By Matthew Young, Attorney When your member defaults on his or her loan, your Credit Union is going to want your member to cure the default as quickly as possible or exercise the quickest and most cost effective means to recover the balance. Most commonly, this recovery will occur through offset or (setoff), which is…
By Michael J. McCulley, Esq. New Jersey Courts are considering drastic changes to Court Rules for debt buyers. The changes would require debt buyers to produce an “unbroken chain of ownership” for each debt and even list the store or vendor associated with the card on the complaint. On October 20, 2011 a memo was…
By: Andrew J. Sonderman, Esq. On June 30, the Court of Appeals for the Tenth District (Franklin County) affirmed a summary judgment for a credit union client of the Firm based on a credit card default (BMI Credit Union v. Timothy D. Burkitt, Case No. 09AP-1024) in an Appeal from the Franklin County Municipal Court. …
On January 13, I had the pleasure of appearing on The Ray Lucia Radio Show. A friend of mine arranged this and I definitely enjoyed the experience. Of course, who wouldn’t enjoy the opportunity to talk about Regulation Z and the Credit CARD Act?! I can’t get enough of that. Moreover, with the Federal Reserve’s…
by Joseph D. DeGiorgio, Esq. Throughout the first nine months of 2009, Ohio courts issued several decisions with a significant impact on the laws governing banking operations and debt collection. Courts in Ohio have decided cases involving issues such as what proof is required for a bank to recover pre-judgment interest, what party or parties may…
Day 2 started with a compelling speaker, Tom Glatt of REALTORS® Federal Credit Union (www.realtorsfcu.org). For those of you who have heard Tom speak before, you know he is full of provincial stories about growing up in Louisiana, complete with his Cajun accent. While I find his act to be a little over the top,…
Let’s get the superficial stuff out of the way: The hotel (The Westgate Hotel http://www.westgatehotel.com) is lavishly appointed with brass fixtures and marble counters, spacious rooms, soft sheets and large windows. The food is perfectly prepared and served in bounty. The staff was courteous and proficient. This all provides the prefect setting to be told…
The following is an article reprinted with permission from the upcoming Spring 2009 edition of The WWR Letter: By: Robert Rutkowski, Partner The economy being what it is, any changes lenders try to make in the way they do business get magnified. Some lenders have been increasing their late fees and penalty rates. Now, penalty…
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