On March 21, 2016, the U.S. Supreme Court announced that it had invited the Solicitor General to file a brief expressing his views in connection with the certiorari petition in Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015). insideARM originally wrote about this case on May 26, 2015. As outlined in that […]
Yesterday, at the request of the FTC and Illinois AG, a federal court has shut down a network of businesses and operators that falsely claimed to be debt collectors collecting real payday loan debts. The first paragraph in the FTC’s Blog about the event was perfect: “It’s fine to play ‘let’s pretend’ when you’re young; you can be an astronaut today and an inventor tomorrow. But grown-ups who pretend to be debt collectors and lie to get peoples’ money are headed for trouble.”
Yesterday the United States Supreme Court heard oral arguments in the case of Pamela Gillie, et al. (Plaintiff), v. Law Office of Eric A. Jones, LLC, et al. (Defendant). This is the first case in ten years regarding the FDCPA to be heard by the highest court, Ohio state officials are looking to overturn a […]
Yesterday insideARM reported on a putative class action lawsuit filed against B of A. We were since made aware of a previous case involving the same Plaintiff’s attorney and similar facts.
This article originally appeared as an Alert on ClarkHill.com, and is republished here with permission. There was no shortage of emotionally charged rhetoric and pointed accusations during yesterday’s testimony of the Consumer Financial Protection Bureau’s (CFPB or “Bureau”) Director, Richard Cordray, before the House Financial Services Committee (the “Committee”). The hearing made clear that several industries […]
A putative class action suit was filed yesterday against Bank of America alleging that that the bank has been improperly suing consumers who owe credit card debt after the bank had previously “sold” that debt via a securitization of a pool of accounts. The case has the potential to dramatically impact future collection practices regarding securitized accounts.
The Canadian ARM industry may have dropped the ball when it comes to dealing with Ontario consumers represented by debt settlement firms. More than half the firms offering “debt settlement services” today as defined in the Ontario Collection and Debt Settlement Services Act might be doing so illegally without satisfying registration requirements or failing to […]
insideARM has learned that the three major credit bureaus — Equifax, Experian, and TransUnion — have distributed this document detailing new Furnisher Data Reporting and Process Requirement Changes. Some of the changes are effective as soon as June 15, 2016 while others take effect over a year from now, September 15, 2017. However, the memo […]
This article originally appeared as an Alert on ClarkHill.com and is reprinted here with permission. The 10th edition of Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see February 3, 2016 CFPB Press Release and Compliance Bulletin 2016-01). While debt collection, mortgage and […]
Yesterday, a US District Court Judge granted Defendant’s motion for summary judgment on a TCPA claim where a plaintiff provided a cell phone number as part of an in-store application for credit. The court ruled that Plaintiff consented to being contacted at that number by credit card issuer and collections companies acting on its behalf.