Troutman Sanders

AUGUST 4, 2022

Consumer Financial Services Partner Tony Kaye counsels financial services providers on compliance issues, including military lending laws; defends clients facing government investigations, examinations, and enforcement actions; and defends individual and class-action lawsuits brought by consumers.

Financial services 52

Financial services Government 52

UK debt collections

FEBRUARY 29, 2024

Since the last budget announcement in November 2023, a notable 46% of businesses reported a decline in demand for their products or services as the chief cause of reduced profitability. The forthcoming budget presents an invaluable chance for the government to show its commitment to supporting SMEs and, by extension, the broader economy.”

Government 80

Government Trade 80

Troutman Sanders

JANUARY 26, 2023

As discussed here , on December 7, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that a New York commercial financing law was not preempted by the Truth in Lending Act (TILA). Chris Carlson Chris represents clients in regulatory, civil and criminal investigations and litigation.

Financial services 52

Financial services Consumer Credit Financial Institution Government 52

Troutman Sanders

MARCH 24, 2023

and its related entities provided personal loans to consumers to finance taxes and down payments associated with vehicle purchases. He focuses primarily on federal and state government regulatory and enforcement matters involving state attorneys general, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC).

Personal loans 52

Personal loans Loans Government Trade 52

Troutman Sanders

MARCH 9, 2023

Please join Troutman Pepper Partner Chris Willis and his colleague Consumer Financial Services Partner Lori Sommerfield as they discuss the implications of the recent Illinois federal court decision, dismissing the CFPB’s first-ever redlining case against Townstone Financial, Inc.,

Financial services 52

Financial services Government Banks 52

Payment Savvy

MAY 16, 2023

Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. Direct Payments Direct payments are transactions initiated by individuals to pay for goods or services. What Are Instant ACH Transfers?

Financial Institution 94

Financial Institution Banks Credit Unions Credit Unions 94

Troutman Sanders

MAY 2, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance.

Financial Institution 97

Financial Institution Fair Debt Collection Financial services Law Firms 97

UK debt collections

DECEMBER 16, 2021

The Insolvency service has been given new powers to challenge the conduct of dodgy directors who dissolves a Business to avoid paying their liabilities. These new powers will extend the Insolvency Services ability to investigate and punish rogue directors who are found to be abusing the company dissolution process. ”

Government 59

Government Creditors Loans Banks 59

Qualco

MARCH 12, 2024

In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

Collections 97

Collections Debtor Banks Loans 97

Troutman Sanders

JANUARY 5, 2023

As background, GAP is a debt cancellation product frequently sold by auto dealers to customers who finance their automobile purchases through the dealer, a type of financing arrangement known as indirect auto lending. GAP is designed to cover a portion of this remaining balance or “gap” owed to the lender on the finance agreement.

Credit Unions 52

Credit Unions Credit Unions Financial services Repossession 52

Troutman Sanders

SEPTEMBER 30, 2022

Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Brooke Conkle as they discuss the Federal Trade Commission’s (FTC) recent Notice of Proposed Rulemaking governing voluntary products in automobile finance transactions.

Trade 52

Trade Financial services Government 52

Fico Collections

JULY 21, 2022

The panel, supported by our Score A Better Future ( SABF ) program, was moderated by Marsha Barnes, Founder and CEO of The Finance Bar. Karen Bennetts, of NAWBO and Owner & Founder of Little Red Bird, and Katie Vlietstra Wonnenberg, vice president for Government Relations and Public Affairs of NASE, also joined me on the panel.

Education 98

Education Financial services Financial Institution Banks 98

Troutman Sanders

NOVEMBER 3, 2023

On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York businesses and consumers from cyber threats.” Highlights of the amendments are summarized below.

Government 59

Government Financial services Banks 59

UK debt collections

FEBRUARY 26, 2024

What we need is for the Scottish Government to step up and commit to universal free school meals for all children at all stages of their school lives.” At the meeting earlier this month he went on to make clear that external debt collection services, which were paused during a review, would not be used to recover school meal debt.

Debt collector 59

Debt collector Government Collection Agencies Collections Agency 59

Hudson Weir

MARCH 22, 2024

Alternative financing Being unable to pay debts when they fall due is one of the three ways of knowing that your company is insolvent – the cash flow test. To help, there are several financing options, each with their own advantages and disadvantages – including invoice discounting or alternatively, factoring.

Creditors 52

Creditors Trade Loans Government 52

Troutman Sanders

JULY 25, 2023

Crypto Asset Mixers and Tumblers Crypto asset mixers and tumblers are open-source software services that pool potentially identifiable cryptocurrency funds with the funds of others to obscure the trail that might otherwise lead to the original source of the funds.

Financial services 52

Financial services Government Banks Trade 52

Troutman Sanders

DECEMBER 28, 2023

There is federal precedent governing interest-rate exportation that supports the conclusion that, when analyzing whether an opt-out should apply, loans are made in the out-of-state depository institution’s location, not the borrower’s state, if the originating depository institution’s lending program is properly structured.

Lender 64

Lender Banks Credit Unions Credit Unions 64

Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. Troutman Pepper has more than 200 attorneys who regularly advise financial services providers and is nationally recognized for its prowess in the space.

Financial services 52

Financial services Government Financial Institution Lender 52

Troutman Sanders

APRIL 26, 2022

Larger nonbank participants, designated under the CFPB’s various “larger participant” rules, in other markets for consumer financial products and services — e.g., consumer reporting, debt collection, student loan servicing, international remittances, and auto finance.

Student loans 105

Student loans Student Loans Loans Government 105

UK debt collections

JANUARY 26, 2023

They are already having to pay back the support they took to get through COVID and, anecdotally, we are hearing that both the Government and HMRC are becoming more determined in pursuing debts, while other creditors are increasingly turning to the law to recover their debts.” Enforcing an unpaid Business CCJ

Construction 94

Construction Manufacturing Creditors Government 94

Fico Collections

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. Government Accountability Office (GAO) published the results of a study on trade-based money laundering entitled “Countering Illicit Finance and Trade: U.S.

Trade 98

Trade Government 98

Collection Industry News

JUNE 20, 2022

The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations , which require providers of commercial financing, including nonbank lenders, to provide commercial borrowers with cost-of-credit disclosures similar to those provided to consumer customers.

Government 40

Government Loans Banks Lender 40

Burt and Associates

APRIL 1, 2024

Ensuring clients settle up and managing unpaid bills are crucial to keeping your company’s finances healthy and growing. Changing Regulations: The rulebook governing debt collection practices continues evolving, creating business compliance challenges. Keeping up with new laws and regulations is crucial to avoid legal landmines.

Collections 52

Collections Debt Recovery Creditworthiness Collection Agencies 52

Burr Forman

SEPTEMBER 29, 2020

Joseph’s/Candler Health System is able to expand their services to a new medical campus in Bluffton, South Carolina. In an article prepared and distributed by JEDA describing the project, Michael is quoted stating, “Bond financing is a complex venture. We’re pleased and feel privileged that St.

Manufacturing 52

Manufacturing Acquisition Lawyers Government 52

Troutman Sanders

JANUARY 23, 2023

Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, as well as trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee. DAO operations; DAO governance; Legal structures; and Recommendations.

Financial services 52

Financial services Financial Institution Government Banks 52

Collection Industry News

OCTOBER 2, 2023

Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding. Some regulators like the Federal Reserve and government programs like Social Security share a similar funding model to the CFPB’s; they may also be called into question. The case — CFPB v.

Government 40

Government Credit Unions Credit Unions Trade 40

Troutman Sanders

JULY 7, 2023

The blog post also notes that the Bureau will continue to take a “whole-of-government approach” to protecting consumers from harmful uses of artificial intelligence, citing to the interagency statement on enforcement efforts against discrimination and bias in automated systems issued in April 2023.

Credit Unions 52

Credit Unions Credit Unions Financial Institution Government 52

Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

Financial services 52

Financial services Financial Institution Loans Lender 52

UK debt collections

NOVEMBER 15, 2023

The latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 2022). The government must create a system that is based on turnover rather than property values.

Government 59

Government Trade Retail Creditors 59

UK debt collections

FEBRUARY 16, 2021

Plans to create a Nationwide Debt Collection service to recoup unpaid covid Business support loans have hit a brick wall according to latest reports. £45 In total 1.47m loans were issued by Commercial Lenders with a government guarantee. The programme will see recipients start to pay 2.5% interest from May. interest from May.

Loans 72

Loans Collections Lender Bankruptcy 72

Troutman Sanders

JANUARY 26, 2022

On January 25, the House Committee on Financial Services announced its hearing schedule for the month of February, which includes a full committee hearing on February 8 at 10:00 a.m. ET on “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.”.

Financial services 52

Financial services Government 52

Troutman Sanders

MAY 16, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance.

Collections 52

Collections Law Firms Financial Institution Lender 52

Collection Industry News

DECEMBER 17, 2023

billion to service their external public and publicly guaranteed debt in 2022, the World Bank’s latest International Debt Report shows. Debt-service payments—which include principal and interest—increased by 5 percent over the previous year for all developing countries. billion in debt-servicing costs in 2022. billion in 2022.

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Creditors Banks Education Debt Management 40

Credit Corp

MAY 30, 2023

Finally, we’ll explain a few government-sponsored programs, some of which could help you make ends meet. You might not be able to overhaul your finances completely—but you can stem the flow of money to some degree. While Medicaid is a federal government program, each state sets its own eligibility guidelines.

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Government Loans Student loans Student Loans 94

UK debt collections

OCTOBER 30, 2023

The total increased from 1,517 in 2021/22 to 2,214 in 2022/23, amid rising costs of servicing debt and the squeeze on consumer spending, according to advisory firm Mazars. The combined pressures of rising costs of staff, debt servicing and ingredients is shrinking margins and driving many businesses to breaking point.

Debt Financing 59

Debt Financing Retail Government 59

Hudson Weir

APRIL 26, 2024

In short, this is a document that contains details of: Company financial position Estimates for the realisable value of the company’s assets The amount it owes to creditors In other words, it provides a run-through of the struggling company’s finances, to give its creditors a view of how much money could be available, ahead of any creditor vote.

Creditors 52

Creditors Trade Banks Government 52

UK debt collections

MARCH 23, 2023

Mr Bourgeois’ update comes weeks after the city’s former interim finance director said the council has more than £200m in outstanding debt that it does not expect to recover. In January 2019, the authority agreed to enlist the services of debt collectors to round up funds owed around council tax, business rates and parking.

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Debt collector Trade Government Collections 59