7 January 2015 – Consumer Financial Services Watch

“Start Spreading the News”: Recent New York Regulations Impact Debt Collection and Default Servicing

Jan 07 2015

By: Steven M. Kaplan, Gregory N. Blase, Christopher E. Shelton

Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt collection in New York was subject to (1) relatively limited requirements set by New York statute and several municipal ordinances, and (2) the federal Fair Debt Collection Practices Act (“FDCPA”). While parts of the new DFS regulation are modeled on the FDCPA, other requirements depart drastically from the federal framework. Areas of novel regulation include disclosures to consumers regarding statutes of limitations and charged-off debts, as well as restrictions on sending emails to consumers. The Consumer Financial Protection Bureau (“CFPB”) is drafting a debt collection regulation to supplement the FDCPA, and it remains to be seen whether the New York regulation becomes a bellwether of changes at the federal level or by other states.

To read the full alert, click here.

K&L Gates Launches Global Employer Solutions

Jan 07 2015

With more than 200 million people throughout the world now employed by multinational enterprises and their affiliates, law firm K&L Gates LLP has established Global Employer Solutions, a comprehensive cross-disciplinary team of lawyers helping entities with operations and staff across numerous countries and wide-ranging jurisdictions meet the challenges of their global business needs and comply with an array of local laws and regulations. Global Employer Solutions includes more than 200 lawyers throughout K&L Gates’ global platform collaborating across borders and practices and drawing from deep experience in areas such as employment, workplace safety, immigration, benefits, tax, executive compensation, compliance, and investigations.

Global Employer Solutions will assist clients in identifying and mitigating risks, ensuring compliance, and coordinating personnel policies focusing on global employment strategies, including downsizing, acquisitions, and integrations; transactional due diligence and post-merger integration; protection of confidential information; global contracts, employee handbooks, and safety standards and policies; and cross-border compliance issues, as well as a variety of relocation and immigration matters, including visa applications, document transfers, and temporary and permanent employment visa options.

Archive:7 January 2015