Debt Collection

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CFPB Issues First Ever Debt Collection Survey on Its Path to Regulating the Industry

The Consumer Financial Protection Bureau ("CFPB" or "Bureau") released findings of a survey (the "Survey") on consumer views on debt and the debt collection process. The Survey takes aim at not only third party debt...more

FDCPA’s “Least Sophisticated Consumer” May Still Have Commonsense

Late December, the Fourth Circuit Court of Appeals (Fourth Circuit), in Lovegrove v. Ocwen Home Loans Srvs., upheld summary judgment in favor of a mortgage servicer against allegations under the Fair Debt Collection Practices...more

The Intersection of Bankruptcy, Debt Collection and the Supreme Court

For years the interplay between the Bankruptcy Code and the Fair Debt Collection Practices Act (FDCPA) has vexed creditors and courts alike, leading to a split among the circuits as to whether the Bankruptcy Code preempts the...more

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more

CFPB settles FDCPA claims against debt collection law firms

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that...more

CFPB Seeks Feedback on Proposed Third Party Debt Collection Rules

Editor’s Note: On November 3, 2016, Smith Debnam’s Jerry Myers attended a meeting with the CFPB to discuss the proposed rules for third party debt collection. Below, he shares his thoughts from the meeting....more

Advisors Advantage - January 2017

How An RIA Can Profit Off Of The New Fiduciary Rule. It's an opportunity. When it comes to an industry, change is often fraught with trepidation and fear. However, I always believe that change also brings...more

Allegedly Time-Barred Foreclosures Do Not Form Basis for FDCPA/FCCPA Lawsuits Outside Bankruptcy Context

In an order issued yesterday, Judge Dalton of the Middle District of Florida held that in a non-bankruptcy context, allegations that collection of a mortgage debt is barred by the statute of limitations do not form a...more

Mere Receipt Of A Collection Letter – Without More – Does Not Give Standing to Sue

The District of New Jersey, in Benali v. AFNI, granted summary judgment to creditor on Spokeo grounds, denied consumer’s motion for summary judgment and denied consumer’s class certification as moot in a claim involving a...more

Do Settlement Agreements Need to Be Approved by the Court?

QUESTION: As receiver, I sued a third party to collect funds owed to the entity in receivership. I have settled the lawsuit. ...more

Call Volume Alone Does Not Necessitate a Violation of the FDCPA

A decision from a New Jersey district court serves as a reminder that call volume alone will not support a violation of the FDCPA. In Chisholm v. Afni, Inc., the issue before the court was “whether a series of 18 telephone...more

Hit ‘em Where They Ain’t – TCCWNA Class Actions Target Broad Range of Consumer-Facing Practices

Consumer-facing businesses that advertise and sell to New Jersey consumers, whether through brick and mortar operations or over the Internet, are being targeted in class action lawsuits under New Jersey’s Truth-in-Consumer...more

CFPB Complaint Report Returns to Debt Collection

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more

CFPB December 2016 complaint report highlights debt collection complaints, complaints from Arizona consumers

The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection. The report also highlights complaints from consumers in Arizona and the Phoenix metro area. General findings...more

CFPB Enters Consent Order with Lender Over Defective Disclosures

On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit...more

How to Eliminate IRS Tax Debt in Arizona

When it comes to IRS tax debt none of the typical debt collection rules apply. The IRS has power to take your money and lien your home without even filing a lawsuit. This is much different than the standard unsecured...more

CFPB enters into consent order with lender to settle claims alleging deceptive advertising and collection letters, unauthorized...

The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written...more

How to Avoid Repossession in Arizona

Delinquent car loans are becoming a big problem in Arizona. There are several reasons why, however a big problem I see in my bankruptcy practice are subprime car loans that charge very high interest rates on used...more

CFPB Releases Status Update Regarding Fall 2016 Rulemaking Agenda

On December 2, 2016, the Consumer Financial Protection Bureau (CFPB) released a status update regarding various initiatives that were proposed in its fall 2016 rulemaking agenda. The update provides readers with an overview...more

Divergent Views on Class Discovery

In two recent cases, California and Florida district courts reached divergent views on whether to permit wide-ranging class discovery prior to a certification decision. Interestingly, both decisions involved Ocwen companies....more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

Bankruptcy When You Are on Disability

The Social Security Administration states that there are currently nearly 9 million people receiving social security disability benefits with the average monthly being a little over $1,200 per month. I meet weekly with...more

Financial Services Weekly News - November 2016 #4

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

TCPA Hazards Abound Following Busy Month for the FCC

On November 16, 2016, the Federal Communications Commission (FCC) issued a final rule regarding the treatment of debt servicing and collection calls made by or on behalf of the federal government under the Telephone Consumer...more

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