Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. The CFPB also noted that the credit union’s letters miscommunicated the credit consequences of delinquency.

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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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Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more.

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Sawin & Shea

JUNE 16, 2021

Tip: Credit unions often offer better rates than banks because they are non-profit organizations. Pro: Lenders will be more willing to lend money when they know that the co-signer has good credit. Not only could this damage your co-signer’s credit, but it would undoubtedly damage your relationship.

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Troutman Sanders

MARCH 22, 2021

The advisory provides a list of steps a consumer can take to ensure that they have the full benefit of those funds by protecting them from bank and credit union setoffs if the consumer’s account is overdrawn. For more information, click here. ” For more information, click here. On March 17, U.S.

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Debt Guru

APRIL 12, 2020

The resulting court judgment remains public for seven years, and a successful lawsuit can lead to garnishment of your wages or even seizure of your assets. As the fees pile up and the interest compounds, you might face a debt collector or even a civil lawsuit. If you’ve started considering a payday loan, just stop now.

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Troutman Sanders

NOVEMBER 2, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens.

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