News & Analysis as of

Financial Services Industry Debt Collection

Orrick, Herrington & Sutcliffe LLP

CFPB issues its annual FDCPA report

On September 5, the CFPB released its 2024 annual report on the FDCPA, which discussed several issues consumers face in debt collection and highlights practices in the collection of medical and rental debt. Medical debt...more

Orrick, Herrington & Sutcliffe LLP

FTC provides annual debt collection activities to CFPB in letter

On September 5, the FTC published a letter to the CFPB on the Commission’s annual summary of debt collection activities in 2023. Addressed to CFPB Director Rohit Chopra, the report aimed to assist the Bureau in preparing its...more

Orrick, Herrington & Sutcliffe LLP

NYC issues new rules for debt collectors

On August 12, the New York City Department of Consumer and Worker Protection (DCWP) issued a Notice of Adoption regarding amendments to debt collection rules. According to the DCWP, the amendments, effective December 1, will...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cooley LLP

CFPB Report Highlights ‘Aggressive,’ ‘Illegal’ Medical and Rental Debt Collection Practices

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On September 5, 2024, the Consumer Financial Protection Bureau (CFPB) released its annual report on debt collection, drawing attention to a range of activities with respect to medical and rental debt collection that the CFPB...more

Sheppard Mullin Richter & Hampton LLP

CFPB Settles Action Against Student Loan Servicer with Industry Ban

On September 12, 2024, the Consumer Financial Protection Bureau (CFPB) filed a proposed order which, if entered by the court, will ban a student loan servicer from servicing federal student loans and require it to pay $120...more

Troutman Pepper

Nevada Federal Court Grants Summary Judgment in Debt Collector’s Favor in FDCPA and TCPA Case Alleging Attorney Representation and...

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On September 9, the U.S. District Court for the District of Nevada granted summary judgment in favor of a debt collector in a case involving alleged violations of the Fair Debt Collection Practices Act (FDCPA) and the...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed

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The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Orrick, Herrington & Sutcliffe LLP

U.S. SDNY dismisses FDCPA case against student loan trusts for time-barred violations

On August 16, the U.S. SNDY dismissed as time-barred a student loan debt class-action brought against student loan trusts, servicing agents and a law firm. The suit, brought by a class of New York residents holding student...more

Troutman Pepper

Oklahoma Federal Court Dismisses FDCPA Case Where the Debt was not Disputed

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A U.S. District Court in the Western District of Oklahoma recently dismissed a lawsuit under the Fair Debt Collections Practices Act (FDCPA) for lack of Article III standing, finding the plaintiff did not actually dispute the...more

Stotler Hayes Group, LLC

Medical Debt and Bankruptcy: Myths, Realities, and Pathways to Relief

As one of the more toxic topics in the United States political and social realms, healthcare, and the debt associated with it, is always at the tip of most people’s tongue. Whether eagerly waiting to argue for proposed...more

Ballard Spahr LLP

Federal Judge Sanctions Pittsburgh Law Firm for Writing ‘Imaginary’ Letters on Behalf of Clients in Debt Disputes

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A Pennsylvania federal judge has imposed sanctions and lambasted a law firm and its attorneys for having employees write falsified letters on behalf of clients involved in debt collection disputes....more

Troutman Pepper

Navigating FCRA and Debt Collection With Special Guest Bridgeforce's Michelle Macartney — FCRA Focus Podcast

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In this episode of FCRA Focus, host Kim Phan is joined by fellow Troutman Pepper partner Stefanie Jackman and Michelle Macartney, managing partner and chief compliance officer at Bridgeforce. Together, they delve into the...more

Ballard Spahr LLP

Plaintiffs declare that Fort Worth Chamber is the CFPB’s “natural adversary” in their opposition brief to the CFPB’s motion to...

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On August 12, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and if granted, transfer the case to the...more

Ballard Spahr LLP

FTC Orders Career Training Company to Pay $43.5 Million for Luring Students With Deceptive Ads

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Career Step LLC, an online career training company has been ordered to pay $43.5 million in cash and debt cancellation to resolve FTC charges that the company “lured consumers, specifically servicemembers and their families,...more

Ballard Spahr LLP

Plaintiffs file their brief in opposition to CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more

Ballard Spahr LLP

Chopra Defends CFPB’s Medical Debt Proposed Rule

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CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

New Jersey bans medical debts in credit reporting

On July 22, the Governor of New Jersey signed into law A 3861 (the “Act), also known as the Louisa Carman Medical Debt Relief Act, which codified the protection of consumers from “predatory medical debt collectors,” including...more

Manatt, Phelps & Phillips, LLP

TCPA Suit Tossed Where Plaintiff Not A ‘Called Party’

A Telephone Consumer Protection Act (TCPA) plaintiff who was neither a subscriber of the telephone number nor a customary user of the number failed to state a claim under the statute, a New York federal court has ruled....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 5

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

CFPB files motion to dismiss Fort Worth Chamber of Commerce for lack of standing and if granted, renews its motion to transfer the...

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On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB...more

Cadwalader, Wickersham & Taft LLP

Summer Regulatory Round-Up | July 2024

The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance: Acting Comptroller of the Office of the Comptroller of the Currency (OCC),...more

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