Members gathered in Washington, D.C., for the return of the Washington Insights Fly-In May 18-19. Members of Congress from both sides of the aisle attended the ACA event, which also featured panel discussions on state laws, medical debt credit reporting, and the upcoming midterm elections. Editor’s note: This article is available for members only. 5/19/2022 [...] Read More... The post ACA Advocates Meet on Capitol Hill appeared first on ACA International.
The letter addresses recent changes to UDAAP manuals focused on supervisory examinations as well as Chopra’s regulatory and enforcement agenda. 05/19/2022 3:30 P.M. 3 minute read The ranking member of the House Financial Services Committee, U.S. Rep. Patrick McHenry, R-N.C., and the ranking member of the Subcommittee on Consumer Protection and Financial Institutions, U.S. Rep. [...] Read More... The post House Financial Services Members McHenry, Luetkemeyer Express Concern with CFPB Policies in Letter to Director Chopra appeared first on ACA International.
A consumer failed to state a claim under Section 15 U.S.C. Section§ 1692f(1) of the FDCPA, which permits the collection of amounts authorized by the agreement creating the debt, after a state court deemed the attorney’s fees were reasonable in the case. 05/18/2022 5:30 P.M. 4.5 minute read Hrdlicka v. Bruce, No. 3:21-cv-00033 GFVT, 2022 [...] Read More... The post Hrdlicka v. Bruce: Court Finds Standing, Dismisses some FDCPA Claims appeared first on ACA International.
A consumer filed suit to stop a foreclosure on her home. When the foreclosure did not occur, the lender negotiated a short sale, and the consumer amended her complaint to allege that the lender violated the Fair Debt Collection Practices Act when it mailed a notice of non-judicial foreclosure. The lender moves for summary judgment. [...] Read More... The post Lema v. Nationstar: Sending Non-Judicial Foreclosure Notice to a Consumer is Not Debt Collection appeared first on ACA International.
May 17, 2022 — RGS Financial, a leading nationwide provider of call center solutions, has expanded its use of Collaborationroom.ai for supporting its work-from-home agents. By using CollaborationRoom.ai’s platform, RGS will be able to engage its contact center agents working remotely, ensuring compliance and a commitment to providing the best experience for their clients. The … The post RGS Financial Expands Its Use Of CollaborationRoom.ai for Its Work-From-Home Agents appeared first on AccountsRecovery.net.
GETTING TO KNOW AMY KENNEDY OF THE INTELITECH GROUP If you’re lucky, you have someone in your life who sees things through a different perspective, who always seems to know the right question to ask at the right time, which helps you put a situation into perspective and allows you to make the right decision. … The post Daily Digest – May 19. Getting to Know Amy Kennedy of The Intelitech Group; Appeals Court Revives Case for Debt Buyer appeared first on AccountsRecovery.net.
When presented with the news that they will have to pay a surcharge when making a payment with a credit card, nearly 20% of consumers change their mind and end up using a different method of payment, according to the results of a recently released survey. About 40% of the survey’s respondents knowingly paid the … The post What Consumers Do When Presented With Credit Card Surcharge Fees appeared first on AccountsRecovery.net.
There is a lot to unpack in today’s episode of “The Young and the Indebted” with the Secretary of Education, the chair of the House Financial Services Committee, and a former presidential candidate all making comments or taking action to address the issue of student loan debt forgiveness. Let’s begin first with former presidential candidate … The post Bill Introduced to Prohibit Student Loan Debt Cancellation While House Committee Chair Calls on President to Cancel $50k for Each Borrower appeared first on AccountsRecovery.net.
Just one day after announcing that it was launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial laws, the CFPB released its first Consumer Financial Protection Circular (2022-02) addressing deceptive representations involving the FDIC’s name or logo or deposit... Continue Reading…
Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s attempt to apply California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank) by alleging that OppFi is... Continue Reading…
The Connecticut Department of Banking (“Department”) has issued a temporary cease and desist order (“Order”) that directs SoLo Funds, Inc., (“SoLo”) a fintech company that uses peer-to-peer technology to assist consumers in obtaining small dollar loans from third-party lenders, to immediately stop engaging in such activity because it is not licensed as a small loan... Continue Reading…
A California Court of Appeal recently found a bank liable to a judgment creditor under California’s Enforcement of Judgments Law for the bank’s registered agent’s mistake in misreading, and subsequently rejecting, a notice of levy. Although the bank itself did not have knowledge of the mistake, the Court held the bank responsible through principles of... 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