Richard Cordray, Director of the CFPB, came up a little short in his return to TV quiz show Jeopardy!, which aired last night. Cordray was previously an undefeated five-time champion on the show in 1987. The day before, a House Committee chairman sent a letter to his caucus preparing them for floor action on a bill that would restructure the CFPB.
An investigative reporter for CBS affiliate KMOV in St. Louis set up a meeting to confront a debt collector that had been sending collection letters purporting to be from law enforcement offices. The meeting went about as well as could be expected.
A U.S. District Court last week dismissed a class action suit claiming violations of the TCPA for a single informational text message sent to a cell phone. While the case did not involve debt collection matters, the judge used previous ARM cases in his reasoning and focused on what constitutes “prior express consent” under the TCPA for both calls and text messaging.
A panel of judges in the Fourth Circuit of Appeals Friday revived a class action case against a debt collector over language used in the firm’s collection letters. At issue was the demand that any disputes be made in writing, which the plaintiffs claim was a violation of the FDCPA.
A three-judge panel in the Seventh Circuit Court of Appeals last week upheld lower court rulings in a consolidated case that found minor deviations from the validation notice language in debt collection letters do not constitute violations of the Fair Debt Collection Practices Act (FDCPA).
Today we are announcing the launch of the latest portal page designed to help the ARM industry navigate the current legal and regulatory environment: TCPA Resources. The TCPA Resources area joins our recently launched FDCPA and CFPB resources pages as one-stop shops that drill down on a specific compliance topic.
The House Financial Services Committee is urging Americans to come forward with stories about how the Consumer Financial Protection Bureau (CFPB) “has impacted them as consumers, as business owners or how the Bureau has affected their customers.”
Some in the debt collection industry view the impending rulemaking from the CFPB as an exercise in creating more obstacles for their business. But ARM industry leaders recognize the opportunity presented in responses to the Bureau’s advance notice of proposed rulemaking (ANPR). For once, collectors have an actual say in the direction of regulation.
Consumers and the attorneys representing them filed 10 percent fewer cases in 2013 seeking remedy under the Fair Debt Collection Practices Act (FDCPA). It is the second straight year of declines in the number of lawsuits filed.
In her keynote address at the insideARM Large Market Participant Summit Thursday, Linda Gallagher, Managing Director and Global Head of the Consumer Protection Practice at Promontory Financial Group, said the rush towards compliance in the debt collection industry is the fastest she’s seen in her 30 years in the financial services sector. Technology will play a huge role in compliance going forward.