Last week the Federal Deposit Insurance Corporation (FDIC) reissued FIL-14-2005 “Payday Lending Programs: Revised Examination Guidance” and its attachment, “Revised Guidelines for Payday Lending,” to clarify that bankers and others are aware that it does not apply to banks offering products and services, such as deposit accounts and extensions of credit, to non-bank payday lenders. […]
This week the CFPB issued a Compliance Bulletin concerning the Electronic Fund Transfer Act and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers. The Bulletin also outlines the CFPB’s compliance expectations.
Earlier this month the U.S. District Court for the Middle District of Florida granted Defendant’s motion for Partial Summary Judgment in Thomas Estrella v. LTD Financial Services, LP (LTD). The Plaintiff claimed that LTD placed calls to his cell phone using an ATDS without prior consent. LTD argued that it manually dialed those calls.
In a decision filed on October 23, 2015, U.S. District Judge Katherine Polk Failla has granted Credit Management LP (CMI)’s motion to dismiss a case against the firm filed by Joy Gardner. This case represents a positive “envelope” decision in what has been a busy couple of years for collection letter rulings.
The FTC wrapped up its three city Debt Dialogue tour in Atlanta, Georgia yesterday afternoon with very animated “dialogues” among regulators and representatives of the credit and collections industry. The wide-ranging discussion covered communication between collectors and consumers, industry self-regulation, collection complaints, and more.
A recent Illinois bill provides a welcome fix to the Illinois Collection Agency Act (ICAA). The legislation, SB 1369, corrects amendments made to the ICAA this past August. Those amendments potentially expanded sections of the ICAA to commercial debt and would require disclosures contrary to (and possibly in violation of) the federal Fair Debt Collection Practices Act. The […]
Court documents were filed yesterday, preliminarily approving the class action settlements in Monique Sykes, et al., vs. Mel S. Harris and Associates, LLC, et al. A Fairness Hearing has been scheduled for May 11, 2016, in the U.S. District Court for the Southern District of New York. The case is a class-action lawsuit originally certified […]
Consumer Action and the Consumer Relations Consortium (CRC) have worked together to produce “When a collector calls: An insider’s guide to responding to debt collectors.” Released today, as the FTC holds the third in a series of public “Debt Collection Dialogues,” the free guide helps consumers to recognize impostors.
Yesterday, U.S. Attorney General Loretta E. Lynch announced a major settlement with Education Management Corp., the second-largest for-profit education company in the United States. Under the deal announced yesterday, EDMC has agreed to pay a $95.5 million civil settlement to resolve claims that it falsely obtained federal and state education funds, and forgive about 80,000 student loans.
The utilities industry is a highly-regulated market with tremendous regional fragmentation despite its maturity. However, it presents excellent opportunities for ARM companies. Utilities collections accounted for $550 billion in revenue for the ARM industry in 2014. This market segment is comprised of three broad sectors – electricity, gas, and water – but electricity and gas […]