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. On August 31, 2020, the state legislature enacted the COVID-19 Tenant Relief Act of 2020.

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Troutman Sanders

JULY 29, 2020

This bill protects stimulus funds provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) from being garnished by private debt collectors. This protection is similar to how Social Security payments are barred from garnishment. As part of S. For non-electronic payments, S. For non-electronic payments, S.

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Jimerson Firm

NOVEMBER 8, 2023

Nevertheless, a judgment creditor should consider the following: Post-judgment discovery (to locate assets and people) Depositions in aid of execution Writs of garnishment (against banks/financial institutions) Continuing writs of garnishment against salary and wages Attaching/executing on personal and real property Pursuing proceedings supplementary (..)

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Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. According to the FOMC, inflation continues to run below 2%. For more information, click here.

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Troutman Sanders

APRIL 5, 2021

Federal Activities: On April 1, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets, including mortgages, credit reporting, credit cards, and prepaid cards.

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Troutman Sanders

APRIL 19, 2021

Senator Ted Cruz introduced the Financial Institution Customer Protection Act of 2021, which seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry. On April 13, U.S. For more information, click here.

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Debt RR

AUGUST 3, 2020

This could lead to bank account garnishment. Is It Legal for Commercial Debt Collectors to Garnish Bank Accounts? While the IRS doesn’t need court approval to garnish bank accounts, other creditors can file a lawsuit against businesses – and their owners, in some cases – to receive a judgment that requires payment in full.

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Troutman Sanders

JULY 7, 2021

On June 30, the Federal Financial Institutions Examination Council (FFIEC) issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled, “Architecture, Infrastructure, and Operations.” For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

NOVEMBER 2, 2020

It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions. For more information, click here.

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Troutman Sanders

NOVEMBER 13, 2023

On November 6, the Bank of England, Financial Conduct Authority, and Prudential Regulation Authority issued guidance explaining how current and proposed regulatory regimes governing “e-money, stablecoins, and tokenised bank deposits” will interact, indicating that applicable financial institutions will be subject to dual or triple regulation.

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Troutman Sanders

SEPTEMBER 29, 2020

Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions. On September 25, Illinois Governor J.B. The order is now in effect until October 17, 2020. For more information, click here.

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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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Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

DECEMBER 5, 2022

State Activities: On December 1, the New York State Department of Financial Services (NYDFS) announced that it is seeking public comment on a proposed regulation that will permit the agency to charge the cryptocurrency companies it regulates for the costs associated with their oversight. Kathy Hochul signed S.6522A/A.7363A

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Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

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Troutman Sanders

MARCH 29, 2021

Specifically, the bill included a requirement that the Nevada Financial Institutions Division license the app. Specifically, hospitals would be prohibited from charging interest or fees on certain debts and from garnishing the wages of individuals who qualify for reduced or free medical care. For more information, click here.

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Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

NOVEMBER 8, 2022

These include modernizing Treasury’s IT systems with an elevated cybersecurity threat focus, as well as ramping up partnerships with the financial and regulatory sectors. On October 31, the Financial Crimes Enforcement Network (FinCEN) informed U.S. On October 31, the Financial Crimes Enforcement Network (FinCEN) informed U.S.

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Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

JUNE 15, 2021

On June 8, California Attorney General Rob Bonta warned “financial institutions, creditors and debt collectors that it is illegal to seize federal Child Tax Credit payments for individual debts in California.”

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Troutman Sanders

MAY 23, 2023

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. The law will take effect October 1.

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Better Credit Blog

APRIL 11, 2022

If you see an old phone number, chances are it is still on file with the financial institution that issued the loan or credit card. The public records section will include any type of financial, or legal action against you. Garnishments. Phone Numbers: You’ll see phone numbers associated with your credit accounts.

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Troutman Sanders

NOVEMBER 1, 2021

On October 27, the FTC announced a newly updated rule that strengthens the data security safeguards that financial institutions must implement to protect their customers’ financial information. For more information, click here. For more information, click here.

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Troutman Sanders

JUNE 22, 2021

On June 17, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). For more information, click here. For more information, click here.

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Troutman Sanders

AUGUST 3, 2020

The bill defines “extraordinary” collection actions as selling debt to a third party, reporting the debt to a credit bureau, denying medical care, placing a lien on a property, foreclosing on a property, seizing property or funds from a bank account, commencing a civil action, and garnishing an individual’s wages. As part of S. As part of S.

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Troutman Sanders

MARCH 15, 2021

Under the program, Treasury will purchase preferred stock or subordinated debt from qualifying minority depository institutions and community development financial institutions, with the corresponding dividend or interest rate based on the institution meeting lending targets. For more information, click here.

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Troutman Sanders

NOVEMBER 7, 2023

The report provides several state-level policy solutions to address the disparities, which include, but are not limited to (a) subsidizing down payments and interest rates for first-generation homebuyers; (b) increasing state funding to nonprofit financial institutions that are better able to support communities of color that are underserved by traditional (..)

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