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NARCA Applauds CFPB Action Against World Law Group

NARCA applauds the recent action by the CFPB in the case of the Consumer Financial Protection Bureau v. Orion Processing. LLC, Bradley James Haskins, World Law Debt Services, LLC, and World Law Processing, LLC. Since October 27, 2010, over 21,ooo consumers across the country-representing 99% of the consumers who enrolled with World Law-have paid more than $67 million in unlawful advance fees to Defendants, who ultimately provide little or none of the services promised to consumers.

signed agreement settlement

Encore, PRA Reach Settlement with the CFPB, Agree to Hefty Fines

The CFPB announced today that it has taken action against two of the biggest debt buyers in the U.S., Encore Capital Group and Portfolio Recovery Associates (PRA). The Bureau cited both buyers for what it termed illegal debt collection activities, including purchasing debts they should have known were inaccurate and/or not legally enforceable and attempting to collect on that debt through unlawful means. Both firms say they disagreed with how the CFPB characterized their practices, but agreed to settlements in order to put the matter behind them.


NYC Quietly Publishes Guidance That Helps to Reconcile Its Debt Collection Rules with Those of New York State

In response to many inquiries regarding its out-of-statute requirements, the New York City Department of Consumer Affairs (NYC) issued official guidance on July 31, 2015. The requirements have caused confusion because of their apparent conflict with those issued by the New York State Department of Financial Services (NYDFS).


CBA Joins the Bandwagon; Files Petition to the FCC for Declaratory Ruling

The Consumer Bankers Association (CBA) has filed a petition for review of the FCC’s July 10, 2015 Declaratory Ruling and Order in the US Court of Appeals for the District of Columbia Circuit. The CBA Petition will be consolidated with the prior Petitions filed by ACA International and others and will be heard as a single case before the Court of Appeals for the District of Columbia.

Opinion on Red Keyboard Button.

FTC’s Reilly Dolan Lists Those Banned From Debt Collection, and Discusses Industry Self-Regulation

Earlier this week, Reilly Dolan, Associate Director, Division of Financial Practices at the Federal Trade Commission posted a blog about the debt buying industry and its efforts to self-regulate. Click here to read the full text of the piece, which offers insight into the regulator’s expectations. Also of interest is the link to the 75 bad apples recently banned from the debt collection business.