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Judgment Loans Trade 
Account Recovery
MAY 19, 2021
The Federal Trade Commission has banned those behind a student loan debt relief scam from providing debt relief services as part of a settlement that the agency announced earlier this week.
246 
Account Recovery
NOVEMBER 30, 2020
A $24 million judgment has been entered against a collection agency and one of the agency’s co-owners has been ordered to divest himself of his ownership stake in the company that purchased the collection agency in question after it was accused by the Federal Trade Commission of collecting on “phantom” payday loans, “purported” (..)
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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It
Protect What Matters: Rethinking Finance Ops In A Digital World
Your Accounting Expertise Will Only Get You So Far: What Really Matters
Account Recovery
APRIL 19, 2024
The Federal Trade Commission has announced a settlement with the final defendant and “ringleader” of a student loan debt relief scam that bilked consumers out of nearly $9 million that will see the individual permanently banned from the debt relief industry and required to turn over assets to satisfy a $7.4
130 
Collection Industry News
JULY 27, 2021
The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. Source: site. Since the U.S.
40 
Nexa Collect
AUGUST 13, 2020
The number of trade experiences is a driving force behind achieving a good business credit score. Trade credits are loans extended in B2B agreements between a supplier and a business, based on a buy-now-pay-later arrangement. Even if you pay off a loan or a business credit card, keep it there.
130 
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?
52 
Troutman Sanders
JULY 18, 2022
The Federal Trade Commission (FTC) recently announced it sent out a second round of redress checks in a long-lasting legal battle against an alleged payday lending scheme. The FTC alleged an individual controlled several payday loan companies, which provided misleading loan terms. Case Background. Supreme Court Ruling.
52 
Collection Industry News
NOVEMBER 16, 2021
On November 8, 2021 the Federal Trade Commission (FTC) announced that it entered into a stipulated order with a payment processor, resolving allegations that the payment processor violated Section 5 of the Federal Trade Commission Act (FTC Act) and the Telemarketing Sales Rule (TSR) ???by The order also contains a $27.5
Fico Collections
APRIL 19, 2022
Competitive Loan Pricing: How To Outprice (not Underprice) Rivals. Competitive loan pricing is a term that’s often overused to imply lower pricing than close competitors. The leading lenders achieve this by mastering customer-centric loan pricing optimization , which encompasses much more than just price. Matt Stanley.
52 
Troutman Sanders
DECEMBER 7, 2020
million monetary judgment, under a stipulated order filed by the Federal Trade Commission (“FTC”) last week. The complaint raised multiple claims against Midwest Recovery, alleging first that Midwest Recovery violated the Federal Trade Commission Act (“FTC Act”) by making false or unsubstantiated claims that consumers owed debts.
64 
Troutman Sanders
MARCH 3, 2021
that the Federal Trade Commission (FTC) proved several automobile dealerships’ (collectively, “Tate’s Auto”) advertising failed to include legally required credit information in violation of the Truth in Lending Act (TILA) and the Consumer Leasing Act (CLA). The FTC moved for summary judgment against the individual defendants.
52 
Burr Forman
JULY 9, 2021
Quicken Loans Inc. , –– Fed Appx. ––, 2021 WL 2799939 (Jul. Section 1681(g) of the FCRA requires a lender to provide a CSD to a consumer whenever their consumer credit score is utilized in connection with a loan application “initiated or sought by a consumer.” In Ajomale v.
52 
PBWT
MARCH 2, 2021
As a result, Belk “has received $225 million of new capital, significantly reduced its debt by approximately $450 million and extended maturities on all term loans to July 2025.” Protecting Trade. Leaving trade creditors unimpaired, while not legally required, is an essential pragmatic consideration. Due Process.
65 
Collection Industry News
JULY 12, 2022
A Miami payday loan business must pay more than $39 million to hundreds of Venezuelan Americans in South Florida who lost a chunk of their money after investing in the company, according to a federal judge’s order. It is not expected that Sky Group and Betancourt will repay the full amount owed to the SEC under the judgment issued by U.S.
40 
Troutman Sanders
NOVEMBER 15, 2022
On November 10, the Federal Trade Commission (FTC) issued a policy statement, asserting its intention to renew and broadly apply its Section 5 authority under the FTC Act to challenge the “full array of anticompetitive behavior in the market.” For more information, click here. On November 7, a federal judge of the U.S.
Troutman Sanders
JULY 17, 2023
Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed against bankrupt digital asset services provider Celsius Network LLC (Celsius) and its co-founders on July 13.
Collection Industry News
JUNE 5, 2022
On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. and North Carolina’s Unfair and Deceptive Trade Practices Act, N.C. 14-423, et seq. , View source.].
Troutman Sanders
JANUARY 24, 2022
On January 20, the Federal Trade Commission (FTC) issued an advisory opinion on the impact of the Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses (Holder Rule) on the recovery of attorneys’ fees and costs above the amount paid on a consumer receivable arising out of a financed sale of goods or services.
52 
Troutman Sanders
FEBRUARY 3, 2023
The plaintiffs later requested rescission of the contract, cancellation of the loan, and tradeline deletion so the loan would not appear on their consumer reports. Later, when the plaintiffs stopped making payments on the loan, Holiday Inn allegedly reported the delinquency to a consumer reporting agency (CRA).
52 
Troutman Sanders
APRIL 23, 2021
FTC [1] that the Federal Trade Commission (FTC) does not have authority under the Federal Trade Commission Act Section 13(b) to seek, nor a court to award, equitable monetary relief, such as restitution or disgorgement. This case arose from Scott Tucker controlling several payday loan companies, which provided misleading loan terms.
52 
Troutman Sanders
DECEMBER 8, 2023
Hewlett , is a trade association of small business finance companies. Recently, the Commissioner moved for summary judgment. As discussed here , the plaintiff in Small Business Financial Association (SBFA) v. In March, the court denied the Commissioner of the DFPI’s motion to dismiss, leaving open both issues. The court disagreed.
52 
Credit Corp
AUGUST 31, 2021
But they also know that most borrowers who are sued for old debts won’t show up in court, and the judge will issue a default judgment. If your debt is past the statute of limitations at this point, you can re-open the default judgment and ask the judge to vacate it because it is time-barred. Always respond to legal summons.
Troutman Sanders
OCTOBER 16, 2023
On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. For more information, click here. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.
Troutman Sanders
FEBRUARY 27, 2023
Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. While risks to borrowers impacted by COVID-19 have declined, they remain high for leveraged loans, as well as the entertainment, recreation, and transportation services industries.
Troutman Sanders
NOVEMBER 2, 2020
In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. For more information, click here. For more information, click here. For more information, click here.
Better Credit Blog
APRIL 1, 2022
A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. The credit bureaus have 30 days to investigate the dispute.
Troutman Sanders
MARCH 21, 2023
The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. On March 6, eight AGs won judgments, totaling nearly $245 million in the U.S. For more information, click here. For more information, click here.
Troutman Sanders
DECEMBER 20, 2022
Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.
Troutman Sanders
AUGUST 1, 2023
For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 20, Federal Trade Commission (FTC) and the U.S. For more information, click here.
Taurus Collect
NOVEMBER 15, 2023
Enforcement of Judgment: If the court rules in favour of the agency, they can enforce the judgment to recover the debt. Follow-up: If the error isn’t resolved, consider contacting a legal professional or filing a complaint with the Federal Trade Commission (FTC).
Collection Industry News
JUNE 14, 2021
Here are snapshots of some other cases against debt collectors in Western New York that the State Attorney General’s Office, Federal Trade Commission and other law enforcement agencies have pursued in the past decade: Douglas MacKinnon. A judgment of $22.5 million judgment to resolve a lawsuit filed by the FTC and attorney general.
Collection Industry News
MARCH 23, 2021
The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic. The two judgments ordered nearly $15.2 In 2020, the CFPB engaged in four public enforcement actions, arising from alleged FDCPA violations.
Troutman Sanders
APRIL 26, 2021
Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Representative Tony Cardenas introduced the Consumer Protection and Relief Act. For more information, click here. On April 13, U.S.
Better Credit Blog
APRIL 3, 2022
Debt buyers like Portfolio Recovery Associates, LLC, buy hundreds of accounts at a time from credit card companies like CapitalOne and Discover and from student loan servicers and lenders. The Federal Trade Commission (FTC) could levy fines against debt collectors that violate your rights.
Troutman Sanders
MARCH 11, 2024
The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.
Troutman Sanders
MAY 9, 2023
On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.
Troutman Sanders
MAY 23, 2023
Earlier this month, the Federal Trade Commission (FTC) modified its Telemarketing Sales Rule (TSR) guidance webpage to clarify the requirements for obtaining consent to deliver calls with prerecorded messages and the elements of assisting and facilitating liability. administrative penalty for operating as an unlicensed student loan servicer.
Credit Corp
AUGUST 8, 2024
The statute of limitations also depends on the type of debt that is owed—here’s a breakdown of the different types of debt : Written contracts: These are repayment term agreements that are signed by the borrower, like mortgages and loans. Debt consolidation lets you combine them into one loan with (hopefully) a lower interest rate.
Troutman Sanders
SEPTEMBER 5, 2023
Court of Appeals for the District of Columbia ruled in favor of Grayscale Investments, requiring the SEC to review the company’s application to convert its over-the-counter Grayscale Bitcoin Trust into a listed Bitcoin exchange-traded fund. The consent order between the parties includes a monetary judgment of $36.2
ABI
JANUARY 13, 2022
In response to the financial crisis of 2007-2008, and the subsequent rise of unfair and deceptive for profit-mortgage assistance relief services (“MARS”), Congress designated the Federal Trade Commission (“FTC”) to employ rules regarding the regulation of MARS. [1] 1] These rules, the U.S. 3] In Consumer Fin. Consumer First Legal Grp.,
40 
Troutman Sanders
OCTOBER 15, 2021
Even sophisticated parties and publicly traded companies are getting scammed. A Florida lawyer engaged by family members to handle the sale of a car dealership in upstate New York received payment instructions by email from a lender’s lawyer directing that the wire of funds for a loan payoff be sent to a bank account at M&T in New York.
52 
Fico Collections
SEPTEMBER 27, 2022
This development is also supported by the fact that the decisions that are necessarily automated in digital processes are becoming better and better and regularly surpass the performance of manual decisions and decision strategies developed judgmentally. Thesis 4: AI Requires Effort. This assessment is inaccurate.
52 
Troutman Sanders
JUNE 14, 2023
On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. For more information, click here.
Troutman Sanders
MAY 2, 2023
PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels. On April 27, Federal Trade Commission (FTC) Chair Lina M. According to the CFPB, civil judgments are “both common and unevenly distributed.” Dollar (USD) LIBOR after June 30.
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