The Federal Trade Commission and Consumer Financial Protection Bureau signed a "memorandum of understanding" to promote effective cooperation in their dual roles of protecting consumers on Fri., Jan. 20, 2012.  

The two agencies will work to "prevent duplication, provide consistency and ensure a vibrant marketplace for consumer financial products or services."

The provisions of the memorandum require the FTC and CFPB to coordinate law enforcement activities, potential court actions and administrative proceedings.  

Prior to commencing any investigation where both agencies have jurisdiction, the memorandum requires both agencies to check for any duplications in investigations and actions. The FTC voted 4-0 to approve the memorandum with the CFPB.

 Recognize any members in these photos from the 117th National Meeting and 81st Chicago Spring Meeting, presented in conjunction with the Midwest Region last April in Chicago?

In a letter sent to the Committee on Rules of Practice and Procedure in mid-February, 2010, the CLLA's Bankruptcy Section Legislative Committee expressed a strong opposition to the proposed changes, which would require additional supporting information and documentation to be filed with proofs of claim in cases in which the debtor is an individual. 

 Aug. 8, 2011 -- Several members of the Commercial Law League of America met with congressional staff members on Aug. 5, 2011, to share the CLLA's position on critical bankruptcy issues including entities filing cases in remote jurisdictions and the rules regarding small business reorganizations.

The Colorado Supreme Court Office of Attorney Regulation received specific information regarding a trust account scam operating out of Canada.  The fraud involves purported collection on a promissory note and involves both the lender and the debtor.  The “client” is seeking the assistance of the lawyer in collecting on the promissory note.  Shortly after making a demand for payment, the lawyer receives  cashier’s checks drawn on an Ohio bank.  The checks total $80,000.  The “client” expects the lawyer to run the checks through the lawyer's trust account and then forward the funds to the “client.”  The cashier’s checks pass the typical fraud detection safeguards and appear legitimate.  A slight spelling error is the only indication of fraud.  All Colorado lawyers should be wary of any similar scheme.  If you are the recipient of telephone calls or emails seeking legal assistance in matters similar to the above facts, you should take all necessary precautions to verify the negotiability of the checks.  Please contact your office of attorney regulation and law enforcement with any information related to this scheme.