The Massachusetts Division of Banks and the Massachusetts Office of the Attorney General have scheduled a meeting to seek input on the current state of debt collection and debt collection regulation within the State. They are considering whether changes may be warranted. This announcement comes, literally, at the same time the CFPB holds its debt collection SBREFA hearing in Washington, D.C.
The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several months in 2014-15. The survey results are remarkable in how closely they mirror the complaint portal data.
This article was originally published on the Maurice Wutscher blog and is republished here with permission. Filing a proof of claim with a bankruptcy court representing a debt subject to an expired state law limitations period does not violate the federal Fair Debt Collection Practices Act (FDCPA) under an opinion released yesterday from the Seventh Circuit Court […]
On Monday, PRA Group (PRAA) reported its financial results for the second quarter of 2016. The company also hosted a conference call for investors. PRAA is one of the largest purchasers of defaulted receivables worldwide. Second Quarter 2016 Highlights Cash collections of $387.2 million, (currency adjusted cash collections of $391.3) million versus $389.6 million in […]
It is interesting to compare the viewpoints expressed quarterly by ECPG and PRAA on the current state of the debt buying market, particularly the domestic market. Additionally, Encore management’s discussion on collections regulation in Europe was enlightening.
This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.
DALLAS, Texas – As the DBA Executive Summit commences, Real Time Resolutions, Inc. (RTR) today announced that it has earned the highly regarded designation of Certified Professional Receivables Company (CPRC) after completing the comprehensive national standards contained in DBA International’s certification program. These standards have been recognized for exceeding state and federal laws and regulations through […]
We asked a range of industry experts to give us their reactions to last week’s CFPB Debt Collection Field Hearing and/or the Outline of Proposed Rules. Fifteen of the most insightful responses received are included here.
SACRAMENTO, Calif. — DBA International created its certification program to promote transparent, consumer-oriented, best practice standards for the receivables management industry — exceeding many of the consumer protection requirements in state and federal law. It was evident that DBA International’s Receivables Management Certification Program was used by the CFPB in the development of the proposals […]
The Consumer Financial Protection Bureau (CFPB) has released its long-awaited Outline of Proposed Rules governing third-party debt collectors. The proposal, released in advance of today’s 2:00 PM EDT CFPB Debt Collection Field Hearing in McClellan Park, California, is 117 pages and covers a wide range of topics that had been raised nearly three years ago […]