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.
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.
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).
A few months ago, insideARM and The iA Institute formally announced the inaugural First Party Outsourcing Summit. The conference is scheduled for October 12-14 at the Oakridge Hotel and Conference Center outside of Minneapolis. I know, I know. Your first reaction was: “Not another conference!”
On the heels of the Consumer Bankers Association announcement of its filing a petition for review of the Federal Communications Commission’s July 10, 2015 Declaratory Ruling and Order, the U.S. Chamber of Commerce joins the band. This brings to six the number of petitions filed in this matter.
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.
In the latest episode of the Debt Collection Drill, attorneys John Rossman and Mike Poncin break down the law changes in New York, Illinois, and Maine, and provide practical guidance for compliance and avoiding pitfalls.
In the ongoing process of implementing recently adopted NYDFS debt collection rules, yesterday the Department released two additional FAQs and posted amendments to the rule that have been adopted and will take effect on September 9, 2015.
In an order published last week United States District Court Judge Michael M. Anello from the Southern District of California denied Plaintiffs motion for class action certification in the case of Linda Blair, Diane Deal, and Shannon Collins v. The CBE Group, Inc. (CBE) (13cv134-MMA).
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.