News & Analysis as of

Debt Collection

Forecast: Abundance of Potential New Rulemaking From the CFPB

After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies...more

CFPB issues reports on student loan repayment and repayment assistance programs

by Ballard Spahr LLP on

The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more

From the Top In Brief - July/August 2017

by Jones Day on

In Midland Funding, LLC v. Johnson, No. 16-348, 2017 BL 161314 (U.S. May 15, 2017), the U.S. Supreme Court ruled that a credit collection agency does not violate the Fair Debt Collection Practices Act ("FDCPA") when it files...more

Financial Services Weekly News - August 2017 #3

by Goodwin on

Editor's Note - In This Issue. The Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

by Ballard Spahr LLP on

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

No interest? No Disclosure? No Problem!

The juxtaposition of Sections 1692e and 1692g continues to be a battle ground for the consumer bar and collection industry. Section 1692e prohibits false, deceptive or misleading representations in connection with the...more

Owe Back Taxes? The IRS May Grant You Uncollectible Status

Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay. Although notices from the IRS can be especially frightening, there are solutions. ...more

Six Arbitration Trends In 2017 (6th Blogiversary Post)

This is my 290th post at ArbitrationNation and today I celebrate six years of blogging. Woo hoo — that’s longer than most celebrity marriages! In honor of the occasion, here are updates on six of the hottest issues in...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

Sixth Circuit: Firm's Post-Foreclosure Conduct Does Not Violate FDCPA

by Ballard Spahr LLP on

Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more

FDCPA Bona Fide Error Defense Did Not Protect Debt Collector Despite Following Controlling Precedent, En Banc Seventh Circuit...

by Ballard Spahr LLP on

In a 7-4 en banc decision, the U.S. Court of Appeals for the Seventh Circuit ruled that the bona fide error defense in the Fair Debt Collection Practices Act (FDCPA) did not protect a debt collector who complied with...more

CFPB Warns Against “Tricking Consumers” with Pay-by-Phone Fees

by Baker Donelson on

Regulated entities should be prepared to defend their policies and practices surrounding fee-based pay-by-phone options in light of new guidance issued by the Consumer Financial Protection Bureau (CFPB). The CFPB released...more

Illinois Federal Court Dismisses FDCPA Claims Focused on "Bounced Check" Language in Collection Letter

by Hinshaw & Culbertson LLP on

Recently, an Illinois federal court denied and dismissed two plaintiffs' Fair Debt Collection Practices Act (FDCPA) claims after the plaintiffs failed to present evidence sufficient to establish materiality....more

CFPB issues guidance on pay-by-phone fees

by Ballard Spahr LLP on

The CFPB has issued a new compliance bulletin (2017-11) to provide guidance on pay-by-phone fees.  The guidance includes examples of conduct relating to pay-by-phone practices identified by the CFPB in its supervision and...more

CFPB Issues Pay-by-Phone Guidance with Far-Reaching Implications

On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more

Cash Value of Life Insurance Policy Exempt From Garnishment

by Dickinson Wright on

DC Mex Holdings LLC v Affordable Land LLC and Dale Fuller, ___ Mich. App. ___ (July 25, 2017), Case no. 332439 - Michigan’s Court of Appeals recently issued an opinion interpreting a statutory provision exempting insurance...more

Third Circuit Reminds Debt Collectors Of Notice Requirement

by McCarter & English, LLP on

The Fair Debt Collection Practices Act (the “Act”) was created to protect consumers against abusive debt collection practices. The notice provision is one feature of the Act that requires debt collectors to notify consumers...more

Senate bill introduced to override Madden decision

by Ballard Spahr LLP on

Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more

Debt Collection Firm Enters Consent Judgment for $1 Million in Restitution with Massachusetts AG

by Goodwin on

On July 27, 2017, the Massachusetts Attorney General’s Office (Massachusetts AG) annou??nced that it ?entered into a consent judgment? with the largest debt collection law firm in the state and two of its principals. The...more

Debt Collector Ordered to Pay $25 Million to State of Texas for Illegal Debt Collection Practices

by Goodwin on

On July 11, 2017, Texas Attorney General Ken Paxton secured a $25 million judgment and permanent injunction against a portfolio management company and a small law office for violations of the Texas Debt Collection Act, Texas...more

FTC Obtains Temporary Restraining Order Freezing Assets of Debt Collection Operation

by Goodwin on

?On July 10, 2017, the U.S. District Court for the Middle District of Florida entered a temporary restraining? order (“TRO”) halting operations and freezing the assets of a debt collection operation, at the request of the...more

CPFB Updates its Spring 2017 Rulemaking Agenda

by Goodwin on

On July 20, 2017, the CFPB announced that updates to its Spring 2017 rulemaking agenda have been posted online on the Office of Management and Budget’s webpage. The amended agenda highlights both areas of anticipated...more

2017's Top Five Consumer Complaints to the CFPB (So Far)

by Baker Donelson on

Despite continued efforts in Congress to curtail the scope of the CFPB, the Bureau continues to move ahead with issuing new regulations, conducting investigations and initiating enforcement actions. As part of its efforts,...more

SCOTUS Limits Reach of Fair Debt Collection Practices Act

In a unanimous decision, the Supreme Court narrowly interpreted “debt collector” under the Fair Debt Collection Practices Act to exclude debt purchasers engaging in collection efforts for their own accounts....more

FTC enforcement under new leadership to focus on consumer harm, fraud

by Ballard Spahr LLP on

Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more

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