In 2014, there were 9,720 lawsuits filed in federal courts claiming violations of the Fair Debt Collection Practices Act (FDCPA), a decline of 5.7 percent from 2013. It was the third straight year of significant declines in consumer FDCPA case filings.
The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced Thursday that they have taken action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his […]
The Federal Trade Commission has issued a follow-up study of credit report accuracy that found most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information on their report is still inaccurate.
The Federal Trade Commission said Wednesday that on its behalf, the Justice Department filed a lawsuit in federal court against a Texas-based debt collection operation and its current and former principals for illegally threatening consumers with false claims that unless they pay a debt, they will face legal action or wage garnishment.
The Federal Trade Commission Tuesday announced the publication of a short graphic novel intended to help Spanish-speaking consumers know their rights when dealing with debt collectors. The publication describes the rules debt collectors must follow, and what consumers should do if they don’t.
In today’s ARM environment, compliance is the ultimate Trump card. Compliance will win over all other elements of the ARM industry. It is the differentiator. Companies with robust compliance programs will not only survive, they will succeed.
The American Bankers Association this week sent a letter to the Federal Reserve’s Office of the Inspector General (OIG) offering support for two ongoing audits of the CFPB’s complaints database and urging the OIG to expand the scope of the audits to address, among other things, the CFPB’s proposed plan to publish consumer narratives alongside complaints.
Two payday lending companies have settled Federal Trade Commission charges that they violated the law by charging consumers undisclosed and inflated fees. Under the proposed settlement, AMG Services, Inc. and MNE Services, Inc. will pay $21 million – the largest FTC recovery in a payday lending case – and will waive another $285 million in charges that were assessed but not collected.
A district judge in Georgia last week sided with a debt collector in an FDCPA suit where the consumer plaintiff claimed violations because collection efforts continued after she orally disputed a debt and did not dispute the debt in writing for seven months. The ruling, while positive for the ARM company, further confuses the oral vs. written dispute issue.
Delta Outsource Group, Inc. a nationwide provider of collection and receivable management programs has completed a holistic audit to show compliance with applicable federal and state data security laws.