Yesterday, I was honored to be among the small business representatives who testified in front of the Small Business Review Panel for the CFPB Debt Collector and Debt Buyer Rulemaking. We testified from 9:00 AM to 5:00 PM; the feedback centered around three main themes.
The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several months in 2014-15. The survey results are remarkable in how closely they mirror the complaint portal data.
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices. The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]
Last week a Federal Judge in Georgia granted initial approval of a $30 million (TCPA class action settlement involving Wells Fargo. While the $30+ million settlement figure is staggering, with a class of over 6,400,000 members, the potential exposure for Wells Fargo was substantial.
This article was originally published on the Maurice Wutscher blog and is republished here with permission. On July 10, 2014, the United States Court of Appeals for the Eleventh Circuit issued its opinion in Crawford v. LVNV Funding, LLC. That opinion began by decrying the “deluge” of proofs of claim filed by debt buyers on debts that are unenforceable […]
This article was originally published on the Maurice Wutscher blog and is republished here with permission. Filing a proof of claim with a bankruptcy court representing a debt subject to an expired state law limitations period does not violate the federal Fair Debt Collection Practices Act (FDCPA) under an opinion released yesterday from the Seventh Circuit Court […]
This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.
This is the third in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week in advance of the next step in the rulemaking process, the SBREFA hearing. Section III of the Outline is devoted to the subject of data integrity, data transfer, and substantiation of a debt. […]
What do you get when you bring together twenty Creditor Grantors with fifteen ARM Agencies and have over 160 intimate, yet formal appointments? You get one of the most productive events in the history of the industry: insideARM’s Inaugural One-to-One Appointments Forum.
The trend makes first-party outsourcing services more accessible to the B2B market Once focused almost exclusively on eleventh-hour contingency collections, a growing number of commercial collection agencies are collecting debts as young as 30 days past due, making the benefits of first-party outsourcing more accessible to B2B clients. This trend is fueled by business forces […]