If an entity acquires a debt in default and tries to collect on it, does that automatically make it a “debt collector” under the Fair Debt Collections Practices Act? Several courts, including the Third, Seventh, and Sixth Circuit Courts of Appeals, all said yes it does. In a surprise ruling earlier this week, however, the […]
DBA International announced a major update to its Code of Ethics which was adopted at its August 13, 2015 Board Meeting. The comprehensive update adds clarity to the industry’s rigorous ethical standards while seamlessly integrating the consumer protections contained in DBA International’s Receivables Management Certification Program.
Last week the CFPB, jointly with the FTC, filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP. In the case a U.S. district court previously ruled that a debt collection law firm violated the Fair Debt FDCPA by filing a complaint without “meaningful attorney involvement.”
“Because ARM companies must rely on creditors to comply with Section 1.2(b) and 1.4, it is our responsibility and obligation to continue communicating with our clients to establish best practices prior to August 30, 2015,” Lauren Rosenfeld of FMA Alliance explains.
Encore Capital Group, Inc. (NASDAQ:ECPG) announced yesterday that it has collaborated with U.S. Reps. Scott Peters (CA-52) and Duncan Hunter (CA-50) to create a bill that would exempt up to $2,500 worth of forgiven personal and household debt from federal taxation. The bill (H.R. 2640) was recently introduced as the “Consumer Debt Forgiveness Tax Relief Act of 2015.” This re-raises the 1099-C debate for the collection industry.
Yesterday the CFPB released its first monthly report on consumer complaints. The Report provides a high-level snapshot of trends, including the most complained about companies regarding debt collection.
Local Law 15 was adopted in 2009 and among other things included law firms that do debt collection and asset buyers to the list of entities regulated by the city. Two law firms, Eric M. Berman PC and Lacy Katzen LLP, sued the city over the law, arguing it encroached on the state’s authority to […]
ST. LOUIS, MO – JH Capital Group, LLC, a diversified specialty finance company, announced today the appointment of a key position within their organization. Garon Robinett will be joining as Vice President of Business Development. Robinett will be responsible for determining new purchase and revenue opportunities, including evaluating current strategies and re‐creating risk assessment and […]
According to an exclusive Reuters report, JPMorgan Chase will be paying $125 million to settle investigations by state and federal authorities, some dating back to 2013, related to the improper sale and collection of consumer credit card debt.
Come October, Maine’s FDCPA language will be amended/updated via House Bill 753 (LD 1092). Specifically: These changes will be of especial interest to any agency collecting debt from consumers who reside in Maine. Per DBA International, Specifically, the new law: Requires written payment schedules or settlement agreements be provided to the consumer, Reaffirms the six year […]