For the past 15 years lawyers have artfully drafted agreements that address such things as whether the accounts being worked are “in default” and whether the employees of an agency working the business are “de facto” employees of the creditor. Often the contract would require that those same employees be segregated from the rest of the company and/or working in isolated space. Numerous other provisions in First Party service agreements all have their genesis in deMayo. Times have changed.
On the heels of yesterday’s enforcement action against Citibank and its subsidiary Department Stores National Bank, today the CFPB took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The company also engaged in illegal debt collection tactics, including calling consumers early in the morning and late at night.
As part of a larger CFPB enforcement action announced today against Citibank, N.A., Department Stores National Bank (a Citibank subsidiary) will pay $23.8 million for deceptively charging expedited payment fees to nearly 1.8 million consumer accounts during collection calls.
In June, EBay and PayPal revised their user agreements to include a statement related to their ability to communicate with customers via autodialed calls and text messages for various purposes, including collecting a debt. The change raised eyebrows. Yesterday, they tried again, in the wake of the FCC’s release of its TCPA ruling last Friday. But they still may not have gotten it right.
During yesterday’s press call regarding the JP Morgan Chase Enforcement Action, officials from the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), and the Attorneys General from Iowa and Illinois offered personal commentary on the Action, reinforced its implications, and worked to clarify questions about the numbers. Iowa […]
On Tuesday, July 7, 2015 a federal judge in Manhattan entered an order for judgment against Time Warner Cable (TWC) for willful violations of the Telephone Consumer Protection Act (TCPA). The judgment was for $229,500. The order was entered after both parties moved for Summary Judgment.
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.
insideARM.com and The iA Institute formally announced today the ARM industry’s first ever conference focusing on First Party Collections and First Party Outsourcing. The inaugural event will be held on October 13-14, 2015 at the Oakridge Hotel and Conference Center just outside Minneapolis, MN.
Wyoming, MN – CU Recovery, the #1 collection resource for credit unions, is pleased to announce the award of $5,000 in tuition scholarships to its Fall 2015 Collection Academy. Five scholarships were awarded to small, medium and large credit unions based on their submission about changes that were implemented in their collection department or credit union, […]
The New York Times reported yesterday that EBay has revised its user agreement (which will take effect June 15) to include a statement that has raised concerns among state regulators. “You consent to receive autodialed or prerecorded calls and text messages from eBay at any telephone number that you have provided us or that we have otherwise obtained.”