Category Archives: Breaking News

NCBA Presents 2020 Awards & Scholarships at Executive Experience Event in Phoenix, Arizona

FOR IMMEDIATE RELEASE

October 22, 2020

[UNIVERSITY PARK, FL] National Creditors Bar Association (NCBA) presented its 2020 awards and scholarships this week at the NCBA 2020 Executive Experience event in Phoenix, Arizona.

Donald Kramer Award: Brit Suttell

NCBA presented its 2020 Donald Kramer Award to Brit Suttell with the firm Barron & Newburger, P.C.  The Donald Kramer Award, named in honor of NCBA founder Don Kramer, is presented annually to an individual whose efforts have made a substantial and lasting impact for the benefit of the creditors’ rights community.

Member of the Year Award: Harvey Moore

NCBA presented the 2020 Member of the Year Award to NCBA Past-President Harvey Moore with The Moore Law Group, APC.  The award is given to an NCBA member who demonstrates extraordinary commitment to the NCBA vision.

President’s Award: William Hicks

NCBA President Mark Groves presented the 2020 President’s Award to William Hicks with the law firm Messerli & Kramer P.A. In recognition of his ongoing dedication and service to the association.

Outstanding SCBA Award: Michigan Creditors Bar Association

NCBA presented the 2020 Outstanding SCBA Award to the Michigan Creditors Bar Association (MCBA).  The award recognizesMCBA’s 25 years of elevating the practice of collection law, providing its members with educational seminars and opportunities for networking and open exchange of ideas, and promoting legislation and court rules to strengthen and improve the Michigan legal system.

Community Service Award: The NCBA “Acts of Kindness” Member Firms

The NCBA 2020 Community Service Award, which wouldnormally go to a NCBA member firm which donated generously to their community, was presented this year to the 21 member firms that shared with NCBA the details of their generous acts of kindness performed in their communities during COVID-19.  The firms are: Blitt and Gaines, P.C.; Couch, Conville & Blitt, LLC; The Law Offices of Daniel C. Consuegra, P.L. Friedman & Associates, LLC; Glasser and Glasser, P.L.C.; Gordon, Aylworth & Tami, P.C.; Gurstel Law Firm P.C.; The Law Office of Howard B. Weber; The Law Office of Jason Gang, PLLC; The McHughes Law Firm PLLC; Messer Strickler, Ltd.; Newby, Sartip & Masel, LLC; North Central Legal Solutions, PC; O’Reilly Rancilio P.C.; Persolve Legal Group, LLP; Randolph, Boyd, Cherry and Vaughan; The Law Offices of Ronald S. Canter, LLC; Slovin & Associates; Tobin & Marohn; Weltman, Weinberg & Reis Co., LPA; and Zimmerman & Zimmerman, P.A.

2020 Scholarships

The NCBA Scholarship Program was established to promote financial literacy to our future leaders of our communities.  The 2020 NCBA Scholarship Program is sponsored by Stratus Payment Solutions.  Members of NCBA’s client community willingly served as judges this year.

A first place scholarship of $5,000 and a second place scholarship of $2,500 were awarded to students enrolled in a non-vocational, accredited two-year or four-year college or university in pursuit of a degree.  The contest topic was, “Is texting or emailing more or less intrusive than a phone call? Why?”  The first place recipient was Eliza Conner, daughter of an attorney with NCBA member firm Garner and Conner, PLLC.  The second place recipient was Rebecca Olshan, daughter of an attorney with NCBA member firm Rubin & Rothman, LLC.

A scholarship of $7,500 was awarded to a student enrolled in an accredited school of law in pursuit of a Juris Doctor degree.  The contest topic was, “What is the role that collections plays in the credit cycle and economy, and why is it important?”  The winner of the law school scholarship is Nicole Mouzakiotis, daughter of an employee at NCBA member firm Blitt & Gaines, P.C.

 

Contact Information

Jim Podewitz

Director of Communications

The National Creditors Bar Association

Direct: 202-861-0706

Email: jim@creditorsbar.org

Web: www.creditorsbar.org

National Creditors Bar Association is a nationwide bar association of over 550 creditors rights law firms and in‐house counsel of creditors.  National Creditors Bar Association members are committed to being professional, responsible and ethical in their practice of creditors rights law.

FDCPA Certification and Training online courses for as little as $29

PROPER TRAINING IN FDCPA COMPLIANCE SIGNIFICANTLY LOWERS THE CHANCES OF GETTING SUED

Do you have a collection department or staff that interacts daily with companies or consumers in regards to past due invoices? If so, then every phone call your employee makes, every discussion they have with someone who owes money opens the door to possibly being sued due to non-compliance with the FDCPA. It is not possible to simply train your employees to be professional and “hold their cool” when talking to a consumer, especially now with all the added stress as a result of the Coronavirus. Every day, even seasoned collectors get stung by FDCPA compliance issues which result in lawsuits and settlements, both of which are time-consuming and costly.
Every month, my company receives a long list of creditors, lawyers, collection agencies, and other businesses that were sued under the FDCPA regulations. This list is just a small fraction of companies that settled with litigant lawyers making demand due to one or several infractions. I recently met a litigant FDCPA lawyer who told me he sends out 10 to 20 demand letters to various companies a week making demand and that most of them just settle, rather than litigate.

WHY NOT DO EVERYTHING YOU CAN TO PROTECT YOURSELF AGAINST HAVING TO PAY YOUR HARD EARNED MONEY TO SETTLE AN FDCPA COMPLAINT

My name is Robert Pinchuck and I own and operate several lawyer directories that list hundreds of debt collection law firms. One afternoon while attending a conference in Chicago, there were several lawyers and collection agency owners sitting at my table and they were discussing(complaining) about having to settle with FDCPA litigant attorneys for thousands of dollars. A light bulb went off in my head, I thought why not create a top-notch FDCPA certification course that would properly train collection industry personnel on how to most likely not get sued. I grabbed my friend, Jack Gordon, and planned the birth of our new company, FDCPA CERTIFICATIONS LLC. Over the course of the next year along with other industry executives, we carefully put together an online certification course. Shortly after that, the company was taking on students and we have to date educated around 15,000 students

FDCPA certification was approved for continuing legal education (CLE) in the state of Colorado for 4 credit hours, including 1.5 hours of ethics. Colorado has reciprocity with many states which include several of the largest states. We recently added Texas to our reciprocity list. Please feel free to visit our website at www.fdcpacertification.com for further information on the CLE offerings.

The course has 11 sections-each covering one or more sections of the FDCPA. Each section includes the text of the act, a 3-5 minute video presentation, further written analysis, and a short quiz. After all, sections have been successfully completed there is an 80 questions final exam. Once the final exam has been successfully completed the student is issued a personalized certificate.

Thank you for taking the time out of your day to read our story and we hope that we can be part of your 3rd party training choice to help protect your business. We also offer a very sophisticated platform that enables you to sent test questions on FDCPA regulations daily to your staff. The results of the scores are available to your manager so if someone is not getting the questions correct, it would be a red flag that they might require more training through the course.

Please go to www.fdcpacertifications.com. During these difficult times, We are offering $40 off each course which means a single course is only $59 and if you buy multiple courses you can pay as little as $29 per course. All people who pass the course will have unlimited access to our course materials. When checking out, use the passcode Fdcpa40 to get this offer which is unlimited until the end of the year. I have learned that if you ever do get sued on an FDCPA violation and go to court, it always looks better to the judge if you have used 3rd party training. It is an indication of just how serious you take the FDCPA regulations.

Thank you for your time and we hope to help your company with FDCPA training which will prove to be the best method for 3rd party training.

Call us at (855) 239 – 4555

 

 

 

Article By Robert Pinchuk

Betting on Asia’s Debt, Europe’s Hunt for Yield Heads East

SINGAPORE/AMSTERDAM — Low yields at home are sending some previously shy European investors into Asia’s credit markets, money managers say, lured by the promise of higher returns and a hope that rebounding economies can hold defaults at bay.

Unlike in Europe or the United States, Asia’s central banks have not stepped in to put a floor under corporate debt prices. That has the market’s recovery in Asia trailing the rest of the world.

“Now people are looking for the valuation gap to close,” said Hayden Briscoe, head of Asia-Pacific fixed income at UBS Asset Management.

Starting with family offices, then private banks, flows from Italy, Germany, Switzerland and the United Kingdom have broadened over the past few months, he said.

“I don’t think it’s slowing down,” he said. “We haven’t had a day of outflows, it’s just been continuous.”

Like elsewhere Asia’s junk bond spreads, the premium over safer assets that buyers demand for riskier debt, have narrowed sharply since March.

But Asian high yield still offers a rich 686 basis points over safe-haven benchmarks, which is at least 200 basis points more than what European or U.S. junk debt offers.

At the same time Asia’s economies, especially China which dominates the region’s $260 billion high-yield market, are emerging in better shape from the coronavirus crisis.

Asia is the only region Goldman Sachs Asset Management says it expects to grow this year, and as a consequence, it forecasts junk default rates at 4% compared to 8% in the United States for 2020.

“When you have a market that is giving you sufficient yield and is not necessarily any more risky, it becomes a market that people at least have to look at,” said Elizabeth Allen, head of credit research, Asia-Pacific at HSBC Global Asset Management.

“Rather than just – ‘Oh this is Asia, I don’t know about it, never mind about it’ – that mindset is rapidly changing.”

(Graphic: Asian corporate debt sits at attractive levels, https://fingfx.thomsonreuters.com/gfx/mkt/xlbvgljkjpq/asian%20high%20yield.png)

BEST IN CLASS

Along with the asset management arms of UBS, HSBC and Goldman, J.P. Morgan Asset Management, Pictet Wealth Management and Credit Suisse are among advisors to sound upbeat on Asian credit.

Goldman Sachs Asset Management, like UBS-AM’s Briscoe and HSBC Global Asset Management’s Allen, told Reuters it has noticed demand from Europe lately.

Beyond the economic factors, the composition of Asia’s debt market is another attraction, investors say, because exposure to sectors hardest hit by the virus – such as energy, travel and other cyclicals – is lower than in Europe or the United States.

“The dominant sector is really the Chinese property names,” said Tiansi Wang, Senior Credit Analyst at Dutch fund manager Robeco in Hong Kong, adding the well-capitalised industry is driven by supportive domestic factors.

“That makes a big part of Asia’s high-yield market run low-correlation with the global high-yield market,” she said.

To be sure, Asia is still home to plenty of risky companies vulnerable to going broke and burning their bondholders.

U.S. and European investment in Asian bonds comprises only about 16% of the total, according to J.P. Morgan Asset Management.

But interest in recent deals such as last week’s nearly 13-times oversubscribed Tencent Music’s $800 million debt sale, of which about two-thirds went to EMEA and U.S. buyers, suggests at the very least a more receptive audience abroad.

“We expect the region’s positive growth trajectory, highly-supportive policies and the global grab for yield to continue to sustain demand for Asian dollar credits,” said Shaw Yann Ho, head of Asia fixed income at J.P. Morgan Asset Management.

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On-Demand: Fewer Collectors, More Accounts: Prioritizing Contact Efforts for the Coming Wave of Delinquencies and Defaults

As the economy faces unprecedented unemployment rates and an impending recession, record numbers of financial accounts across industries will enter collections. According to NPR, banks are preparing for “an onslaught of defaults in debt.” Agencies face staffing challenges with limited office use and work-from-home challenges.

Additionally, the recession may accelerate consumer contact information changes, either from moving residences or changing phone information. Poor data and an increase in call blocking and SPAM tagging could worsen RPC rates. Collections organizations that have more accurate consumer phone and email data, and the phone behavior of their target consumers, will be better positioned to efficiently make contact and arrange for payment.

How are you preparing for fewer collectors and more accounts? Learn how other agencies are leveraging the following insights to improve their contact efficiency and effectiveness:

  • Omnichannel phone, email, and device data for coordinated contact attempts across channels
  • Dialing the phone number a consumer uses most
  • Contacting the consumer during the times and days when they are most likely to answer
  • Mitigating inappropriate call blocking or spam-mislabeling

Join Neustar dialing optimization experts Mitchell Young, Vice President of Customer Intelligence & Risk Solutions; Todd Meeks, Director of Risk Product Management; and Wendy Weinhardt, Principal Solutions Engineer; as they explain proven strategies that will help your organization prepare for the coming wave of accounts entering collections.

Debt collection rules should not affect first-party collectors

The Consumer Financial Protection Bureau (CFPB) should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a CFPB proposal. The proposal would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts (debts for which the applicable statute of limitations has expired).

“We respectfully recommend the Bureau continue to rely solely on its Fair Debt Collection Practices Act (FDCPA) authority when promulgating rules governing the practice of debt collection,” the letter reads. “The FDCPA provides the Bureau with ample ability to achieve its desired limitations on third-party collections without exposing credit unions that collect their own debts to expanded regulatory compliance and litigation burden.”

The letter also calls for the CFPB to:

  • Acknowledge the complex patchwork of state debt collection laws governing time-barred debts and adopt a “knowledge” standard for determining prohibited communications;
  • Avoid mandating any disclosures that assert legal interpretations or provide legal advice, which may ultimately confuse consumers, and instead establish disclosures that provide information on time-barred debts in a general manner so the consumer can pursue additional information regarding their specific situation;
  • Provide a safe harbor for debt collectors making a good faith attempt to accurately determine the status of a debt and provide the relevant disclosure to a debtor; and
  • Clarify expectations for required disclosures in states where there are already time-barred debt disclosure requirements in place.