Stephanie is CEO of The iA Institute, a digital media company and the most trusted provider of specialized information to the complex debt industry. Our efforts inform, teach, and bring a variety of stakeholders to the table to build a culture of compliance, and to address industry challenges. The iA Institute publishes insideARM.com, runs the Compliance Professionals Forum, and manages the Consumer Relations Consortium. Also, anyone who knows me will immediately tell you that my passion is organization. Literally – I love a clean desk, a well-labeled closet, an elegant process, a useful spreadsheet.
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Last week the U.S. Court of Appeals for the 7th Circuit affirmed a District Court ruling against Nationwide Credit Corporation in an FDCPA case involving the “bona fide error” defense. In part, the court said the collector failed to show it maintained procedures sufficient to avoid the type of violation in question.
Last week the Federal Deposit Insurance Corporation (FDIC) reissued FIL-14-2005 “Payday Lending Programs: Revised Examination Guidance” and its attachment, “Revised Guidelines for Payday Lending,” to clarify that bankers and others are aware that it does not apply to banks offering products and services, such as deposit accounts and extensions of credit, to non-bank payday lenders. […]
Earlier this month the U.S. District Court for the Middle District of Florida granted Defendant’s motion for Partial Summary Judgment in Thomas Estrella v. LTD Financial Services, LP (LTD). The Plaintiff claimed that LTD placed calls to his cell phone using an ATDS without prior consent. LTD argued that it manually dialed those calls.
The Federal Trade Commission (FTC) announced last week that, following a public comment period, they have approved final amendments to a Telemarketing Sales Rule (TSR), including a change that will help protect consumers from fraud by prohibiting four discrete types of payment methods favored by con artists and scammers. “Con artists like payments that are […]
As these things tend to happen on Fridays, the CFPB has once again released its latest rulemaking agenda update. The previous update, in May, extended debt collection rulemaking pre-rule activities from April 2015 until December 2015. This latest update, released today, extends debt collection pre-rule activities schedule through February 2016. According to the CFPB, the […]
In a decision filed on October 23, 2015, U.S. District Judge Katherine Polk Failla has granted Credit Management LP (CMI)’s motion to dismiss a case against the firm filed by Joy Gardner. This case represents a positive “envelope” decision in what has been a busy couple of years for collection letter rulings.
Court documents were filed yesterday, preliminarily approving the class action settlements in Monique Sykes, et al., vs. Mel S. Harris and Associates, LLC, et al. A Fairness Hearing has been scheduled for May 11, 2016, in the U.S. District Court for the Southern District of New York. The case is a class-action lawsuit originally certified […]
Yesterday, U.S. Attorney General Loretta E. Lynch announced a major settlement with Education Management Corp., the second-largest for-profit education company in the United States. Under the deal announced yesterday, EDMC has agreed to pay a $95.5 million civil settlement to resolve claims that it falsely obtained federal and state education funds, and forgive about 80,000 student loans.
As reported earlier this week, the FTC and other law enforcement authorities around the country announced the first coordinated federal-state enforcement initiative targeting deceptive and abusive debt collection practices. The documents provided listed over 100 cases, so which 30 they were referring to was not immediately clear. To boil this down a bit, we’ve isolated those cases.
Last week I wrote about the latest budget deal working through Congress, and its inclusion of a provision to allow those collecting federal student loans to call consumer cell phones using an autodialer (ATDS). That two-year budget has since passed the Senate Friday by a vote of 64 to 35, and was signed into law yesterday by President Obama. But you’re not going to want to turn on that autodialer just yet.