MCA Collections ~ Speed and Efficiency are Key for Debt and Default Recovery
The Office of the Controller of Currency announced recently that it plans to “modernize” the Community Reinvestment Act, which is meant to encourage depository institutions to meet the needs of the communities.The updated CRA is supposed to increase the types of lending that would be counted for CRA compliance, including small business lending.
Essentially, this means less oversight on small business lending, and that banks will be encouraged to participate in the types of loans that MCA companies have feasted on for the last ten years.
The increase in competition means that MCA companies will have to stretch their comfort zones. And that will lead to a higher default rate.
Thus, MCA companies will need to recoup defaulted loans more efficiently than before to keep their participators and syndicates pleased.
Global Legal Law Firm has a team of dedicated attorneys and paralegals with expertise in MCA and defaulted loan collections, litigation, recovery, and asset seizure. Global’s attorneys work exclusively in the electronic payments industry, and therefore have the knowledge and skill to seize assets before filing a lawsuit.
Global treats every debt as a priority and can file a lawsuit within one day of receiving the file. And regardless of whether the merchant disputes the debt, Global pushes the case to a resolution through pre-trial motions that can result in a judgment within 3-6 months.
Further, Global’s attorneys are experts at judgment enforcement and account asset seizure. With over ten years working almost exclusively in the payments industry, Global’s lawyers have expert knowledge on various accounts to levy and assets to seize that results in a faster recovery on defaulted debts.
Meet with Senior MCA Paralegal, Melissa Shaffer; and Global’s principals James Huber and Christopher Dryden at ETA Transact.
Email firstname.lastname@example.org to set a time.