article thumbnail

Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule

Troutman Sanders

Transcript: Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule (PDF) Jordan highlights the importance of data portability in banking, comparing it the telecommunications industry’s phone number portability. He suggests that the rule will increase competition, forcing banks to offer better services to retain customers.

Banks 52
article thumbnail

Can Debtors Be Legally Forced To Pay Debt With Their Cryptocurrency

Nexa Collect

That is why a creditor must attempt to file a legal suit in which the debtor must declare all his assets under oath when asked by the judge. Debtors are legally bound to pay their liabilities like outstanding credit cards or unpaid bills etc. In this way, the payer’s bank initiates payment to the merchant’s bank.

Debtor 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Can a Lender Pursue Debt Collection After a Charge Off and 1099-C Issuance?

Jimerson Firm

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Bank of Am. , Bank of Am. Charging Off” Uncollectable Debt. 1099-C Issuance. For example, in Ware v.

Lender 98
article thumbnail

What is the Difference Between the FDCPA and the FCCPA?

Jimerson Firm

Bank of Am. , Bank of Am., 9), which prohibits a person from attempting or threatening to enforce a debt it knows is not legitimate or asserting some other legal right it knows does not exist. Had actual knowledge that the right did not exist. Bank Nat’l Ass’n, 245 F. Medical Business Consultants, Inc. ,

article thumbnail

A Busy Summer for the CFPB—And Consumers Will Benefit in the Long Run

True Accord

These types of consumer contracts can also be perceived as an attempt to confuse people about their rights—such as the general liability waiver, which claims to fully insulate companies from suits even though most states have enacted legal exemptions to these waivers.

article thumbnail

Using a Civil Lawsuit to Recover Stolen Money or Property

Jimerson Firm

Most importantly, civil theft requires a heavier burden of proof and carries additional legal consequences and remedies, including the potential for treble damages (three times the actual damages). Conversion Conversion refers to the wrongful exercise of control over someone else’s property without their permission or legal right.

article thumbnail

Dealing with Debt Collectors

Debt Free Colorado

You have rights to help you gain control over your debt collection interactions. To learn more about pursuing your legal rights, contact your state’s local consumer agency. Because it is more limited than the federal FDCPA, the CFDCPA gives consumers stronger legal protection in several aspects.