FCC Chairman Tom Wheeler’s TCPA “Fact Sheet” on forthcoming declaratory rulings issues should scare the heck out of any business using any telephone to reach potential, current or former customers. I believe the rulings will have a substantial impact on customer operations in the financial services industry.
SB1866 amends the Crime Victims Compensation Act, outlining procedures for giving notice to a vendor waiting for payment of a claim for compensation filed under the Act. It provides that a vendor who has been given notice of the claim may not engage in debt collection activities against the applicant until the Court of Claims awards compensation for the debt and the payment is processed.
The U.S. Supreme Court recently held that a debtor in a Chapter 7 case cannot “strip-off” or void a wholly unsecured junior mortgage under section 506(d) of the Bankruptcy Code.
The OCC took the actions against the bank for violations of law and unsafe or unsound practices in connection with the bank’s compliance with the Servicemembers Civil Relief Act (SCRA), and unsafe or unsound practices in connection with debt collection litigation practices.
“It’s going to be two days, six webinars, and probably more of my voice than anyone wanted to hear — but the speakers we’ve lined up and the topics being presented are just top-notch,” Mike Bevel, an editor and insideARM and the Director of Education for the Compliance Professionals Forum, said.
In this instance Chairman Wheeler has chosen to act through declaratory rulings. He has circulated his proposed declaratory rulings to the other commissioners, thus bypassing the notice and public comment period required under the formal rule-making process.
Quietly, on the eve of the holiday weekend, the CFPB published a Rulemaking Agenda update, extending the end of Prerule Activities for Debt Collection, for a second time, to December of this year.
The original lawsuit was filed by Madden in 2011. Madden claimed, on behalf of herself and a putative class, that Midland had engaged in abusive and unfair debt collection practices and had charged a usurious rate of interest under New York law that proscribed interest from being charged at a rate exceeding 25% per year.
The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”
The multi-state investigation was initiated in 2012. The investigation focused on consumer disputes about credit report errors, monitoring and disciplining data furnishers (providers of credit reporting information), accuracy in consumer credit reports, and the marketing of credit monitoring products to consumers who call the credit reporting agencies to dispute information on their credit report. Under the terms of the 54 page settlement agreement, the credit reporting agencies have agreed to make a number of changes to their business practices to benefit consumers.