February, 2018

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Red Flags and Credit Worthiness

Turbo Recovery

Determining the credit-worthiness of a potential client can be a daunting task, even for seasoned professionals. A brand-new company with few assets might spoil you with glittering generalities and promises of prompt payment, but no assets can turn into aging receivables quicker than you think. Before you extend credit to a new client, it’s best to give them an in-depth review to ensure that your money isn’t getting thrown away.

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Guest Post: Supreme Court Clarifies Scope Of Whistleblower Protections Under Dodd-Frank

Consumer Financial Services Law

By: Connie E. Carrigan February 27, 2018 On February 21, 2018, in the case of Digital Realty Trust, Inc. v. Somers, the United States Supreme Court unanimously decided that employees who raise internal complaints about possible violation of securities laws are not protected as whistleblowers under the Dodd-Frank Act. In order to obtain protection from retaliatory measures undertaken by their employers, such complaints must be reported to the Securities and Exchange Commission (SEC).

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Bankruptcy Court Grants Relief from Stay to Credit Union to Exercise State Law Rights Related to Setoff Against Funds in which the Debtor's Children Hold an Interest

Foster Swift

The United States Bankruptcy Court for the Western District of Michigan recently issued an opinion in a case that involved mutual claims between the debtor and a creditor, and lifted the automatic stay to allow a creditor to exercise “setoff” rights provided by state law to recover its debt. 1 Read More › Tags: Chapter 13.

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Emerging Trends In FDCPA Litigation Against Community Association Attorneys

FDCPA Defense

Attorneys and other entities that regularly engage in collection work for community associations may be subject to the requirements of the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et. seq., as well as analogous state laws governing the consumer collection process. Practitioners should be aware of numerous FDCPA decisions issued during the past year that may significantly impact their compliance obligations and litigation risks.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

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.

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Red Flags and Credit Worthiness

Turbo Recovery

Determining the credit-worthiness of a potential client can be a daunting task, even for seasoned professionals. A brand-new company with few assets might spoil you with glittering generalities and promises of prompt payment, but no assets can turn into aging receivables quicker than you think. Before you extend credit to a new client, it’s best to give them an in-depth review to ensure that your money isn’t getting thrown away.

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CFPB’s Strategic Plan Reflects New Path

Consumer Financial Services Law

Photo by jesse orrico on Unsplash Last week, the CFPB issued its Strategic Plan for Fiscal Years 2018-2022. The Plan reflects Acting Director Mick Mulvaney’s vision for the CFPB and reflects a contrasting vision to what was reflected in the prior draft which was circulated in October prior to Cordray’s resignation. Here are the key points: · No More Pushing the Envelope.

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Seventh Circuit in Boucher: Miller Safe Harbor Language Does Not “Immunize” Debt Collectors from Liability for Violations of § 1692e

Consumer Financial Services Law

By Zachary K. Dunn Eighteen years ago, the Seventh Circuit crafted “safe harbor” language which, if used, shielded debt collectors from liability under 15 U.S.C. § 1692g. A recent decision, Boucher v. Fin. Sys. of Green Bay , 2018 U.S. App. LEXIS 1094 (7th Cir. 2018) , now calls that safe harbor language into question and subjects collectors to liability under another section of the Fair Debt Collection Practices Act (“FDCPA”), § 1692e, for use of the language the court itself drafted.

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Sharing of Convenience Fees Spells Trouble Under the FDCPA

Consumer Financial Services Law

A recent opinion from a district court in California serves as a reminder to creditors and debt collectors of the limited circumstances upon which convenience fees can be collected. In Lindblom v. Santander Consumer USA, 2018 U.S. Dist. LEXIS 993313267 (E.D. Cal. Jan. 22, 2018), the consumer was offered a variety of methods for payment. While some of the options were free, the consumer opted to make several payments using a “speedpay” service through Western Union.

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Tenth Circuit Joins the Fray Regarding Whether Foreclosures Are Debt Collection Activity

Consumer Financial Services Law

The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. In doing so, the Tenth Circuit has joined a split in the circuits on the issue. With the Tenth Circuit’s decision the circuits remain split with the Ninth Circuit and now the Tenth Circuit holding that non-judicial foreclosures are not debt collection activity and the Fourth, Fifth and Sixth Circuits holding that they are.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.