Economy, Pandemic Drove Up Bankruptcy Filings in 2023 With No Abatement Expected This Year

A look back at bankruptcy trends and litigation in 2023 reveals a spike in bankruptcy filings driven by economic factors and fallout from the pandemic while in upper courts several interesting cases were decided involving proofs of claim, stay violations, and discharge issues.

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NCA in the Community: Q3 & Q4 Highlights

HUTCHINSON, Kan. -- National Credit Adjusters, a receivables management company headquartered in Kansas with offices in Arizona and Jamaica, looks back on community involvement during the second half of 2023 with gratitude for each team and their dedication to getting personally involved with service to our communities. From water drives to food drives and more, NCA was able to fulfill its ongoing commitment to giving back thanks to the caring individuals and employees who put each initiative into action.

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Wisconsin Senate Proposes New Bill to Revise Money Transmission, Consumer Lenders, Collection Agency and Other Financial Services Licenses

In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of Financial Institutions (DFI) to expand use of the Nationwide Multistate Licensing System and Registry (NMLS) across license types, modernizes money transmission laws, and revises the regulation of consumer lenders, collection agencies, check sellers, payday lenders, community currencies exchanges, sales finance companies, adjustment service companies, and insurance premium companies. The bill was read and referred to the Committee on Shared Revenue, Elections and Consumer Protection and a public hearing was held on December 19, 2023.

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Consumer Relations Consortium Announces 2024 Legal Advisory Board Members

NEW YORK, NY -- The Consumer Relations Consortium (CRC) is pleased to announce its 2024 Legal Advisory Board (LAB) members. The LAB is an exclusive membership group of outside counsel with expertise in the accounts receivable industry who have each pledged their time and resources to support the mission of the CRC. The LAB allows a limited number of law firms and is comprised of fourteen total attorneys. Throughout the year, the LAB serves as a legal resource to the CRC membership and assists in fulfilling the mission of promoting forward-thinking approaches to the issues raised by regulatory policy and technology innovation in the accounts receivable industry.

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CFPB Bites of the Month - December 2023 - I'm Dreaming of a Winter Solstice and the CFPB

The CFPB did not rest in December 2023. In this article, we'll share some of our top CFPB "bites" of the month so you can stay on top of recent developments.

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CFPB Adjusts Various Penalty Amounts Based on Inflation

The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may impose for violations of consumer financial protection laws under the Dodd-Frank Act. Specifically, the Dodd-Frank Act initially provided for the following tiers of civil money penalties:

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Featured Resources and Webinars

from insideARM.com

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