Shareholder, Commercial Collections Group chair, and Commercial Law League of America (CLLA) immediate past president Jim Kozelek and shareholder Jamie Hart recently attended the CLLA 129th Annual Convention in Chicago, IL. Now, Jamie is sharing his top three takeaways!
It was a great week in Chicago meeting new and existing industry peers to discuss the updates, happenings, and challenges pervasive in the commercial litigation space. It was led by immediate past president, and Weltman’s own Jim Kozelek. The CLLA has a strong national membership of attorneys, law lists, agencies, and vendors all with a shared purpose of identifying ways to grow and prosper in their commercial practices. The conference held several days of meetings, speakers, seminars, networking events, and even hosted Dress for Success Worldwide - an event that raised $10,445.00. Here are my favorite takeaways and things to keep in mind while moving through the collection space!
A hot topic this year was the myriad of proposed federal and state legislation affecting commercial collections and bankruptcy practices. There were many examples of proposed legislation discussed that had both positive and detrimental effects on the industry. The CLLA highlighted its Government Affairs Committee (GAC) and discussed how it engages in the political process to collectively bolster our voice on Capitol Hill on the important issues affecting our industry.
There was much discussion about how the federal regulatory oversight that is generally reserved for consumer matters is slowly starting to merge into the commercial sector. For example, the CFPB has already begun issuing new regulations that target traditional commercial matters, including data collection in small business lending. Moreover, the CFPB has begun to issue certain regulations on agencies, regardless of whether they handle consumer or strictly commercial claims.
The partnership between agency representatives and attorneys has never been more important. Working collectively together with creditors to find successful outcomes take a true team approach. Of the more emphasized aspects of this relationship is good documentation. It is incumbent that creditors maintain good documentation of their claim and that the agency and attorneys work together to identify the same. One overriding theme at the conference was that the foundation of a successful outcome in a case includes quality documentation.
Our team is constantly monitoring these ever-changing topics. If you have questions about our Commercial Collections Group, contact Jim and/or Jamie at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
It was a great week in Chicago meeting new and existing industry peers to discuss the updates, happenings, and challenges pervasive in the commercial litigation space. It was led by immediate past president, and Weltman’s own Jim Kozelek. The CLLA has a strong national membership of attorneys, law lists, agencies, and vendors all with a shared purpose of identifying ways to grow and prosper in their commercial practices. The conference held several days of meetings, speakers, seminars, networking events, and even hosted Dress for Success Worldwide - an event that raised $10,445.00. Here are my favorite takeaways and things to keep in mind while moving through the collection space!
1. Federal and State Legislation
A hot topic this year was the myriad of proposed federal and state legislation affecting commercial collections and bankruptcy practices. There were many examples of proposed legislation discussed that had both positive and detrimental effects on the industry. The CLLA highlighted its Government Affairs Committee (GAC) and discussed how it engages in the political process to collectively bolster our voice on Capitol Hill on the important issues affecting our industry.
2. Intersection of Consumer and Commercial Law
There was much discussion about how the federal regulatory oversight that is generally reserved for consumer matters is slowly starting to merge into the commercial sector. For example, the CFPB has already begun issuing new regulations that target traditional commercial matters, including data collection in small business lending. Moreover, the CFPB has begun to issue certain regulations on agencies, regardless of whether they handle consumer or strictly commercial claims.
3. Working With Your Agency
The partnership between agency representatives and attorneys has never been more important. Working collectively together with creditors to find successful outcomes take a true team approach. Of the more emphasized aspects of this relationship is good documentation. It is incumbent that creditors maintain good documentation of their claim and that the agency and attorneys work together to identify the same. One overriding theme at the conference was that the foundation of a successful outcome in a case includes quality documentation.
Our team is constantly monitoring these ever-changing topics. If you have questions about our Commercial Collections Group, contact Jim and/or Jamie at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
