The CFPB’s idea to combine the 30-day hold with the radical proposal to prohibit all collector contact with the tens of thousands of personal representatives who regularly administer the majority of probate estates would completely change the way decedent debt is collected.
If someone were to review the approximately 10,000 FDCPA cases that are filed each year, he or she would find that there are very few lawsuits brought against collectors of decedent debt. The reason there are so few lawsuits is simple.
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.
ROCKVILLE, Md. — The Consumer Relations Consortium (CRC) announced today that Coast Professional, State Collection Service, Windham Professionals, Afni, and Radius Global Solutions, have recently joined as new members. The CRC is a membership group for “larger market participants” in the debt collection industry (defined as those firms with $10M or more in annual revenue from collection […]
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.
July’s FDCPA-related cases include some positive outcomes and some negative outcomes for the industry. Review the list, and our at-a-glance case law resource, powered each month by Joann Needleman of Clark Hill.
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. […]
We asked a range of industry experts to give us their reactions to last week’s CFPB Debt Collection Field Hearing and/or the Outline of Proposed Rules. Fifteen of the most insightful responses received are included here.
Last week the CFPB released its 117-page Outline of Proposed Rules for debt collection in anticipation of the next step in rulemaking, the SBREFA panel, to be held on August 25th. insideARM is breaking down those proposals for our readers in a series of posts covering the range of topics addressed. Our first post – insideARM Perspective […]