Jimerson Firm

JULY 22, 2020

That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss three of the most common wage and hour issues that commonly arise in the financial services industry. Marketing, servicing or promoting the employer’s financial products.

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Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Troutman Sanders

SEPTEMBER 5, 2023

The consent order between the parties includes a monetary judgment of $36.2 Impact Theory agreed to a cease-and-desist order finding it violated the registration provisions of the Securities Act of 1933, and will be required to pay more than $6.1 million in disgorgement, prejudgment interest, and a civil penalty.

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Troutman Sanders

MAY 2, 2022

State Activities: On April 28, Southern District of New York Judge Vyskocil granted a preliminary injunction, preventing sheriffs from enforcing New York’s Fair Consumer Judgment Interest Act on a retroactive basis. The amendment applies retroactively to judgments unsatisfied at the time the law went into effect.

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Troutman Sanders

AUGUST 7, 2023

These new Standard Operating Procedures (SOPs) will include updated origination policies and procedures, lender participation requirements, and 7(a) loan servicing and liquidation requirements. The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. For more information, click here.

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Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

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Troutman Sanders

DECEMBER 6, 2023

District Court in the Southern District of California recently held that a Federal Rule of Civil Procedure 68 offer of judgment must clearly state that attorneys’ fees and costs are limited or waived, as Arvest Central Mortgage Company (Arvest) learned to its detriment. in damages from the offer of judgment.

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Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Procedure For Getting a Deficiency Judgment. Amount of Deficiency Judgment.

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Jimerson Firm

DECEMBER 8, 2020

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). What Does Form 1.996(a), Final Judgment of Foreclosure, Include? Plaintiffs in Hillsborough county must use the Uniform Final Judgment of Foreclosure form.

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Jimerson Firm

AUGUST 12, 2021

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. Guild of America, Inc.,

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Troutman Sanders

DECEMBER 20, 2022

Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment. For more information, click here.

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Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Troutman Sanders

MAY 9, 2023

Among other things, the bill: (1) caps the rate of interest on medical debt to 3% per annum; (2) requires a debt collector or collection agency collecting on a medical debt to provide the consumer, upon the consumer’s written or oral request, an itemized statement concerning the debt, while allowing the consumer to dispute the validity of the debt (..)

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

JANUARY 5, 2022

State Activities: On December 31, 2021, New York Governor Kathleen Hochul signed a bill into law that will lower the interest rate charged on unpaid money judgments to 2%. The law, effective April 30, applies to new judgment and retroactively to any judgment not fully satisfied when the law goes into effect.

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Consumer Financial Services Law

NOVEMBER 19, 2019

On November 14, 2019, the House Committee on Financial Services passed the following bills which would amend the federal Fair Debt Collection Practices Act and tighten consumer protections. 3490) proposes to restrict the use of confessions of judgment embedded in certain contracts. The Small Business Lending Fairness Act (H.R.

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Account Recovery

APRIL 19, 2024

The Court of Appeals for the Third Circuit has upheld a summary judgment ruling in favor of the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s claims were outside the FDCPA’s one year statute of limitations and his attempt to request verification of the debt “was untimely by many years.”

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Troutman Sanders

OCTOBER 26, 2023

District Court in the Western District of Wisconsin recently denied both the defendant and plaintiff’s summary judgment motions in a Fair Credit Reporting Act (FCRA) case, holding that the reasonableness of the defendant’s investigation of the plaintiff’s identity theft claim was a triable issue. In Simonson v. IQ Data International, Inc.,

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Account Recovery

MARCH 28, 2024

A District Court judge in Connecticut has denied a defendant’s motion for judgment on the pleadings, ruling the debt in question does meet the Fair Debt Collection Practice Act’s definition of a debt and that the suit should proceed. What constitutes a debt? The definition seems to change by the day.

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Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

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Troutman Sanders

FEBRUARY 3, 2023

The court held that the plaintiff could not establish a concrete injury and granted the defendants’ motion for summary judgment. The debt stemmed from a 2014 judgment on a credit card debt for $1,015.20, which included pre-judgment interest of 9% and certain fees and costs. and offering to settle for 65% of the balance.

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Troutman Sanders

SEPTEMBER 7, 2021

As a result, many of the 16,000 SUNY students taken to court in the past eight years have had default judgments entered against them because they were unable to make their court date. Current regulation allows the AG to file suit in State Supreme Court in Albany, NY, regardless of where the individual with the unpaid student loan resides.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

AUGUST 9, 2021

Under civil case procedures established by the rules, a foreclosing creditor cannot obtain a judgment against a homeowner until certifying that loan modification and “loss mitigation” negotiations were attempted with the borrower.

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Financial services Student loans Student Loans Foreclosure 52

Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Why Would a Final Judgment of Foreclosure be Set Aside?

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Troutman Sanders

APRIL 19, 2021

Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 30. For more information, click here. State Activities: On April 14, Illinois Governor J.B. For more information, click here.

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Troutman Sanders

OCTOBER 7, 2021

a Third Circuit district court granted summary judgment to the defendants in a Fair Debt Collection Practices Act (FDCPA) case. a debt buyer, retained defendant LTD Financial Services, L.P. Therefore, the court granted summary judgment to the defendants on the plaintiff’s Section 1692e claim. In Bordeaux v. AA II, Inc.),

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Troutman Sanders

SEPTEMBER 27, 2021

The settlement requires HSEAA to pay $15,000 to the two servicemembers and a civil penalty of $20,000 to the United States.

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Financial services Student loans Student Loans Foreclosure 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

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Account Recovery

JULY 14, 2022

A District Court judge in Illinois has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, illustrating why it’s a good decision sometimes to take the extra steps of going through discovery instead of attempting to win on a motion to dismiss, while also potentially providing some ammunition for (..)

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Account Recovery

JUNE 15, 2023

A District Court judge has partially granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case and dismissed the complaint because the plaintiff lacked standing to sue, but gave the plaintiff — who raised new issues of why he has standing at the wrong time — an opportunity to file […]

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Account Recovery

SEPTEMBER 29, 2021

In a case that was defended by Rick Perr of Kaufman Dolowich & Voluck, a District Court judge in New Jersey has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act class-action lawsuit over the 1099C language in a collection letter, ruling that the disclosure used was not a false, … The post Judge (..)

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Account Recovery

MARCH 16, 2021

The Federal Trade Commission yesterday announced settlements in a pair of cases it brought under Operation Corrupt Collector, where each of the defendants have agreed to lifetime bans from working in the collection industry and will turn over all the money in their bank accounts to satisfy more than $27 million in judgments that were … The post (..)

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Account Recovery

FEBRUARY 4, 2021

A District Court judge in Arkansas has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case after it was accused of engaging in harassing behavior by sending the same verification letter twice in a month in response to two dispute notices sent by the plaintiff and for not including … The post Judge (..)

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Fair Debt Collection Judgment Collections Financial services 246

Troutman Sanders

APRIL 27, 2023

Consumer Financial Services Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Transcript: Recent Trends in Article III Standing (PDF)

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Fair Debt Collection Financial services Debt collector Judgment 52

Troutman Sanders

SEPTEMBER 11, 2023

On September 8, a federal court in the Eastern District of Texas granted summary judgment in favor of the U.S. The final judgment will be issued “forthwith.” While noting that the CFPB preserved its argument that the Fifth Circuit’s decision in that case is wrong and that its appeal to the U.S.

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FFGN COLLECT NY

JANUARY 6, 2023

Putting an end to the use of wage garnishments (income executions) in New York to collect medical judgments. Prohibiting a creditor from entering or enforcing a medical judgment by placing a lien against a debtor’s primary residence. Bill S9348 : Directs the superintendent of financial services to study overdraft fees.

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Consumer Financial Services Law

AUGUST 27, 2019

The bankruptcy court disagreed and granted summary judgment in favor of the mortgage company. Caren Enloe is a partner with Raleigh, NC’s Smith Debnam and leads the firm’s Consumer Financial Services Litigation and Compliance Group.

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Troutman Sanders

JUNE 2, 2023

In this action, the defendant was a former-employed financial advisor at UBS Financial Services, Inc. District Court for the District of Arizona to confirm the FINRA award under Section 9 of the Federal Arbitration Act (FAA) and convert the award into an enforceable judgment. Harrison , No. May 1, 2023).

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