The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”
A decision will likely impact litigation under the FDCPA, TILA, EFTA and other federal laws, which can expose financial services companies to extraordinary liability even though the injured party has suffered no real loss.
Two weeks ago, insideARM reported on a bill that was introduced in the District of Columbia Council that would impose additional burdensome requirements on debt buyers and collectors. In that article we suggested that these types of bills may be part of a nationwide trend. I believe we can now officially confirm that speculation. After […]
According to data provided by WebRecon LLC, FDCPA litigation is trending up in 2015. Litigation was up 10% over last month, and for the first four months of the year, up 12.5% over the same period a year ago.
You should probably stop charging convenience fees. You also probably won’t listen to me, or to your compliance team. But convenience fees are proving to be ironically named, and a sure-fire way to involve your agency in a class action lawsuit — at the least.
The Second Circuit Court of Appeals ruled yesterday that a debt collector does not violate the FDCPA if it does not advise a consumer of the tax consequences of a settlement offer.
The Consumer Financial Protection Bureau (CFPB) will convene a public field hearing tomorrow in Milwaukee, Wis. to discuss student loans. The field event will feature remarks by CFPB Director Richard Cordray, followed by a panel discussion with consumer groups and industry representatives.
Yesterday the United States Court of Appeals for the Ninth Circuit issued a 3-0 Opinion (add link) in favor of the ARM industry in an FDCPA case entitled Ninth Circuit Opinion in Diaz v Kubler. The appeal involved a suit by a debtor against a debt collector alleging that by sending a collection letter that sought 10 percent interest on the debt the debt collector violated §1692f(1) of the FDCPA and also California’s Fair Debt Collection Practices Act (the Rosenthal Act).
Continuing a state regulatory trend, a bill has popped up in the Council for the District of Columbia that would tighten rules related to debt buyers. The complete bill is in the following link: http://lims.dccouncil.us/Download/33762/B21-0190-Introduction.pdf While this bill has quite a way to go before becoming law, we noticed the following elements that are concerning […]
As part of its annual survey of technology adoption in the debt industry, one particular topic jumped out as worth a deeper dive: what are collection agencies doing around payment processing, and what are some pitfalls everyone should be mindful of? This question could not come at a better time — specifically since much has […]