Daily Digest – June 1. OCC Issues Final ‘Valid When Made’ Rule; Nevada Extends COVID-19 Protections

OCC ISSUES FINAL ‘VALID WHEN MADE’ RULE TO ADDRESS MADDEN FIX

  • The Office of the Comptroller of the Currency — which regulates national banks — on Friday issued a final rule that clarifies a key component of the debt buying transaction, a concept known as the “valid when made” doctrine, which ensures the terms of loans remain valid after they are sold or transferred.

NEVADA EXTENDS COLLECTION-RELATED COVID-19 PROTECTIONS

  • The state of Nevada’s Financial Institutions Division has extended its directive that prohibited collection agencies in the state from attempting to collect from Nevada residents for another 30 days, according to ACA International, which posted a copy of a letter the state sent to licensed entities alerting them to the extension.

JUDGE GRANTS MOTION FOR DEFENSE IN FDCPA CASE OVER LACK OF TIME-BARRED DISCLOSURE

  • A District Court judge in New York has granted a defendant’s motion for judgment on the pleadings after it was sued for violating the Fair Debt Collection Practices Act because it attempted to collect on a time-barred debt without making the proper disclosures in a statement letter.

HEAR FROM EXPERTS ON TRENDING COMPLIANCE TOPICS

  • Click here to read this week’s Compliance Digest. You’ll get insights and opinions from 11 different compliance experts — Kelly Knepper-Stephens, David Kaminski, Brit Suttell, Carlos Ortiz, Jonathan Robbin, Brent Yarborough, Lauren Burnette, Lauren Valenzuela, Katy Spicer, Michael Klutho, and Stefanie Jackman — discussing the impact of recent court cases and legislative updates. You’re not going to get that kind of varied perspective anywhere else. The Compliance Digest is sponsored by The Bedard Law Group.

WORTH NOTING: Should you get tested for coronavirus even if you don’t think you have it? … Some egg cooking hacks are going viral … Baseball and soccer players have decidedly different ideas about returning to work … How to improve productivity for remote workforces … The looming childcare crisis for parents going back to work … Getting ready for National Donut DayHow to stay safe if you need someone to come to your house … What your barber shop will look like after it re-opens.

What you need to know before going to the beach

Music Monday

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