Written By: Leah Eisenberg, of counsel, Foley & Lardner LLP
Loans and other debts generally fall under two categories: unsecured debt and secured debt. As will be discussed below, there is a significant divide when it comes to the treatment of a secured creditor versus an unsecured creditor in a bankruptcy proceeding.
Unsecured debt has no collateral or security to back the debt upon default or non-payment. Thus, upon a borrower’s default, the lender/creditor must commence a lawsuit against the borrower to collect on any outstanding amounts owed. Unsecured debt is generally issued based upon the borrower’s reliability, credit history and creditworthiness and contractual promise to repay the debt. Examples of unsecured debt include unsecured lines of credit, an unsecured bond and credit card debt.… Read the rest
Written by: Scott Hoyt, Senior Director, Moody’s Analytics
The U.S. economy is growing below its potential. Real GDP growth in the second quarter will probably come in close to 1.5%, while the economy’s current potential is estimated to be between 2.0-2.5%. If growth does not pick-up soon, job growth, which has already moderated significantly from this time last year, will throttle back further and unemployment will begin to increase.
Behind the growth slowdown is fading fiscal stimulus – the boost provided by last year’s deficit-financed tax cuts have largely played out. More importantly, the trade war with China and a long list of other trading partners have undermined business sentiment, is weighing on business investment decisions, and has even begun to impact hiring.… Read the rest
Information Compiled by: Kathy Linscott, NACM Commercial Services Content from Experian and Fair Credit Reporting Act (FCRA)
Companies often keep sensitive personal information about customers or employees in their files or on their network. In today’s world, there is more and more fraud reported all the time. We all hold the responsibility of keeping this information safeguarded. I am sure you have heard the saying, “if you collect it, protect it!” Some rules to follow:
Have strong privacy policies in place. Review them at least annually.
Keep on top of updates for the latest security software, web browser, and operating system to help against viruses and malware. Consider utilizing layers such as a firewall and spam filters.
NACM Commercial Services wants to congratulate Brett Hanft, CBA on his new position as CFDD National Chairman. Brett puts in an incredible amount of his time into CFDD and NACM and we want to recognize him for that. We asked one of Bretts many friends, Tawnya Marsh, who has spent a lot of time with Brett at CFDD Portland & NACM event to write a little something about him. Brett is also an incredible writer and no one is better to tell you more about what he has done and will be doing than him.
By Tawnya Marsh, Credit Manager, Pendleton Woolen Mills
When I moved to the Portland area 12 years ago, one of my first contacts at CFDD was Brett Hanft, CBA.… Read the rest
The 2019 National Credit Conference this year was held in Colorado at the Gaylord Rockies. Below are a few photos from the event. Mark your calendars for the conference next year in Las Vegas from June 14 – 17, 2020.
Credit teams throughout the US continue to deal with the dramatic increase of customers in the B2B space using credit cards to pay invoices. But the dramatic increase in card use for B2B payments is not limited to domestic customers. Canada has seen a comparable jump in the number of customers using credit cards to pay their Canadian suppliers. Suppliers distributing their product or service through a subsidiary in Canada are evaluating ways to limit card acceptance costs. All Canadian Provinces have just approved a class action settlement between retailers and Visa and Mastercard that allow for Canadian suppliers to surcharge their credit card paying customers. In light of the Provinces’ approval, what does it mean to the credit team and their Canadian customers?… Read the rest