December is a contemplative month: we take stock of what we did wrong. We make lists of what we’re going to do right. We drink a LOT of eggnog. Interactive Intelligence will be hosting the perfect webinar for your compliance questions: 2014 Predictions: Compliance Officers Examine the Collections Landscape. Moderated by insideARM.com’s own Mike Bevel, [...]
New York Attorney General Eric T. Schneiderman Thursday announced a settlement with the operator of several debt collection companies in the Buffalo area for illegally collecting on payday loans, violating the privacy of consumers by soliciting their personal information through employers, and sending letters that purported to be from an attorney in order to collect. The man will pay $165,000 in restitution and penalties and be ordered to substantially change his business practices.
The Consumer Relations Consortium (CRC) has gathered a team of nearly twenty innovative collection industry thought-leaders to collaborate on a response to the Consumer Financial Protection Bureau’s (CFPB) recently released Advance Notice of Proposed Rulemaking. Among others, the team includes a panel of attorneys – including both in-house general counsel as well as members of prominent national law firms.
Today we are announcing the launch of our newly-redesigned CFPB Resources page. The page will focus on developments and documentation from the CFPB in its regulation and supervision of the debt collection industry.
There are a number of Congressional efforts underway to amend the Fair Debt Collection Practices Act (FDCPA). But the first changes in the rules governing debt collectors are not likely to come from legislative fixes. The CFPB, with the release of its advance notice of proposed rulemaking, will probably beat lawmakers to the punch. What changes are probably coming?
The U.S. Second Circuit Court of Appeals in New York Wednesday took aim at defining what actions taken by a creditor expose it to liability under the Fair Debt Collection Practice Act by reviving an FDCPA class action against a mortgage company and three servicing and debt collection firms. The case could impact liability under first-party or flat-rate collection relationships.
Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), told a Senate committee Tuesday that accuracy of information used by debt collectors is a primary concern of the Bureau as it looks at new rules to govern the ARM industry.
An FDCPA case dismissal was heard earlier in the year by the Sixth Circuit Court of Appeals. The appellate panel recently decided the case, upholding the dismissal of the case brought by a consumer against a debt collector, but finding some issue with one of the reasons.
The debt collection industry is still reeling from the Consumer Financial Protection Bureau’s “data dump” on November 6, when it added consumer debt collection complaints to its 155,000-strong Consumer Complaint Database. When reviewing that data, one quickly finds that a lot of the consumer complaints could be categorized under the broad umbrella of UDAAP - Unfair [...]
With the CFPB’s rulemaking announcement only a few days old, many members of the debt collection industry are getting their ducks in a row to take advantage of a rare opportunity to influence regulations.