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.
The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.
At a symposium in midtown Manhattan Thursday, three representatives from New York City and state financial regulators provided some clarity to recently-enacted rules impacting collection agencies, debt buyers, and collection law firms operating in the state.
Delinquencies continued to decline in last year’s third quarter, falling in seven out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The U.S. credit card market bounced back in the second quarter as the economy improved, according to the American Bankers Association’s December 2014 Credit Card Market Monitor report. The number of new accounts increased and monthly purchase volumes picked up, while the distribution of accounts resumed its shift away from “revolvers” who carry balances month-to-month.
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.