Heather Klein

Heather Klein

Ballard Spahr LLP

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NY Amends Debt Collection Regulations, Issues More Guidance

The New York Department of Financial Services (DFS) has amended several provisions of its Third-Party Debt Collector and Debt Buyer Regulations and issued additional guidance in the form of new frequently asked questions...more

9/9/2015 - Borrowers Consumer Financial Contracts Consumer Lenders Creditors Debt Buyers Debt Collection Debt Collectors FDCPA NYDFS Third-Party Agents

Connecticut Enacts New Licensing Requirement and Prohibitions for Student Loan Servicers

Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...more

7/15/2015 - Banks Licensing Rules Loan Servicing Ombudsman Student Loans

CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies, Releases Auto Finance Examination Procedures for Banks, Nonbanks

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a...more

6/12/2015 - Auto Lease Automotive Industry Automotive Loans Car Dealerships CFPB Consumer Financial Products Consumer Lenders Final Rules Market Participants Nonbank Firms

NY Attorney General Enters into Far-Reaching Settlement with Largest Credit Reporting Agencies

New York Attorney General Eric Schneiderman recently announced that his office reached a landmark settlement with the nation’s three leading credit reporting agencies (CRAs) that will require them to significantly reform,...more

3/20/2015 - Credit Reporting Agencies Credit Reports Equifax Experian Settlement TransUnion

N.Y. DFS Provides Insight on Key Provisions of Its Debt Collection Regulations

At a recent DBA International Symposium on New York State’s debt collection rules and regulations, New York Department of Financial Services (DFS) Executive Deputy Superintendent Joy Feigenbaum clarified certain provisions in...more

3/10/2015 - Debt Collection FDCPA New Regulations NYDFS

NY Attorney General, FTC Bring Joint Enforcement Actions against Debt Collectors

The New York Attorney General and Federal Trade Commission recently announced they had filed two joint federal court lawsuits against debt collectors in the Western District of New York. The Attorney General and FTC are...more

3/3/2015 - Attorney Generals Debt Collection Debt Collectors Enforcement Actions FDCPA FTC Injunctive Relief

New York Issues Guidance on New Third-Party Debt Collector and Debt Buyer Regulations

The New York Department of Financial Services has issued guidance about its new Third-Party Debt Collector and Debt Buyer Regulations in the form of Frequently Asked Questions (“FAQs”). The FAQs provide insight on the scope...more

2/23/2015 - Debt Buyers Debt Collectors New Guidance NYDFS

New York Issues Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) published its final debt collection regulations on December 3, 2014, following an extensive rulemaking period. The regulations impose requirements on third-party debt...more

12/8/2014 - Debt Buyers Debt Collection Department of Financial Services Disclosure Requirements Electronic Communications FDCPA New Regulations Prior Express Consent

Mortgage Loan Originator “Target Pricing” in the Fair Lending Bullseye

The Federal Reserve Board indicated it is scrutinizing mortgage loan pricing models that comply with Regulation Z but nonetheless, in the view of the Board, significantly increase fair lending risk. The models set a loan...more

11/4/2014 - CFPB Federal Reserve Higher-Priced Mortgage Loans Interest Rates Mortgage Loan Originators Regulation Z

CFPB Proposes No-Action Letter Policy for Innovators

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would...more

10/17/2014 - CFPB CFTC Compliance Enforcement FOIA No-Action Letters SEC UDAAP Waivers

Defense Department Proposes Expansion of Military Lending Act Regulations

The Department of Defense (DoD) has issued a proposal to revise and significantly expand the coverage of its rule implementing the Military Lending Act (MLA). The proposed revisions would limit interest charged to...more

9/30/2014 - Banks DOD Military Lending Act Nonbank Firms Proposed Amendments TILA

FTC Announces Settlement with Debt Collector over Alleged FDCPA Violations

The Federal Trade Commission (FTC) recently announced a settlement with a Houston debt collection company and its individual owner related to alleged violations of the Fair Debt Collection Practices Act (FDCPA). This action...more


CFPB Payday Loan Rulemaking is Imminent and Will Target Repeated Borrowing

The CFPB has marshaled data against what it sees as a sustained use problem by payday loan borrowers and is “in the late stages” of drafting rules to limit payday loan borrowing, according to Director Cordray’s remarks...more

3/26/2014 - CFPB Payday Loans Predatory Lending

Collection Letter Requiring Written Dispute Violated FDCPA, Fourth Circuit Holds

A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Fourth Circuit has ruled. The Fourth...more

2/7/2014 - Debt Collection FDCPA

Justice Department, U.S. Attorney, N.C. Attorney General Sue over Reverse Redlining by Auto Dealers

The U.S. Department of Justice (DOJ), the U.S. Attorney’s Office, and the North Carolina Attorney General filed a complaint last week against two corporations that own two “buy here, pay here” used car dealerships, as well as...more

1/21/2014 - Car Dealerships DOJ ECOA Unfair or Deceptive Trade Practices

A future without dealer participation and what it should look like, according to the CFPB

At the CFPB’s auto finance forum on November 14, Director Cordray and other CFPB officials reiterated their distaste for dealer finance charge participation as a method of dealer compensation in the indirect auto finance...more

11/18/2013 - Automotive Loans Car Dealerships CFPB Compliance

DOJ Settles Fair Lending Cases against Mortgage Lenders

The U.S. Department of Justice (DOJ) recently settled fair lending lawsuits against two mortgage lenders. Both actions involved DOJ attempts to use disparate impact evidence to establish that a lender engaged in a “pattern or...more

11/12/2013 - Discrimination DOJ Fair Lending Mortgages National Origin Discrimination Racial Discrimination

New York DFS Seeks Stronger Court Rules for Default Judgments in Collection Actions

A proposal by the New York Department of Financial Services (DFS) would substantially drive up the costs of bringing consumer debt collection actions in the state. The DFS is seeking stronger court rules for obtaining default...more

10/25/2013 - Debt Collection Default Judgment Financial Services Authority

FTC Settles First Case Challenging Debt Collector’s Use of Text Messages

The Federal Trade Commission recently announced that it had settled a case representing its first action challenging a debt collector’s use of text messages. In its complaint, the FTC alleged that the defendant debt...more

10/4/2013 - Debt Collection FDCPA FTC TCPA Texting

DOJ Settles Fair Lending Case against Auto Dealer

The U.S. Department of Justice (DOJ) recently settled a fair lending lawsuit against Union Auto Sales, Inc., a California automobile dealer. This means that, once again, a DOJ attempt to use disparate impact evidence to...more

9/24/2013 - Car Dealerships Discrimination Disparate Impact DOJ Fair Lending Settlement

New York Proposes Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) has proposed new regulations that would impose significant disclosure and other requirements on persons engaged in the collection of consumer debts....more

8/13/2013 - Debt Debt Collection Disclosure Requirements FDCPA Proposed Regulation

FTC Enforcement Action against Debt Collector Ends in Record Settlement

The Federal Trade Commission’s recent announcement that it entered into a record settlement with “the world’s largest debt collection operation” demonstrates that it intends to continue its vigorous enforcement of the Fair...more

7/16/2013 - Compliance Debt Collectors Dodd-Frank Enforcement Actions FDCPA FTC Settlement

Collection Letter Requiring Written Dispute Violated FDCPA, Second Circuit Holds

A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Second Circuit has ruled....more

6/7/2013 - Debt Collection Debtors FDCPA Writing Requirement

CFPB expands complaint database

On Friday, the CFPB announced that it had expanded its public Consumer Complaint Database to include complaints about credit reporting and money transfers. Simultaneously, the CFPB announced that complaints in its public...more

6/4/2013 - CFPB Compliance Consumer Complaint System Credit Reports Databases Investigations Money Transfer

CFPB Issues Second Annual Report on FDCPA Activities

The Consumer Financial Protection Bureau’s second annual report to Congress on enforcement of the Fair Debt Collection Practices Act (FDCPA) confirms that debt collection will continue to be a major CFPB focus in 2013....more

3/27/2013 - CFPB Debt Collection Dodd-Frank FDCPA FTC

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