Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. The law will take effect July 1.

Financial services 52

Financial services Banks Debtor Education 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

Financial services 52

Financial services Judgment Debtor Creditors 52

Troutman Sanders

OCTOBER 16, 2023

The bill amends existing law allowing a judgment creditor to apply for an order requiring the judgment debtor to appear before the court and provide information to aid in the enforcement of a money judgment. For more information, click here. On October 8, AB1119 was signed by Newsom. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

JULY 5, 2023

On June 29, the United Kingdom’s cryptocurrency bill — the Financial Services and Markets Act 2023 — was approved by King Charles and ratified into law. There are currently 128 members across GMAC and its subcommittees, which is the largest-ever single advisory committee initiative sponsored by the CFTC.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

JUNE 21, 2023

On June 14, CFPB Director Rohit Chopra issued an opening statement before the House Committee on Financial Services, which included an update as to the CFPB’s mandated objectives and alerts for “shocks to the system that might unsettle household financial stability.” For more information, click here.

Financial services 52

Financial services Collection Agencies Collections Agency Trade 52

Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Preferred Collection and Management Services, Inc. Open Banking Begins to Take Off in the U.S. with New Rules Promulgated by the CFPB.

Financial services 52

Financial services Debt collector Banks Fair Debt Collection 52

Jimerson Firm

APRIL 9, 2024

When a court enters a civil money judgment, it creates a judgment debtor and a judgment creditor. If the judgment debtor fails or refuses to pay the amount of the judgment, the judgment creditor may elect to use statutory collection methods to partially or fully satisfy the judgment. These exemptions are addressed below in turn.

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Judgment Debtor Creditors Collections 105

Troutman Sanders

OCTOBER 19, 2021

On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B. For more information, click here. On October 8, New York Governor Kathy Hochul signed Senate Bill S737A into law.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

JANUARY 20, 2022

Under the bill, collectors would be prohibited from joining or requesting to join a consumer’s social media network or communicating or attempting to communicate with a debtor using a social media platform for the purpose of collecting or attempting to collect a debt owed by such debtor. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

MAY 24, 2021

The Board uses the “Senior Financial Officer Survey” to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. For more information, click here. On May 20, U.S. For more information, click here.

Financial services 52

Financial services Foreclosure Banks Law Firms 52

Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. Pritzker issued Executive Order 2020-71, which reinstituted 30 previous executive orders. For more information, click here.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

JUNE 28, 2021

The proposed amendments include changing the definition of medical debt, allowing medical debtors to initiate contact and make voluntary payments, and preventing certain written communications from being sent via certified mail. State Activities: On July 1, Nevada Senate Bill 248 will go into effect. For more information, click here.

Financial services 52

Financial services Financial Institution Collection Agencies Collections Agency 52

Troutman Sanders

AUGUST 16, 2021

248 would require debt collectors to provide medical debtors with a 60-day notice of placement before collecting on any medical debt. District Court for the District of Nevada is scheduled to hear evidence from the accounts receivable industry on the anticipated effects of Nevada Senate Bill 248 (S.B.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

MAY 17, 2021

The proposed amendments include changing the definition of medical debt, allowing medical debtors to initiate contact and make voluntary payments, and preventing certain written communications from being sent via certified mail. On May 10, the Nevada Assembly Committee on Commerce and Labor submitted recommendations to S.B.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

DECEMBER 28, 2020

The order also extends the state of emergency through March 31, 2021, which continues the prohibition against initiating a communication with a debtor through to May 31, 2021. Namely, “[n]on-essential businesses are required to telework, except in person staff needed to support minimum business operations.” For more information, click here.

Financial services 52

Financial services Foreclosure Government Debtor 52

Troutman Sanders

MARCH 29, 2021

As such, initiating communication with a debtor is prohibited while the emergency remains in effect and for 60 days thereafter. For more information, click here. On March 22, Washington D.C. Mayor Muriel Bowser extended the district’s state of emergency through May 20. For more information, click here.

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

JUNE 22, 2021

Executive Order 2020-25 suspended the “provisions of the Illinois Code of Civil Procedure that permit the service of a garnishment summons, wage deduction summons, and a citation to discover assets on a consumer debtor or consumer garnishee.” For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 26, 2020

to extend protection of COVID-19 payments from garnishment and amend the required notice to judgment debtors to inform them of an additional category of exempt funds described as emergency relief payments. 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

FFGN COLLECT NY

DECEMBER 10, 2023

And yet, this is among the financial services sectors that are not as digitized as others. Big data analytics make segregating data seamless and developing a potent strategy to treat each debtor ethically. It makes it easier for debt collectors and businesses working with New York attorneys to communicate with debtors.

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Collections Debtor Debt collector Financial services 52

Jimerson Firm

FEBRUARY 22, 2024

As such, whether the consumer lawyer intends to pursue the class or not, this is seen as a tactic to increase settlement value for the debtor, even if the settlement is only on an individual basis. These lawsuits are typically based upon an allegedly improper 3-day notice sent to a tenant/debtor. 18), Florida Statutes.

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Debtor Lawyers Consumer Collections Legal Rights 59

FFGN COLLECT NY

OCTOBER 20, 2021

Benefits payable to companies were not exempt and, as of October 2021, may still be restrained by a judgment creditor enforcing a judgment in New York against a commercial debtor. The New York Department of Financial Services recently increased the amount exempt from judgment enforcement on individual accounts to $3,000.00.

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Judgment Enforcement Judgment Debtor Creditors 98

PBWT

JANUARY 30, 2023

The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. The Debtors filed for bankruptcy in July 2022, at which point there were approximately 60,000 such Earn Accounts. See 11 U.S.C. § § 541.

Bankruptcy 65

Bankruptcy Debtor Unsecured Creditor Creditors 65

Jimerson Firm

NOVEMBER 8, 2023

Generally, when a creditor obtains a judgment in another state, and the judgment debtor is located in the State of Florida, or assets the judgment creditor wants to obtain are located in Florida, the judgment creditor must “domesticate” the judgment in Florida. However, such burden would be on the judgment debtor. 55.505, Fla.

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Judgment Debtor Creditors Garnishment 59

Burr Forman

AUGUST 19, 2021

Erich Durlacher – Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law. David Elliott – Banking and Finance Law, Commercial Litigation, Financial Services Regulation Law, Litigation – Banking and Finance. Clarke – Real Estate Law. Elizabeth Davis – Environmental Law. Devin Dolive – Commercial Litigation.

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Lawyers Construction Acquisition Bankruptcy 105

Jimerson Firm

NOVEMBER 27, 2023

If the debtor consents and no one otherwise objects, a secured party may accept the collateral in full or partial satisfaction of the obligation. A debtor is deemed to consent to the acceptance of collateral in partial satisfaction of the obligation if the debtor agrees to the terms of acceptance in a record authenticated after the default.

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Secured Creditor Collateral Creditors Debtor 59

Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry.

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Garnishment Collections Debt collector Student loans 40

Collection Industry News

MARCH 30, 2024

The benefits are clear: AI tools can predict which debtors are likely to pay; they can negotiate payments virtually, and segment and profile customers. This is good news for financial services providers, experts say, because systems can spot who’s going to pay their debt and who’s less able to honour demands.

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Collections Debtor Financial services 40

Jimerson Firm

DECEMBER 10, 2021

Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. Self-help asset recovery is more commonly known as repossession. Replevin. Security Underwriting Consultants, Inc. 2d 752 (Fla.

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Secured Creditor Repossession Collateral Creditors 98

FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

Troutman Sanders

JANUARY 17, 2024

ECOA defines “credit” as “the right granted by a creditor to a debtor to defer payment of debt or to incur debts and defer its payment or to purchase property or services and defer payment therefor.” Supreme Court in Community Financial Services Association v CFPB (CFSA case).

Trade 52

Trade Creditors Debtor Financial services 52

Jimerson Firm

FEBRUARY 10, 2022

Generally, if debtors owe a debt to a lender, and the lender cancels or forgives that debt for less than its full amount, the debtor is treated for income tax purposes as having income and may have to pay tax on this income by virtue of a 1099-C filing from the lender. 1099-C Issuance. 684, 689 (Bankr.W.D.Pa.2009)

Lender 98

Lender Credit Unions Credit Unions Collections 98

Troutman Sanders

APRIL 6, 2023

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements. As a consequence of the repeal, such lawsuits may no longer be viable in Utah.

Collection Agencies 52

Collection Agencies Collections Agency Collections Debt collector 52

Troutman Sanders

NOVEMBER 8, 2023

When considering the defendant’s motion to dismiss, the court applied the least sophisticated debtor standard and found that the plaintiff failed to state a claim. Even for the least sophisticated debtor, the court found, the letter itself offered ways to validate the communication.

Debt collector 52

Debt collector Debtor Fair Debt Collection Education 52

Nexa Collect

NOVEMBER 26, 2022

The GLB Privacy Rule only applies to nonpublic personal information (NPI), including (Debtor) Name, Address, Income, Social Security number. The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising. Handling savings. Exchanging or transferring funds.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

BN Lawyers

OCTOBER 23, 2020

s Consumer Financial Service Law Practice Group. Our firm is very proud of Brit’s efforts on behalf of an organization that we have supported since its inception” explained Manuel Newburger, a shareholder and the leader of the firm’s Consumer Financial Services Law Practice Group. Barron & Newburger, P.C.

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Law Firms Legal Collections Creditors Financial services 52

Jimerson Firm

NOVEMBER 16, 2020

Florida courts have established a two-part test to determine if a secured creditor “breached the peace” within the meaning of Section 679.609(2)(b) of the Florida Statutes: “(1) whether there was entry by the creditor upon the debtor’s premises; and (2) whether the debtor or one acting on his behalf consented to the entry and repossession.”

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Consumer Financial Services Law

MARCH 23, 2021

Specifically, the debtor took issue with a disclosure in the validation notice, which she attached to her complaint, that provided “[i]n making this demand we are relying entirely on information provided by our client.” Landon Van Winkle is an attorney in Smith Debnam's Consumer Financial Services Litigation and Compliance Group.

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