News & Analysis as of

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

CFPB Releases Annual Report On Debt Collection

On March 20, the CFPB released its third annual report summarizing its activities in 2013 to implement and enforce the FDCPA. The report describes the CFPB’s and the FTC’s shared FDCPA enforcement authority, incorporates the...more

CFPB and FTC File Joint Amicus Brief Related to Time-Barred Debt under the FDCPA

In its continuing advocacy related to debtors and time-barred debt, the CFPB and FTC jointly filed an amicus brief urging the United States Court of Appeals for the Sixth Circuit to reverse a district court’s decision...more

FTC Releases Annual Debt Collection Report

On March 5, the FTC released a summary of its 2013 debt collection activities, which it submitted to the CFPB on February 21, 2014. The report highlights that one of the FTC’s highest priorities is to continue targeting debt...more

Latest CFPB amicus brief reveals ongoing focus on time-barred debt

Last week, the CFPB filed an amicus brief, in conjunction with the FTC, in a case involving collection practices related to time-barred debt (debt for which the statute of limitations has expired). On March 5, 2014, the CFPB...more

FTC, PIRG complaint reports highlight consumer dissatisfaction with debt collection industry

The FTC released its annual Consumer Sentinel Network Data Book on February 27, 2014, providing national and state-by-state data on consumer complaints received by the FTC, all U.S. and Canadian Better Business Bureaus, the...more

FTC Settles Claims Relating to U.S. – EU Safe Harbor Program

The Federal Trade Commission recently announced it has settled claims against 12 companies relating to charges the companies falsely claimed they were abiding by the U.S. – EU Safe Harbor program that enables U.S. companies...more

FTC Settlement with Debt Collector over Text Messages

Last month, the Federal Trade Commission (FTC) extracted a $1 million settlement from a debt collector who used text messaging to attempt to collect debts in an allegedly unlawful manner. ...more

Midland Funding Lawsuit? Understanding the Debt Buying Industry and Why You Should Care

Midland Funding Before being sued by Midland Funding most don’t have a clue who this company is or why they being served with a lawsuit. Midland Funding is a debt buyer. Companies like Midland Funding, Portfolio Recovery...more

How to Break the Federal Debt-Collection Law — By Texting

It’s quite clear that the Federal Trade Commission and the Federal Communications Commission view existing federal consumer protection and communications statutes as fully applicable to new modes of communication such as...more

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

FTC Settles with Debt Collector for Violations of FDCPA and FTC Act

The FTC announced that it reached a settlement with a debt collector for violations of the Fair Debt Collection Practices Act and the FTC Act. The FDCPA generally governs collection practices by third-party debt collectors....more

FTC Announces Settlement Of First Text Message Debt Collection Action

On September 25, the FTC announced the settlement of its first case against a debt collector for using text messaging to attempt to collect debts in an allegedly unlawful manner. The complaint, filed on August 23, alleged...more

CFPB and FTC File Joint Amicus Brief Related to Threatened Litigation Under FDCPA

The CFPB and FTC jointly filed an amicus brief urging the United States Court of Appeals for the Seventh Circuit to uphold a district court’s decision denying defendant’s motion to dismiss a class action alleging violations...more

Magistrate Judge Finds Tribal Payday Lender Subject To FTC Act; Lender Agrees To Settle Some FTC Charges

On July 22, the FTC announced that it obtained a partial settlement of claims it filed last year against a Native American Tribe-affiliated payday lending operation that allegedly charged undisclosed and inflated fees, and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 26, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - Excerpt...more

Senate hearing on debt industry focuses on documentation and medical debts

Collection documentation and medical debts proved to be the focus of much of yesterday’s Senate Banking Committee hearing on the debt industry. The witnesses were Corey Stone, CFPB Assistant Director, Office of Deposits,...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 28, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT -...more

Report by consumer group attacks debt collection industry

It’s not necessary to read more than the cover page to know that the debt collection industry does not fare well in the report issued this week by the New Economy Project (NEP). The cover page reads: “The Debt Collection...more

Lost in translation? Ensuring appropriate documentation in the pre-litigation debt collection process

At yesterday’s joint FTC-CFPB roundtable on the debt collection industry, industry representatives advocated for a uniform, national standard for the documentation to be provided to debtors in the pre-litigation phase of the...more

Debt collection litigation: More documents or more face-to-face?

Industry representatives and consumer advocates collectively lamented the high non-appearance rate of debtors in court in debt collection cases at yesterday’s joint FTC-CFPB roundtable on the debt collection industry....more

Does the FDCPA need to get with the times?

At yesterday’s joint FTC-CFPB roundtable on the debt collection industry, the Fair Debt Collection Practices Act (“FDCPA”) was referenced together with the “1970s” a number of times. Commissioner Julie Brill, in an unscripted...more

CFPB Takes Its First Aim at Abusive Practices Under Dodd-Frank

Yesterday, the CFPB took the first step in enforcing the “abusive” standard under the Dodd-Frank Act’s prohibition of unfair, deceptive and abusive acts and practices (“UDAAP”) by filing a federal action against a Florida...more

CFPB, FTC Announce Roundtable On Data Integrity In Debt Collection

On May 1, the FTC and the CFPB announced a roundtable to “examine the flow of consumer data throughout the debt collection process” and discuss (i) the amount of documentation and other information currently available to...more

CFPB/FTC target debt collection data in June 6 roundtable

The CFPB and FTC have announced that they will co-host a roundtable on June 6, 2013 in Washington, D.C. to examine the flow of consumer data throughout the debt collection process. Titled “Life of a Debt: Data Integrity in...more

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