Debt RR

AUGUST 3, 2020

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Can Debt Collectors Garnish Bank Accounts in Texas?

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Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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Troutman Sanders

JULY 7, 2021

On June 30, the Federal Financial Institutions Examination Council (FFIEC) issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled, “Architecture, Infrastructure, and Operations.” The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers.

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Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. Current provisions in federal law will allow federal borrowers to seek cancellation if their institution engaged in certain misconduct.

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Troutman Sanders

MARCH 15, 2021

Under the program, Treasury will purchase preferred stock or subordinated debt from qualifying minority depository institutions and community development financial institutions, with the corresponding dividend or interest rate based on the institution meeting lending targets. For more information, click here.

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Troutman Sanders

MAY 23, 2023

administrative penalty for operating as an unlicensed student loan servicer. The bill also establishes the procedures a depository institution must follow upon receipt of a writ of garnishment or other levy or attachment under certain circumstances. ECSI) entered a consent order that required ECSI to pay a $500,000.00

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