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  Financial — Caution

Most business people know about proper internal controls but not all implement them. Good business practice tells us that, unless it is an exceptional situation involving a truly trusted family member, you don’t let the same employee who is preparing your supplier invoices for payment also be the person that signs the checks. It should be apparent that this kind of arrangement allows an employee to create a bogus supplier and then send checks for the bogus invoices to themselves. You never know when your trusted employee has a personal problem or has become associated with accomplices that may make them commit unethical acts that in normal times, they would never ever consider doing.

Internal controls work well when there is a separation of responsibilities as well as a second authorization required on the signing of contracts, checks, purchase orders, and other obligations.

Thomas W. Hamilton


 Industry Articles and Information


Managing a local counsel network with a more thoughtful LPM perspective
By Joseph W. Hovermill
Local counsel reporting should be a key part of a process management system in terms of resource deployment decisions and sequencing.
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Congressman reintroduces legislation to add Inspector General at CFPB
ACA International
The bipartisan bill is part of proposed measures to increase congressional oversight at the bureau.
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The Federal Trade Commission updates the Consumer Financial Protection Bureau on its efforts in 2014 to regulate the Debt Collection Industry
FTC
The Federal Trade Commission (FTC) has sent its annual letter the Consumer Financial Protection Bureau (CFPB) detailing the Commission’s efforts to regulate the debt collection industry through its implementation of the Fair Debt Collection Practices Act (FDCPA). The CFPB is required to submit annual reports to Congress on the FDCPA, a task previously assigned to the FTC. To assist the CFPB in preparing its report, the FTC issues a letter summarizing its own recent work on debt collection issues. Read more to see the letter.
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Debt collection litigation and CFPB complaint statistics, December 2014 and year in review
WebRecon LLC
Consumer litigation, particularly TCPA, has come roaring back after an anemic December 2014. CFPB complaints look flat from November to December, but the December numbers are still likely to increase by a couple hundred complaints as they continue to trickle in.
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The provisional remedy of attachment in commercial transactions may assist the creditor in swift collections
Law Office of Howard Goodman
The Courts vary in the speed with which they set cases for trial. Sometimes a debtor is intending to sell his business or go out of business and there is great urgency in obtaining immediate recovery. Any delay will result in permanent loss to the creditor. In these cases, the legislature has provided a remedy for the creditor in the form of "attachment."
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SEC releases more documents on cybersecurity as Cyber Threat Intelligence Integration Center opens
By Ed Silverstein
Cybersecurity has been an important focus at the SEC.
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Bankruptcy — it's not personal; it's just business.
COFACE
When we think of a company going bankrupt, there is sometimes a tendency to believe that before the organization filed for protection, it did everything in its power to stay afloat and turn its dire financial situation around.
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 Thought of the Day

If there are no dogs in heaven, then when I die, I want to go where they went ... Will Rogers


What our clients have to say:
For more than 35 years I have been practicing law, concentrating on commercial litigation, collections and creditors’ rights in bankruptcy. As a young associate, I always saw the copy of the American Lawyers Quarterly directory on my boss' desk but didn't pay much attention to it. Only in 1988 when my partner Jules Teitelbaum passed away did I first really encounter and understand the triadic system and the world of Law List Publishers. While trying to decide to which publishers the successor firm would subscribe, conversations with colleagues guided me to the fact that ALQ was, without question, one of the first publishers to which we needed to subscribe. During the years since then, I have come to know Nancy and Tom Hamilton as colleagues and friends. Each of them is ever vigilant to make sure that I am introduced to someone I may not know and who may be a source of future business. And, it is not just to receive business that the ALQ is valuable. Often we are asked by a client to recommend a collection lawyer in another part of the country. While I may know someone from my CLLA contacts, when I don't, ALQ is one of my first resources to find someone to recommend. If I am still not sure, I pick up the telephone and call Nancy. ALQ has been and remains a steadfast part of my business resources.

— Wanda Borges, Attorney, Borges & Associates LLC, Syosset, NY

Affiliated Creditors has been utilizing the services of ALQ for over five years. We send cases for legal action in many different states. The reason we like using ALQ is that we are bonded to minimize losses. We have had an excellent experience with ALQ. We usually ask ALQ to recommend one or more legal firms, especially if we have had no previous experience with a firm in the area. The assistance of ALQ has been invaluable and we look forward to a long-term working relationship with ALQ.

— Terry Grubb, Client Services, Affiliated Creditors Inc., Nashville, TN


Upcoming Events

March 24, 2015
CLLA Eastern Region Dinner
The Water Club - New York, New York

April 16-18, 2015
Commercial Collection Agencies of America Spring Meeting
Sheraton San Diego Hotel and Marina — San Diego, California
Complete schedule of events


 

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