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customer-complaints

CFPB Finalizes Policy on Consumer Complaint Narratives; Changes Company Response Process

The Consumer Financial Protection Bureau (CFPB) announced today that it has finalized its publication rules for consumer narratives in complaints. The move will allow the CFPB to publish the language provided by consumers explaining why they are logging the complaint. The final policy also includes a significant change to the way companies can respond to consumer narratives.

class-action-movie

TCPA Plaintiffs Skipping ARM Firms for Claims, Shifting Liability to Creditors/Originators

A lawsuit filed in federal court in New York this week is seeking class action status under the TCPA. Named in the case is a major utility and nearly all of its subsidiaries and parent companies, including global holding firms, even though the alleged violation was committed by a third party debt collection agency. It is a continuation of a trend that sees plaintiffs skipping collectors and going straight after the big money.

Envelope on Fire

Is Your Envelope “Benign” Under The FDCPA?

There has been a lot of litigation relating to envelopes recently, but section 1692f(8) of the FDCPA, which regulates collection envelopes, is not new. It has been a source of frustration for collectors for decades. Fortunately, some courts have recognized that a strict application of section 1692f(8) may lead to absurd results, and have held that “benign language” on an envelope does not violate the FDCPA. Unfortunately, the word “benign” can be VERY slippery.

eating-popcorn

Collection Law Firm Uses Recent Ruling Against CFPB to Bolster FDCPA Enforcement Defense

A federal judge in Indiana last week dismissed part of an enforcement action brought by the Consumer Financial Protection Bureau (CFPB) against a for-profit college under the Truth in Lending Act (TILA) because TILA actions are subject to a one-year statute of limitations. A collection law firm currently embroiled in a nasty legal fight with the CFPB jumped on the opportunity to note that the FDCPA carries similar restrictions.

ecommerce-payment-processing

BillingTree Showcasing Reg E Compliance Service amongst Suite of Payment Offerings at ACA International Spring Forum in San Antonio March 25-27, 2015

BillingTree® is showcasing multiple payment services and solutions at the 2015 ACA International Spring Forum & Expo from March 25 – 27. The offerings featured include a new Regulation E (Reg E) and E-sign compliance service; Check 21 paper check conversion solution and the extremely popular Medical Savings Account acceptance service ‘Health PAS’.

using-credit-cards

CFPB Seeks Input on Credit Card Market, Including Collection and Debt Sales Practices

The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.

credit-report

Altus Adds Trade Data Reporting to Suite of Services

Altus Global Trade Solutions (Altus GTS), a full service accounts receivable management agency, has launched its new Trade Data Reporting service. Clients can now report their customers’ payment activity to the three major commercial credit bureaus, Dun & Bradstreet, Experian and Equifax, through Altus’ easy-to-use online portal. This valuable service is offered at no charge to Altus clients.

government-contracts

Collection Agencies Choose Sides in Busy Week for ED Contract Protest Case

This week saw a flurry of activity in the Court of Federal Claims case against the Department of Education over its decision to end student loan debt collection contracts with five collection agencies. The end result is a consolidated case that pits four collection agencies — with two others supporting as amici — against the United States and five other collection agencies on the contract.

Acquisition

Allied Global Acquires Alliance iCommunications

Allied Global, a leading service provider in the accounts receivable management industry, is very pleased to announce the acquisition of Alliance iCommunications. Alliance provides inbound and outbound call center services specializing in customer care, customer acquisition & retention, and roadside assistance. Alliance was founded in London, Ontario 20 years ago by Dave and Sheila LeClair […]

Senior Man Using Cell Phone

Greetings from the Self-Proclaimed “Dullest Person in the ARM Industry”

I am so “over” Las Vegas. I am not a gambler. Plus, since I have the well-earned title of being THE DULLEST PERSON IN THE ARM INDUSTRY, all of the glitter and glamour of Las Vegas is lost on me. Lastly, time away from home has become less attractive. I like being at home. Shorter trips are better for me, and I hear the same from many of my colleagues.

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Obama, Republicans, in Legislative Tug-of-War Over Over CFPB Reform

We can expect to hear more rhetoric from both sides in the ramp-up to the 2016 presidential elections. Democrats will want to focus the conversation on consumer protections — from reforms in debt collection to reforms in lending (specifically, yesterday’s story about payday lending). Republicans will focus largely on what they see as a regulatory body with no supervision, and will likely frame the conversation in terms of a need for smaller government.

Payday Loan

Is This the Beginning of the End for Payday Loan Operations?

The proposals under consideration would include two ways that lenders could extend short-term loans without causing borrowers to become trapped in debt. Lenders could either prevent debt traps at the outset of each loan, or they could protect against debt traps throughout the lending process. Specifically, all lenders making covered short-term loans would have to adhere to one of several requirements.