvent express limitations on disclosure-related liability for assignees of consumer credit contracts. (4)

Trade 52

Trade Consumer Credit Financial services Government 52

Troutman Sanders

JUNE 25, 2021

Ramirez filed a class action suit in California under the FCRA. The opinion’s discussion of the concrete injury requirements of standing has substantial implications for a large swath of statutes, like the FCRA, that purport to create private causes of action for enforcement of regulatory violations.

Legal Rights 59

Legal Rights 59

Troutman Sanders

NOVEMBER 21, 2023

To conclude the CFPB’s report highlighting issues with medical debt, it stated: “The CFPB intends to gather additional information and take further action where warranted about these issues, including to work with states to exercise their authorities to protect consumers.” For more information, click here. For more information, click here.

Financial services 52

Financial services Retail Banks Collections 52

Burr Forman

DECEMBER 10, 2021

Enforcement and Penalties. Just as the requirements of the various state statutes differ, the methods of enforcing these statutes and the penalties that can be assessed differ by state as well. Exceptions to Breach Notification Requirements. Some states exempt certain businesses from compliance with the state’s privacy law.

Banks 52

Banks Government Financial Institution Collections 52

Burr Forman

FEBRUARY 9, 2021

Firms are exposed to greater risk and therefore more likely to need to take such action during periods of abnormally high transaction volumes and price volatility. New Investors held smaller balances in their taxable accounts when compared with investors in the other two categories.”. The Statement (FCA Jan. 29, 2021) is here.

Trade 52

Trade Financial Institution Retail Financial services 52

Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Hudson Weir

SEPTEMBER 23, 2019

3 | The legal action test. If your company has received any legal enforcement actions against it – e.g. a County Court Judgment (CCJ), this could be another strong indication of insolvency. It’s important to view the results collectively as well as individually. . What are your duties as a director?

Trade 40

Trade Creditors Debt Recovery Judgment 40

Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. State Activities. Privacy and Cybersecurity Activities.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52