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Supreme Court to Decide Commencement of APA Statute of Limitations Period in Debit Card Fee Challenge

Troutman Sanders

Board of Governors of the Federal Reserve System (Board), a case where Corner Post challenges a 2011 Board rule that governs certain fees for debit-card transactions. In 2011, the Board set the interchange-fee cap at 21 cents per transaction. Supreme Court has granted the petition for certiorari in Corner Post, Inc.

Banks 52
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Mortgage rates rise as debt ceiling standoff drags on

Collection Industry News

Mortgage rates topped 5% for the first time since 2011 a little more than a year ago and have remained over 5% for all but one week during the past year. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s chief economist.

Lender 40
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How New York Budget Cuts Will Affect Debt Collection

FFGN COLLECT NY

Without aid from the federal government, New York state will see budget cuts of 10 billion in 2021 followed by budget cuts of 30 billion in 2022. But how is that possible given the fact that the courts are still recovering from the voluminous caseload from the recession of 2008 and 2011 budget cut of 170 million dollars?

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State of the Collections Industry in 2021

The Kaplan Group

The number of collection firms has been in decline since 2011, from 9,400 to 7,401 in 2018. There was a steep decrease in 2020, with only 6,699 remaining, a 10% decline. Government mandated forbearance programs resulted in sharp declines in delinquencies for student loans and mortgages. That’s a 2.5% decline per year.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The Federal Reserve Board extended the implementation timeframe from a target date of November 2023 to March 10, 2025. The “incident exposed the personal information of individuals who were granted or denied a concealed and carry weapons (CCW) permit between 2011-2021,” according to the alert. For more information, click here.

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Bankruptcy Court May Refrain from Enforcing a Valid Arbitration Clause

ABI

10] Highland filed a motion to compel arbitration of several of the counterclaims and claims objections because they implicated conduct prior to the March 17, 2017 amendment during which the Shared Services Agreement contained a valid arbitration provision. [11]. 1] 10 Collier on Bankruptcy, ¶ 9019.05 (Alan N. 10] See id.

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What Financial Institutions Should Know about a Tax Levy on a Customers Bank Account

Jimerson Firm

. §6331 authorizes the IRS to apply any means necessary to seize all property and any rights to property belonging to a taxpayer if a taxpayer neglects or refuses to pay their unpaid tax within 10 days after notice and demand from the IRS. Property Subject to a Tax Levy. Nat’l Bank of Commerce, 472 U.S. 713, 722 (1985). United States v.