Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

Judgment 40

Judgment Acquisition Law Firms Financial Institution 40

PBWT

NOVEMBER 15, 2020

a financial institution [or] a transfer made by or to (or for the benefit of) a. financial institution. In 2015, Defendants brought a motion for summary judgment under section 546(e), arguing that the transfers were protected by the safe harbor. The court thus granted the motion for summary judgment.

Bankruptcy 104

Bankruptcy Financial Institution Debtor Judgment 104

FFGN COLLECT NY

JUNE 3, 2020

Is garnishing PPP or CARES Act funds an option for satisfying outstanding monies owed to judgment creditors? Although New York has liberal laws on judgment enforcement, CPLR Sect 5222-a provides a laundry list of funds exempt from creditors’ reach. The post Can a NY Judgment Creditor Garnish PPP or Other CARES Act Funds?

Garnishment 52

Garnishment Creditors Judgment Judgment Enforcement 52

FFGN COLLECT NY

JULY 7, 2022

On December 31, 2021, Governor Hochul signed the Fair Consumer Judgment Interest Act into law. This amended the post-judgment interest rate on all judgments against consumers from 9% to 2%, effective April 30, 2022. An income execution (also known as a garnishment) is another manner of collecting a money judgment.

Garnishment 52

Garnishment Financial Institution Judgment Debtor 52

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.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

FFGN COLLECT NY

MARCH 15, 2022

Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure. Affidavits are an important debt collection practice and facilitate the domestication of judgments from other states and countries. But robo-signing wasn’t just happening within Chase.

Collections 98

Collections Judgment Financial Institution Foreclosure 98

FFGN COLLECT NY

JANUARY 20, 2021

Before Judgment. Accounts can be restrained before the entry of judgment is made by obtaining an order of attachment from the court. This prevents the judgment debtor from removing deposits from the bank, brokerage, or other accounts, pending a determination of the creditor’s application. After Judgment.

Banks 40

Banks Financial Institution Judgment Debtor 40

Troutman Sanders

JULY 17, 2023

Interestingly, the FTC also alleged that Celsius violated the GLBA by making false representations to customers of financial institutions to obtain, among other things, the cryptocurrency wallet addresses of its customers. Further, the stipulated consent order holds Celsius liable for a $4.72

Financial Institution 52

Financial Institution Trade Fair Debt Collection Bankruptcy 52

Troutman Sanders

AUGUST 7, 2023

On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver of defendants True Count Staffing Inc., On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver of defendants True Count Staffing Inc.,

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

FFGN COLLECT NY

JUNE 29, 2021

A judgment creditor, seeking to enforce a judgment has many ways to enforce a judgment in New York. The methods they use depend on the collecti0n lawyer’s strategy to satisfy the judgment or, at the very least, bring the judgment debtor to the table. Restraining Notice Exemptions.

Judgment 40

Judgment Debtor Creditors Financial Institution 40

Collections Law

APRIL 5, 2022

This means we examine the debtor’s financial assets and ask the court to secure them for collection before we receive the court’s judgment in your favor. We then pursue a judgment from the court in order to collect your money. If the court will not approve a prejudgment attachment, we pursue post-judgment options.

Collections 52

Collections Credit Unions Credit Unions Judgment 52

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.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Jimerson Firm

JANUARY 31, 2023

Nevertheless, all sources of regulations contain a similar theme: employing individuals with criminal backgrounds in certain positions within the financial institution can threaten the financial institution’s compliance with these regulatory bodies. The NCUA and Chapter 657 regulations will only apply to credit unions.

Credit Unions 52

Credit Unions Credit Unions Banks Financial Institution 52

Troutman Sanders

AUGUST 23, 2023

Finally, the order also includes a monetary judgment in the amount of $73,076,930, but only requires defendant Shapiro to pay $250,000. The remainder of the monetary judgment is suspended due to the defendants’ “financial situation.” His experience includes serving as a summer associate at the firm in 2021.

Financial services 52

Financial services Financial Institution Trade Government 52

FFGN COLLECT NY

JUNE 23, 2021

An information subpoena is a type of subpoena used by judgment creditors and their attorneys to reveal more information about the judgment debtor. It’s an information-gathering tool used to uncover information about assets that the judgment debtor may own that are held by a third party. What is a restraining notice?

Debtor 40

Debtor Judgment Collections Creditors 40

Troutman Sanders

JANUARY 6, 2023

According to the CFPB, “[w]hile the nature of overdraft services, including how accounts can be overdrawn and how financial institutions determine whether to advance funds to pay the overdrawn amount, has significantly changed since 1969, the special rules [contained in Regulation Z] remain largely unchanged.”

Financial Institution 52

Financial Institution Lender Credit Unions Credit Unions 52

Credit Corp

MAY 23, 2021

Tip: Sometimes, the name of a financial institution doesn’t precisely match the name of the company checking your credit. Tip: Liens and civil court judgments used to appear on credit reports, but credit bureaus no longer collect information about those types of public records. What Is the Safest Way to Check My Credit Report?

Bankruptcy 98

Bankruptcy Financial Institution Lender Credit Bureau 98

Troutman Sanders

AUGUST 1, 2023

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks.

Financial services 52

Financial services Student loans Student Loans Trade 52

Burr Forman

FEBRUARY 17, 2021

He has over 34 years of experience representing financial institutions in litigation, regulatory, and compliance matters. But Acting Chair Lee reversed that position, returning to the prior (arguably more clumsy and uncertain) policy. I covered that announcement here. Tom is licensed in Tennessee, Texas, and Louisiana.

Collateral 52

Collateral Financial Institution Judgment 52

Troutman Sanders

JUNE 28, 2021

The extension serves as an operational accommodation, allowing additional processing time for banks, community development financial institutions, and other financial institutions to pledge any Small Business Administration-approved Paycheck Protection Program (PPP) loans to the facility through the PPP program’s June 30 expiration date.

Financial services 52

Financial services Financial Institution Collection Agencies Collections Agency 52

Troutman Sanders

MARCH 24, 2022

HB1027 will require registration with the commissioner of financial institutions for both sales-based financing providers and brokers by November 1, 2022. The registration requires an application that will require certain control persons of providers and brokers to disclosure specified judgments, orders, and convictions.

Financial Institution 59

Financial Institution Collateral Loans Judgment 59

Burr Forman

MAY 20, 2021

Overall, the CDCIA’s proposed changes to consumer finance laws tend to support pro-consumer policies and will require financial institutions, debt collectors, and loan servicers to re-evaluate their business practices if the bill is ultimately passed.

Collections 52

Collections Debt collector Student loans Student Loans 52

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.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 20, 2023

It further assured the public that the award would be drawn from a reserve account maintained for adverse legal judgments — not from taxpayer funds. Susan Nikdel Susan is an associate in the firm’s Consumer Financial Services Practice Group, and focuses her practice on consumer financial services matters.

Financial services 52

Financial services Financial Institution Government Retail 52

Troutman Sanders

OCTOBER 16, 2023

NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Burr Forman

JANUARY 7, 2022

He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation.

Bankruptcy 52

Bankruptcy Creditors Secured Creditor Manufacturing 52

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. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Debt RR

AUGUST 3, 2020

Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions. This is submitted to the financial institution that will remit payment from the debtor’s bank accounts.

Garnishment 40

Garnishment Banks Student loans Student Loans 40

Nexa Collect

NOVEMBER 1, 2021

Individuals can be legally forced to pay their debts with their cryptocurrency, but the creditor must have a judgment which states that the debtor is obligated to pay off the debt, including any cryptocurrency they own. Summary: Indeed! Knowing whether or not the debtor owns crypto like bitcoin is of course a challenge.

Debtor 130

Debtor Creditors Government Banks 130

FFGN COLLECT NY

SEPTEMBER 1, 2022

It turns out that they owed funds to the third-party creditor and the creditor obtained a judgment against the operator or property manager. The owner must be diligent when reviewing the account and also ensure with the account’s financial institution that it was established as a trust account. What are your remedies?

Creditors 52

Creditors Banks Financial Institution Judgment 52

Troutman Sanders

JUNE 14, 2023

The proposed guidanceadvises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. For more information, click here. According to U.S.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Fico Collections

JULY 19, 2021

A pooled model is a scoring model built on “pools” of historical data from many financial institutions. No data is required from the customer because it’s built on pools of historical data from other financial institutions. What Is a Pooled Model? Pooled models can be licensed as “off-the-shelf” and quickly used.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MARCH 17, 2022

We suspect a court would be suspicious of the CFPB taking this policy judgment into its own hands. The CFPB’s announcement is a sea change in how financial institutions need to think about fair lending and fair treatment. But those laws reach every aspect of the economy. Conclusion.

Financial services 52

Financial services Financial Institution Manufacturing Trade 52

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.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

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.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

OCTOBER 15, 2021

Lawyers for victims of wire fraud frequently file lawsuits against the financial institutions involved, alleging common law negligence outside of the actual wire transaction itself to avoid the pre-emption challenges. The federal appeals court affirmed. The buyer received the Explorers, but Beau Townsend Ford never received payment.

Lawyers 52

Lawyers Banks Financial Institution Education 52