New York State’s Department of Financial Services Wednesday announced the formal adoption of new debt collection regulations that place new specific disclosure and written communication requirements on third party debt collectors and debt buyers. In addition to new requirements, the rules also create a structure for the use of email in debt collection efforts.
National Recovery Service (NRS) and First Collection Bureau (FCB) — Russia’s leaders in collection services outsourcing and debt purchase — today announces a strategic partnership at the shareholder level.
insideARM today announced the addition to its staff of Terri Haley as Director of Compliance, and the promotion of Mike Bevel to Director of Education. These changes are part of an overall strategy to provide deep and specific educational content as well as peer networks to the ARM industry.
Shermeta Law Group, P.C. — formerly known as Shermeta, Adams & Von Allmen, P.C. — announces the recent addition of Mr. Gregory R. Dye to their staff. Mr. Dye will succeed Douglass H. Shermeta as President of the firm. He joins the firm with sixteen years of experience in the collection industry.
After a string of debt industry victories claiming violations of the FDCPA in voice messages, a collection agency in South Carolina last month was handed a defeat by a federal judge for failing to properly identify itself in a voicemail. The judge used the Foti decision in her opinion on the case.
In October 2014, consumers filed 911 lawsuits claiming violations of the Fair Debt Collection Practices Act (FDCPA), up 13.4 percent from September and an increase of 16.1 percent from October 2013. But total FDCPA lawsuits are still on track to finish well below 2013 numbers, which would mark the third straight year of declines.
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have filed several recent enforcement actions challenging debt collection practices by original creditors as well as third-party debt collectors. In addition, the CFPB’s Notice of Proposed Rulemaking on debt collection is expected shortly. These rules are anticipated to codify a sea change in the collection industry.
Barron & Newburger, P.C.—a law firm with over three decades of experience in consumer and commercial litigation, insolvency and bankruptcy litigation, and compliance and regulatory affairs—today announces the opening of offices in California, Colorado, and New York.
The U.S. Court of Appeals for the D.C. Circuit heard oral arguments in two cases Wednesday that challenge the CFPB’s authority to regulate financial services firms due to its one Director leadership structure. The specific arguments concerned standing to bring such suits, with the merits of the challenges pending.
A U.S. Circuit Court decision this summer took an extraordinary step when it held that filing a proof of claim on time barred debt is conduct that violates the FDCPA. At the time, attorneys close to both bankruptcy and FDCPA proceedings warned that it would touch off a very real firestorm in that sector of the ARM industry. That has proven to be quite true.