Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Financial services Banks Loans Retail 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

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Troutman Sanders

MAY 2, 2022

State Activities: On April 28, Southern District of New York Judge Vyskocil granted a preliminary injunction, preventing sheriffs from enforcing New York’s Fair Consumer Judgment Interest Act on a retroactive basis. The amendment applies retroactively to judgments unsatisfied at the time the law went into effect. per transaction.

Financial services 52

Financial services Judgment Trade Education 52

Troutman Sanders

AUGUST 7, 2023

These new Standard Operating Procedures (SOPs) will include updated origination policies and procedures, lender participation requirements, and 7(a) loan servicing and liquidation requirements. The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 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.

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Financial services Collection Agencies Collections Agency Debt collector 60

Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Procedure For Getting a Deficiency Judgment. Amount of Deficiency Judgment.

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Account Recovery

APRIL 19, 2024

The Court of Appeals for the Third Circuit has upheld a summary judgment ruling in favor of the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s claims were outside the FDCPA’s one year statute of limitations and his attempt to request verification of the debt “was untimely by many years.”

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Fair Debt Collection Judgment Collections Financial services 147

Account Recovery

MARCH 28, 2024

A District Court judge in Connecticut has denied a defendant’s motion for judgment on the pleadings, ruling the debt in question does meet the Fair Debt Collection Practice Act’s definition of a debt and that the suit should proceed. What constitutes a debt? The definition seems to change by the day.

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Fair Debt Collection Judgment Collections Financial services 147

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 7, 2021

a Third Circuit district court granted summary judgment to the defendants in a Fair Debt Collection Practices Act (FDCPA) case. a debt buyer, retained defendant LTD Financial Services, L.P. LTD) to collect on the $4,528.59 In Bordeaux v. AA II, Inc.), Ultimately, the district court certified a class.

Judgment 52

Judgment Collections Debt collector Creditors 52

Jimerson Firm

DECEMBER 8, 2020

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). What Does Form 1.996(a), Final Judgment of Foreclosure, Include? Plaintiffs in Hillsborough county must use the Uniform Final Judgment of Foreclosure form.

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Foreclosure Judgment Law Firms Creditor's Rights 98

Troutman Sanders

JANUARY 5, 2022

State Activities: On December 31, 2021, New York Governor Kathleen Hochul signed a bill into law that will lower the interest rate charged on unpaid money judgments to 2%. The law, effective April 30, applies to new judgment and retroactively to any judgment not fully satisfied when the law goes into effect.

Financial services 52

Financial services Judgment Trade Consumer Credit 52

FFGN COLLECT NY

JANUARY 6, 2023

The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Interested in learning more about debt collection in New York?

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Collections Judgment Garnishment Financial services 52

Consumer Financial Services Law

NOVEMBER 19, 2019

On November 14, 2019, the House Committee on Financial Services passed the following bills which would amend the federal Fair Debt Collection Practices Act and tighten consumer protections. The Ending Debt Collection Harassment Act of 2019 (H.R. The Small Business Fair Debt Collection Protection Act (H.R.

Financial services 40

Financial services Fair Debt Collection Debt collector Judgment 40

Troutman Sanders

OCTOBER 26, 2023

District Court in the Western District of Wisconsin recently denied both the defendant and plaintiff’s summary judgment motions in a Fair Credit Reporting Act (FCRA) case, holding that the reasonableness of the defendant’s investigation of the plaintiff’s identity theft claim was a triable issue. In Simonson v. IQ Data International, Inc.,

Judgment 52

Judgment Financial services Collections 52

Account Recovery

JULY 14, 2022

A District Court judge in Illinois has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, illustrating why it’s a good decision sometimes to take the extra steps of going through discovery instead of attempting to win on a motion to dismiss, while also potentially providing some ammunition for (..)

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Fair Debt Collection Judgment Collections Financial services 246

Troutman Sanders

FEBRUARY 3, 2023

the plaintiff filed a putative class action lawsuit against LVNV Funding LLC (LVNV) and Sequium Asset Solutions, LLC (SAS), alleging a letter from SAS offering a settlement of her debt violated sections 1692e(2)(A) and 1692g(a)(1) of the Federal Debt Collection Practices Act (FDCPA). Under New York law, post-judgment interest accrues at 9%.

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Judgment Credit Card Debt Loans Debtor 52

Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

SEPTEMBER 27, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. House of Representatives Committee on Rules passed amendments on credit reporting and medical debt collection for service members and private student loans.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Account Recovery

SEPTEMBER 29, 2021

In a case that was defended by Rick Perr of Kaufman Dolowich & Voluck, a District Court judge in New Jersey has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act class-action lawsuit over the 1099C language in a collection letter, ruling that the disclosure used was not a false, … The post Judge (..)

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Fair Debt Collection Judgment Collections Financial services 240

Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

Financial services 52

Financial services Student loans Student Loans Loans 52

Account Recovery

JUNE 15, 2023

A District Court judge has partially granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case and dismissed the complaint because the plaintiff lacked standing to sue, but gave the plaintiff — who raised new issues of why he has standing at the wrong time — an opportunity to file […]

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Fair Debt Collection Judgment Collections Financial services 130

Troutman Sanders

AUGUST 9, 2021

s emergency debt collection bill. On August 2, the Supreme Court of the State of New Mexico ordered the gradual lifting of the stay of writs of garnishment and execution in consumer debt collection cases. For more information, click here. On August 3, the Washington, D.C.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Account Recovery

FEBRUARY 4, 2021

A District Court judge in Arkansas has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case after it was accused of engaging in harassing behavior by sending the same verification letter twice in a month in response to two dispute notices sent by the plaintiff and for not including … The post Judge (..)

Fair Debt Collection 246

Fair Debt Collection Judgment Collections Financial services 246

Troutman Sanders

APRIL 19, 2021

Federal Activities: On April 19, the Consumer Financial Protection Bureau (CFPB) announced that the 30-day comment period on the CFPB’s proposal to delay the effective date of Regulation F, its Debt Collection Rule, is open. For more information, click here. State Activities: On April 14, Illinois Governor J.B.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

UK debt collections

APRIL 14, 2022

If you’re running a Business and searching for a debt collection agency (DCA), it is essential you choose the right solution. As with any Business sector, not all debt collection agencies are equal. Also, the greatest service will deliver the greatest results. Debt Collection plays a very important part in modern commerce.

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Collection Agencies Collections Agency Collections Debt Recovery 64

Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Why Would a Final Judgment of Foreclosure be Set Aside?

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Foreclosure Judgment Lender Bankruptcy 52

Troutman Sanders

OCTOBER 26, 2020

On October 23, the Federal Reserve and Financial Crimes Enforcement Network (FinCEN) invited comment on a proposed rule change, requiring financial institutions to keep more records on hand related to smaller-value international fund transfers. On October 16, the Virginia General Assembly voted to amend VA Code § 8.01-512.4

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

Collections 52

Collections Debt collector Student loans Student Loans 52

Troutman Sanders

APRIL 27, 2023

Consumer Financial Services Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Transcript: Recent Trends in Article III Standing (PDF)

Financial services 52

Financial services Fair Debt Collection Debt collector Judgment 52

Collection Industry News

MAY 18, 2021

The House Thursday passed legislation making a series of reforms to debt collection requirements. While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill that would expand the definition of a “debt collector” and increase risks to lenders.

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Collections Foreclosure Debt collector Fair Debt Collection 40

FFGN COLLECT NY

JANUARY 13, 2021

Whether you are looking for assistance with collection efforts or want to make sure your current vendor is in compliance, you should be familiar with the laws that govern New York debt collection. New York Debt Collection Laws. As of today, New York does not require licensing for collection agencies or collection law firms.

Judgment Enforcement 40

Judgment Enforcement Collections Debt collector Law Firms 40

Troutman Sanders

SEPTEMBER 11, 2023

On September 8, a federal court in the Eastern District of Texas granted summary judgment in favor of the U.S. The final judgment will be issued “forthwith.” While noting that the CFPB preserved its argument that the Fifth Circuit’s decision in that case is wrong and that its appeal to the U.S.

Judgment 59

Judgment Financial services Trade Collections 59

Consumer Financial Services Law

AUGUST 27, 2019

Post foreclosure, the Kirbys reopened their bankruptcy and initiated an adversary proceeding alleging, in part, that the mortgage company’s post-discharge communications were coercive attempts to collect a debt in violation of the discharge injunction. The court then examined the individual communications sent by the mortgage company.

Bankruptcy 40

Bankruptcy Judgment Foreclosure Debtor 40

Troutman Sanders

MARCH 17, 2023

million settlement with Safe Home Security, its CEO, and affiliated companies to resolve allegations that their practices violated state consumer protection laws by “trapping Massachusetts consumers in long-term auto renewal contracts” and engaging in illegal debt collection practices, among other activities. The settlement includes a $1.8

Third-party Debt Collectors 52

Third-party Debt Collectors Collections Debt collector Judgment 52

Consumer Financial Services Law

MARCH 27, 2018

Dunn The House Financial Services Committee voted 35-25 on March 21, 2018 to advance H.R. Dunn practices in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. By: Zachary K. 5082, officially known as the “Practice of Law Technical Clarification Act of 2018,” to the full House of Representatives.

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