Debt Collection

News & Analysis as of

IRS Provides New 409A Guidance; New Proposed Regulations Provide Additional Clarity, Warn of Abusive Practices, and Present...

In Depth - Additional flexibility to use Section 409A exemptions - ..Expanded availability of the rules for transaction-based compensation for stock rights and incentive stock options. The final regulations allow...more

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

FTC Backs FCC’s Proposed Rule on TCPA Amendments for Calls Collecting Government Debt

The Federal Trade Commission's (FTC) Bureau of Consumer Protection issued a Staff Comment on June 16, 2016, supporting several of the Federal Communication Commission's (FCC) proposed regulations implementing amendments to...more

FCC Consumer Advisory Committee Recommends Final Rule Pursuant to Bipartisan Budget Act of 2015 With Consumer Protections

On June 10, 2016, the FCC Consumer Advisory Committee recommended promulgation of a Final Rule pursuant to the Bipartisan Budget Act of 2015, containing the following consumer protections: Calls pursuant to the exception...more

Short-Term Lenders Face Costly Path To Compliance

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

Sued by a Debt Collector? Don’t Ignore it!

The overwhelming majority of families that are sued by debt collectors either don’t get proper notice or simply ignore it. This isn’t the first (or even second) time I have written about this. Every now and again – usually...more

Foreclosure Firm Did Not Violate FDCPA By Alleging that Mortgagor on FHA Insured Loan Was Personally Liable for Deficiency,...

A federal district court in Illinois recently dismissed a putative class action against a foreclosure firm, holding that an allegation in a foreclosure complaint that the mortgagor is personally liable for any deficiency on a...more

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

Michigan Attorney General Announces Default Judgment Against Automobile Title Loan Company Over Alleged Usurious Loans

On June 8, 2016, the Michigan Attorney General announced that a Michigan court entered a default judgment and permanent injunction against an automobile title loan company over alleged usurious loans that violated the...more

CFPB files supplemental amicus brief in Third Circuit FDCPA case to address Spokeo

The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more

Case Update: Midland Funding v. Madden – Supplemental Brief

As we reported in our case update on May 26, the Solicitor General filed its brief expressing the Government’s views on the cert-worthiness of Midland Funding v. Madden. Yesterday, Midland filed a supplemental brief with the...more

Bank Preemption: Solicitor General Does Not Support Supreme Court Review

Weighing in recently on a debt collector's petition for writ of certiorari in Madden v. Midland Funding, LLC, the United States Solicitor General agreed that the Second Circuit was wrong in concluding that the National Bank...more

2 Simple Ways to Stop Debt Collectors from Calling

With all the regulations governing debt collectors the telephone is still the quickest (and most annoying) way for a debt collector to try and get in touch with you. Even though debt collectors are clearly aware that most...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Modernize TCPA, ACA International Urges in White Paper

In a new white paper, ACA International, a trade association for members of the credit and collection industry, argues that the Telephone Consumer Protection Act (TCPA) must be modernized to accurately reflect the current...more

John Oliver Exposes the Ugly Secrets of Debt Buyers

Today in my Facebook feed I was surprised to see John Oliver of “Last Week Tonight” do a segment on how debt buyers are hurting consumers across the country – and he even put the spot light on Arizona as one of four states...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

Third Circuit: The Repossession of Your Car as Collateral on a Usurious Loan is Not an FDCPA Violation

The U.S. Court of Appeals for the Third Circuit recently held that a repossession company did not violate the Fair Debt Collection Practices Act (“FDCPA”) when it repossessed the defaulting debtor’s car, even though the loan...more

California’s One-Action Rule May Apply to Federal Lenders

California’s one-action rule provides that “[t]here can be but one form of action for the recovery of any debt or the enforcement of any right secured by mortgage upon real property or an estate for years therein . . . .”...more

Mammoth CFPB Payday Rule Would Dramatically Change the Lending Marketplace

Originally published in "InsideArm" - June, 2016. In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the...more

Seventh Circuit Refuses To Impose a Heightened Litigation Standard on Debt Collector

In St. John v. Cach, LLC, the U.S. Court of Appeals for the Seventh Circuit recently issued an opinion holding that the Fair Debt Collection Practices Act (FDCPA) does not prohibit debt collectors from filing collection...more

CFPB Releases Expansive Payday Lending Rule

The Consumer Financial Protection Bureau (CFPB) released its much anticipated proposed rule aimed at ending what it calls “payday lending debt cycles.” The 1,334-page rule will require small-dollar lenders to undertake...more

New York DFS Brings Enforcement Action Against Two Debt Buyers for Collecting on Payday Loans

The New York Department of Financial Services (DFS) announced last week that it had entered into consent judgments with Webcollex LLC d/b/a CKS Financial (CKS) and National Credit Adjusters (NCA) for allegedly violating the...more

Landmark enforcement decision in the Kingdom of Saudi Arabia

The Enforcement Court in Riyadh has recently confirmed that a US$ 18.5 million ICC award rendered in London, will be enforced in the Kingdom against a Saudi-domiciled award debtor. The enforcement process, handled by our...more

No Capacity and No Liability: Court Rules Dialing System Is Not Subject to TCPA and Verizon Is Not Vicariously Liable

In its July 2015 declaratory ruling, the FCC significantly broadened the TCPA’s definition of an automatic telephone dialing system (ATDS) to encompass not only equipment with the “present ability to dial randomly or...more

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