Account Recovery

APRIL 13, 2023

The Consumer Financial Protection Bureau has filed a motion in its case against Lexington Law, asking the judge to assess $3.1 billion in penalties — in the form of redress to consumers and fines — arguing that is the amount that the defendants “took” from four million consumers. A copy of the motion in the … The post CFPB Asks Judge in Lexington Law Case to Levy $3.1B in Fines and Redress first appeared on AccountsRecovery.net.

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UK debt collections

APRIL 13, 2023

Scottish Businesses had over 1.2 million overdue invoices on their books this winter. Insolvency and restructuring trade body R3 analysed data from Creditsafe, revealing that 416,856 were due in December, 400,272 in January and 414,575 in February. Scotland saw the biggest month-on-month increase in late payments between January and February in the UK, with numbers rising by 3.6%.

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Account Recovery

APRIL 13, 2023

More money for the U.S. Postal Service means less money for companies in the accounts receivable management industry. The USPS announced this week a 4.8% increase in first-class stamp prices, from 63 cents to 66 cents, effective July 9. This marks the fifth price hike since early 2019 and a nearly one-third increase in stamp … The post USPS Raising Stamp Prices Again first appeared on AccountsRecovery.net.

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Accounts Receivables Management 246

FFGN COLLECT NY

APRIL 13, 2023

Last week, a New York court ruled that the NY Guaranty Law passed during the pandemic, which prevented landlords from pursuing good guy guarantors and others for commercial property, is unconstitutional. Can you now bring a lawsuit in New York against guarantors, including those who signed good guy clauses ? During the onset of the pandemic, New York City faced a major crisis as Covid-19 cases skyrocketed and business revenues plummeted.

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Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

Account Recovery

APRIL 13, 2023

Kelsey Peters understands the importance of knowing where you come from. Whether it’s a piece of good advice from her late father, or the uniqueness of the town in which she grew up, or the benefits of working for a legend in the ARM industry, each of those experiences has shaped her and who she … The post Getting to Know Kelsey Peters of Frost-Arnett first appeared on AccountsRecovery.net.

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Account Recovery

APRIL 13, 2023

A pair of individuals have been indicted by a grand jury in Colorado for their role in running an alleged student loan debt settlement scam. The pair — Jalon Torres and Lisa Marie Ritter — earned more than $1 million from hundreds of victims who were defrauded. Torres, 45, was the registered agent for Student … The post Pair Indicted for Running Student Loan Debt Settlement Scheme first appeared on AccountsRecovery.net.

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Student loans Student Loans Debt settlement Loans 130

Troutman Sanders

APRIL 13, 2023

As discussed here , in 2016 the Central District of California granted judgment in favor of the Consumer Financial Protection Bureau (CFPB) in its long-running challenge to CashCall, Inc.’s tribal-lending operation. Specifically, the court found that CashCall engaged in unfair, deceptive, and abusive acts or practices in violation of the Consumer Financial Protection Act (CFPA) when it serviced and collected on loans made by Western Sky Financial, a lending operation owned by an enrolled member

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Loans Judgment Financial services Lender 52

Account Recovery

APRIL 13, 2023

Companies in the accounts receivable management industry may have someone else to compete with for consumers’ money and attention — the Internal Revenue Service is getting ready to resume normal activities, including collecting on unpaid taxes. The announcement was made in a blog post by the Taxpayer Advocate — which advocates for the fair treatment … The post IRS to Resume Normal Collection Activities in May first appeared on AccountsRecovery.net.

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Accounts Receivables Management Collections 130

Troutman Sanders

APRIL 13, 2023

Please join Troutman Pepper Partner Chris Willis and his colleague Vin Thomas as they discuss what it’s like to be a general counsel of a financial services company, based on Vin’s long experience as a financial services general counsel. During this episode, they examine various types of challenging work a general counsel faces, including managing regulatory and compliance matters; the nuances of working for public and private companies handling deals, such as mergers and acquisitions; initial p

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Financial services Acquisition 52

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Collections

Account Recovery

APRIL 13, 2023

GETTING TO KNOW KELSEY PETERS OF FROST-ARNETT Kelsey Peters understands the importance of knowing where you come from. Whether it’s a piece of good advice from her late father, or the uniqueness of the town in which she grew up, or the benefits of working for a legend in the ARM industry, each of those … The post Daily Digest – April 13. Getting to Know Kelsey Peters of Frost-Arnett; CPFB Asks Judge for $3.1B in Penalties in Lexington Law Case first appeared on AccountsRecovery.net.

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Payment Savvy

APRIL 13, 2023

When it comes to investing, one of the most important things to consider in terms of a company is its financial health. You cannot make a fully conscious decision about whether you should invest your hard-earned money in a business if you don’t know if it will be profitable. That’s when the TIE ratio or Times Interest Earned ratio comes into play.

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Lender 52

Troutman Sanders

APRIL 13, 2023

On April 7, the Washington State legislature passed HB 1051 , also known as the Robocall Scam Protection Act, which expands the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices. HB 1051 will become law once it is signed by Governor Inslee.

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Manufacturing Financial services 52

Consumer Finance

APRIL 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.

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Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

Banks

Collection Industry News

APRIL 13, 2023

New YorkCNN — Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday. “Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement at the top of the company’s website said Sunday morning. The company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open for now, as will websites.

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Bankruptcy Retail Manufacturing Loans 40

TCPA

APRIL 13, 2023

A recent decision from the U.S.

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