Massachusetts Attorney General Maura Healey’s Office offered support this week for proposed legislation related to statute of limitations, collection of judgments, and more, that would have a significant effect on creditors and debt collectors.
The U.S. Court of Appeals for the Seventh Circuit recently affirmed summary judgment in favor of a debt collector, holding among other things that the “FDCPA is not an enforcement mechanism for matters governed elsewhere by state and federal law.”
George Mason University Foundation Professor of Law and Senior Scholar of the Mercatus Center Todd J. Zywicki has published a Working Paper entitled “The Law and Economics of Consumer Debt Collection and Its Regulation.” The 69-page paper concludes that new government restrictions on debt collection may very well burden consumers. Zywicki starts with the premise […]
SACRAMENTO, Calif. – A new study conducted by Professor Todd Zywicki of the Mercatus Center at George Mason University indicated that careful evaluation of the current regulatory environment was necessary to ensure that the debt collection and debt buying industries continued to fulfill their critical role in the economy. The study also found as the […]
The Consumer Bankers Association (CBA) has filed a petition for review of the FCC’s July 10, 2015 Declaratory Ruling and Order in the US Court of Appeals for the District of Columbia Circuit. The CBA Petition will be consolidated with the prior Petitions filed by ACA International and others and will be heard as a single case before the Court of Appeals for the District of Columbia.
In the ongoing process of implementing recently adopted NYDFS debt collection rules, yesterday the Department released two additional FAQs and posted amendments to the rule that have been adopted and will take effect on September 9, 2015.
If an entity acquires a debt in default and tries to collect on it, does that automatically make it a “debt collector” under the Fair Debt Collections Practices Act? Several courts, including the Third, Seventh, and Sixth Circuit Courts of Appeals, all said yes it does. In a surprise ruling earlier this week, however, the […]
Yesterday the CFPB released its first monthly report on consumer complaints. The Report provides a high-level snapshot of trends, including the most complained about companies regarding debt collection.
According to an exclusive Reuters report, JPMorgan Chase will be paying $125 million to settle investigations by state and federal authorities, some dating back to 2013, related to the improper sale and collection of consumer credit card debt.
A Senate Committee in the North Carolina legislature this week approved a bill that would soften that state’s requirements for debt collection lawsuits, especially for debt buyers. The prospect of a change to the rules has led to protests from some lawmakers and consumer advocates.