Collection Industry News

MARCH 28, 2022

A major student loan refinancing company has joined the chorus of voices calling for broad-based student loan forgiveness as millions of borrowers brace for the end of the pandemic payment pause. They need to know whether and when their loan obligations will resume. The $10,000 student loan forgiveness argument.

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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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Jimerson Firm

FEBRUARY 10, 2022

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. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. See Caplinger v.

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ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff In the U.S. Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 3] In BMO Harris Bank v. (“BMO”) provided a bridge loan (“the Bridge Loan”) to Intermediate Holding.

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Troutman Sanders

JULY 5, 2023

On June 29, the Federal Financial Institutions Examination Council announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

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FFGN COLLECT NY

SEPTEMBER 23, 2022

The goal of the merchant cash advance lender, or any lender, is to be able to enter a judgment and seize assets quickly once a loan goes bad. The loans almost always include a personal guaranty , which provides relief for the lender against more than the corporate borrower, who might likely be failing.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Credit Corp

MAY 30, 2023

In most cases, debtors don’t have enough non-exempt assets to repay their debt. Meanwhile, you can also partially repay other debts—like a home mortgage or car loan—over a three to five-year period. So, financial institutions view you as a higher credit risk. The proceeds are used to discharge, or wipe out, your debt.

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Sawin & Shea

MARCH 14, 2023

Indiana allows debtors to exempt assets when filing for bankruptcy up to a certain monetary amount, and that amount recently increased. Last year, the Indiana Department of Financial Institutions (IDFI) increased the bankruptcy exemption amounts. Why Did Bankruptcy Exemptions Increase in Indiana?

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Troutman Sanders

JUNE 28, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On June 25, U.S. For more information, click here. For more information, click here.

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FFGN COLLECT NY

JUNE 3, 2020

For commercial judgment debtors, although an unintended consequence, an exemption of $2,850 is applied. A judgment creditor could freeze a payroll account belonging to a commercial judgment debtor. PPP allows entities to apply for low-interest private loans to pay for their payroll and certain other costs.

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Nexa Collect

APRIL 11, 2021

The Great Recession of 2008 follows a similar pattern, where the domestic credit and subsequent debt in the financial and nonfinancial sectors increased significantly before and during the crisis. These are industries where debtors will be hard-pressed to find money to pay debts for no other reason than that they are unemployed.

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Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. Student loans: The most recent data shows that over 10% of student loans are more than 90 days late, which puts them at risk of being turned over to collection agencies. Student loans.

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Burr Forman

JANUARY 7, 2022

From Burr & Forman’s Greenville office: Rachel Gilbert is a member of the firm’s Health Care Practice Group, focusing on assisting hospital clients with regulatory compliance, transactions, financial strategies, and advocacy related to participation in federal and state reimbursement programs.

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Collection Industry News

DECEMBER 17, 2023

The situation warrants quick and coordinated action by debtor governments, private and official creditors, and multilateral financial institutions—more transparency, better debt sustainability tools, and swifter restructuring arrangements.

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Troutman Sanders

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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Troutman Sanders

JUNE 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). For more information, click here. On June 16, the U.S.

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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. For more information, click here. For more information, click here.

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Fraser

SEPTEMBER 28, 2020

If you’re owed money by a bankrupt debtor, you likely have to file a claim. A creditor must take care to ensure that the claim amount listed on the debtor’s schedules is accurate and the claim is scheduled against the right debtor (in cases involving more than one debtor entity). Do You Have to File a Claim?

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Hudson Weir

MAY 13, 2021

Financial institutions, for example banks, will normally seek some kind of security when lending money. The charges cover assets such as stock, moveable machinery, and debtors. It’s worth considering carefully the type of business loan you require. This security is often more tangible than simply a credit rating.

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Troutman Sanders

JUNE 21, 2023

On June 20, EDX Markets (EDX), a digital assets marketplace with prominent founding investors that include major financial institutions, announced a successful launch and the completion of its new investment round. Department of Education and falsely promising student loan debt relief. -bound messages sent after August 31.

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Troutman Sanders

MAY 23, 2023

administrative penalty for operating as an unlicensed student loan servicer. On May 16, Maryland Governor Wes Moore signed SB106 into law, exempting up to $500 in a deposit account or other accounts of a judgment debtor held in certain financial institutions from execution on the judgment without an election by the debtor to exempt the money.

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Troutman Sanders

MARCH 29, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On March 24, the Consumer Financial Protection Bureau (CFPB) provided Congress its Consumer Response Annual Report for 2020.

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Collection Industry News

JANUARY 19, 2021

million in forgivable loans to Capio and an affiliated firm, the Law Office of Mitchell D. Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. who represents debtors in collection cases.

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Debt RR

OCTOBER 13, 2019

What happens to a business that enters into a financial transaction with another party? How can lenders feel confident in approving businesses for loans or leasing? There are different instances in which a UCC filing may be used, including: Loans for a small business. What laws govern business to business transactions?

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Fico Collections

SEPTEMBER 19, 2022

These rules require the debt collectors and recoveries staff to—if non-complaint—make significant changes on how and when they can communicate with debtors. Banks and financial institutions have always sought to gain a realistic awareness of their customers’ wants, needs, likes, and dislikes. See all Posts. Related posts.

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Troutman Sanders

AUGUST 16, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. trillion student loan portfolio from state regulation. For more information, click here. On August 9, the U.S.

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Troutman Sanders

MAY 17, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On May 13, the U.S. For more information, click here. The guidance was previously set to expire on May 31.

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Fico Collections

JANUARY 26, 2022

An approach that treats all debts and debtors the same, will not be as successful because there will be a significant number of consumers who owe money and have no ability to repay their debt. Student Loan Challenges. In December, the Federal Government extended the Student Loan Forbearance Period through January 31, 2021.

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FDCPA Defense

JANUARY 22, 2017

Attorneys who collect for national banks, debt buyers or other financial institutions have been regular targets in FDCPA class actions. Countrywide Home Loans, Inc., 2014) (collection complaints violated the FDCPA where they identified incorrect “original” creditor that had made the loans to class members); McCollough v.

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