Bond licensing legislation, now eligible to send to the state’s governor, would require a bond before an agency can be licensed in Rhode Island. 06/24/2022 3:15 P.M. 1 minute read Rhode Island has passed legislation that requires debt collectors to file a $50,000 bond to be licensed in the state. The legislation passed in the [...] Read More... The post Rhode Island Passes Bond Licensing Legislation appeared first on ACA International.
The commercial debt collections bill was favorably reported from the committee level to the U.S. House of Representatives, but faced opposition for its impact on inflation for small businesses, reduction in access to credit, and the lack of distinction between commercial and consumer debt. 06/24/2022 1:45 P.M. 6 minute read Legislation to expand the Fair [...] Read More... The post ACA on the Issues: Bill on Commercial Debt Collections Advances Along Party Lines appeared first on ACA International.
A summary of recent top FCRA, TCPA and FDCPA cases from ACA. Editor’s note: This article is available for members only. 06/24/2022 12:15 P.M. 4 minute read Each week, ACA International’s compliance team covers relevant case summaries for ACA members. Members may also submit cases for consideration to our compliance team at [email protected] Here are the [...] Read More... The post Daily Decision Recap: Medical Billing, Letter Vendor Claims and More appeared first on ACA International.
The spring 2022 regulatory agenda includes lending and consumer data proposals while debt collection and credit reporting are on the bureau’s radar in public forums. 06/23/2022 12:15 P.M. 4 minute read The Consumer Financial Protection Bureau released its regulatory agenda for spring 2022 including proposed rules on consumer access to financial records and lending data [...] Read More... The post Member Update: Debt Collection Missing from CFPB’s Agenda as Bureau Focuses on Other Regulatory Approaches appeared first on ACA International.
JUDGE RULES FOR DEFENDANT IN FDCPA CASE OVER DISPUTE RESPONSE A District Court judge in North Carolina has granted a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s expectation for what he should have received when he disputed the debt was well beyond what … The post Daily Digest – June 24. Judge Rules for Defendant in FDCPA Case Over Dispute Response; Settlement Will Cancel $6B in Student Loans appeared first on AccountsRecovery.net.
C-level executives are dramatically underestimating how much their employees are struggling with their well-being, which is perhaps insightful, because a significant majority of C-level execs revealed they would seriously consider resigning for a job that better supports their mental and physical welfare, according to the results of a poll released this week by Deloitte. When … The post Do You Really Know How Your Employees Are Doing? appeared first on AccountsRecovery.net.
The Department of Education yesterday announced a settlement in a lawsuit that will see the debts of 200,000 individuals forgiven, wiping out $6 billion in unpaid loans owed by individuals who had filed borrower defense claims that were left pending for years by previous administrations. A copy of the settlement in the case of Sweet … The post Settlement Will Cancel $6B of Unpaid Student Loans appeared first on AccountsRecovery.net.
A District Court judge in Washington has granted a defendant’s motion for judgment on the pleadings in a Fair Credit Reporting Act case, even though the judge took the step of pointing out that the facts of the case were “disheartening,” ruling that a credit reporting agency could not be held responsible for reporting information … The post Judge Grants Defendant’s Motion in FCRA Case Over Disputed Debt appeared first on AccountsRecovery.net.
Mr. Thomas is widely-viewed as the nation’s leading CRA expert and has advised federal regulators on CRA reform. After reviewing CRA’s origins and purpose, we discuss how the new proposal differs from the OCC’s rescinded 2020 final CRA rule and the current CRA rules, including the proposal’s higher asset threshold for small banks and approach... Continue Reading…
The Department of Justice announced that it has entered into a settlement with Meta Platforms Inc., formerly known as Facebook Inc., to resolve allegations that Meta engaged in discriminatory advertising in violation of the Fair Housing Act (FHA). The proposed agreement was filed in a New York federal district court simultaneously with a complaint alleging... Continue Reading…
As we previously reported, the Office of the Comptroller of the Currency (“OCC”) rescinded its 2020 Community Reinvestment Act (“CRA”) final rule (the “2020 CRA Final Rule” or the “Rescinded Rule”) in December 2021 and has since been operating under a CRA framework largely based on the OCC’s 1995 CRA rule (the “1995 Rule”), which... Continue Reading…
CFPB rulemaking was the subject of a new blog post by Director Chopra published last week titled “Rethinking the approach to regulations.” Director Chopra first discussed the CFPB’s efforts “to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules.” He indicated that... Continue Reading…
In the latest episode of the Debt Collection Drill podcast series, Moss & Barnett attorneys Aylix Jensen, Michael Etmund and John Rossman provide specific guidance on the circumstances in which a collection agency may legally delete all information previously furnished to a credit reporting agency, also known as a tradeline deletion.
Regulation F contemplates debt collectors communicating with consumers using a scripted “limited content” voicemail message which contains the business name of the debt collector, but “does not indicate that the debt collector is in the debt collection business.” While consumer advocates agree that this limited content message will be extremely beneficial to consumers, debt collectors must proceed cautiously with implementation to ensure full compliance with all requirements of the limited content message contained within Regulation F. In this episode of the Debt Collection Drill podcast, Moss & Barnett attorneys John Rossman, Sarah Doerr and Brad Armstrong provide practical guidance for implementation of the Regulation F limited content message and the attorneys also examine the legal restrictions regarding the use of certain words in a collection agency name.
A debt collector must verify the identity of a communication recipient to ensure a right-party contact while also avoiding a disclosure about the existence of the debt to a third-party. Thus, a debt collector must, when asked, provide meaningful information about the purpose of a telephone call to a third-party – even when the third-party refuses to identify herself – without disclosing that the call is an attempt to collect a debt. In the latest episode of the Debt Collection Drill podcast, Moss & Barnett attorneys John Rossman and Mike Poncin are joined by attorney Aylix Jensen who elaborates on her recent, complete victory in Federal Court establishing that a debt collector did not violate the FDCPA by stating it was a “financial services company” calling regarding a “personal business matter” to an unidentified individual – the Plaintiff – who the Court identified as the correct “customer for the account.”
In this episode of the Debt Collection Drill podcast, Moss & Barnett attorneys discuss the recent, historic changes to the laws restricting debt collection and how agencies can comply.
Today, Hunstein took another unique—but favorable—turn for the debt collection industry. The Eleventh Circuit Court of appeals issued an order vacating its last opinion in Hunstein vs. Preferred Collection & Management Services, Inc, and ordered the case to be reheard en banc. More › Tags: Eleventh Circuit Court of Appeals, FDCPA, Hunstein, SCOTUS
On October 29, 2021, the New York State Department of Financial Services (DFS) posted proposed amendments to its debt collection rules for Third-Party Debt Collectors and Debt Buyers (under 23 New York Codes, Rules, and Regulations Part 1) that could significantly change procedures for communicating with consumers. More › Tags: Communications, Debt Collection, Document Retention, New York, NYS DFS, Regulatory Compliance, Statute of Limitations
An important resource for financial services compliance professionals has been updated. The Fifth Edition of the 50 State Guide on Student Loan Servicing Laws is a quick reference guide and resource for student loan industry participants regarding enacted state laws, and pending or previously introduced legislation. More › Tags: Loan Servicing, Origination, Private Student Loans, Student Loans
In a special edition of our Consumer Law Hinsights newsletter, we cover the U.S. Supreme Court decision in TransUnion LLC v. Ramirez that was announced last Friday. The Court held "no concrete harm, no standing" in a significant check on federal consumer class actions. Read our analysis. Tags: Article III Standing, Class Action, SCOTUS, Separation of Powers