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Credit Grantors

A credit grantor is any individual or business that extends credit to customers. The credit can be for other businesses or consumers and can come in many forms, such as closed-end loans (like auto loans, mortgages, and student loans), revolving loans (like credit cards or certain home equity loans), or a hybrid of the two. Some credit is backed by property or assets.

In the U.S., the primary credit grantors are large commercial banks and credit unions. But credit is also extended by small businesses, governments, and other organizations.

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Wells Fargo Reaches Settlement with CFPB Over Alleged Illegal Student Loan Servicing Practices

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices.  The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]

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Court Affirms Dismissal of Crawford Case for FDCPA ‘Time-Barred’ Proof of Claim, Case Was Itself ‘Time-Barred’

This article was originally published on the Maurice Wutscher blog and is republished here with permission. On July 10, 2014, the United States Court of Appeals for the Eleventh Circuit issued its opinion in Crawford v. LVNV Funding, LLC. That opinion began by decrying the “deluge” of proofs of claim filed by debt buyers on debts that are unenforceable […]

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7th Cir. Deepens Split on FDCPA Liability for ‘Time-Barred’ Claims

This article was originally published on the Maurice Wutscher blog and is republished here with permission. Filing a proof of claim with a bankruptcy court representing a debt subject to an expired state law limitations period does not violate the federal Fair Debt Collection Practices Act (FDCPA) under an opinion released yesterday from the Seventh Circuit Court […]

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insideARM Perspective on CFPB Outline of Proposed Rules – Litigation and Time-Barred Disclosures

This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.

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insideARM Perspective On CFPB Outline of Proposed Debt Collection Rules – Information Integrity

This is the third in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week in advance of the next step in the rulemaking process, the SBREFA hearing. Section III of the Outline is devoted to the subject of data integrity, data transfer, and substantiation of a debt. […]

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More Commercial Collection Agencies Collecting Younger Debts as Clients’ Ancillary AR Departments

The trend makes first-party outsourcing services more accessible to the B2B market Once focused almost exclusively on eleventh-hour contingency collections, a growing number of commercial collection agencies are collecting debts as young as 30 days past due, making the benefits of first-party outsourcing more accessible to B2B clients. This trend is fueled by business forces […]

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$9.25 Million TCPA Class Action Settlement by American Express Preliminarily Approved in Illinois Federal Court

On July 6, 2016 a federal judge in Illinois gave initial approval to a $9.25 million settlement between American Express Co., American Express Centurion Bank (together AmEx), and consumers who said the company made illegal debt collection calls and telemarketing calls to their cell phones. This case is the third significant TCPA class action settlement insideARM has reported on in the last 10 days.