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Collection Law Firms

Debt collection law firms, also known as creditor’s rights law firms, focus on the collection of debt through the court system. While traditional collection agencies are not authorized to file lawsuits against debtors, collection attorneys specialize in taking debt cases to court to try to obtain court-ordered judgments against debtors.

In addition to teams of legal professionals, many collection law firms have extensive collection operations that conduct more traditional debt recovery activity.

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Joint CFPB-FTC Brief: Collecting on Time-Barred Debt Can Violate FDCPA

The CFPB and FTC this week said in a court brief that “actual or threatened litigation is not a necessary predicate for an FDCPA violation in the context of time-barred debt.” The brief argues that under certain circumstances, a settlement offer — and other collection activity — on an out-of-statute account can mislead the consumer and could be a violation of the FDCPA.

New Hire Packet

Consumer Relations Consortium Submits Comments on the CFPB’s ANPR for Debt Collection After Meeting with Consumer Groups

The Consumer Relations Consortium (CRC) last Thursday submitted comments on the CFPB’s Advance Notice of Proposed Rulemaking (ANPR) for debt collection. The CRC provided a response to nearly all of the 162 questions (plus sub-questions) posed by the Bureau. In a few cases, response was left to other industry associations that are closer to those particular topics.

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Anticipating a New Regulatory Regime For Debt Collection

Market changes since the FDCPA’s passage in 1977 and the postcrisis shift toward regulation have opened the door to significantly enhanced consumer protections. The CFPB’s rulemaking has the potential to alter dynamics in every corner of the industry, from reducing recovery rates and limiting post-charge-off sale options and pricing to driving further consolidation by firms with sophisticated processes, systems, and controls.