Yesterday, U.S. Attorney General Loretta E. Lynch announced a major settlement with Education Management Corp., the second-largest for-profit education company in the United States. Under the deal announced yesterday, EDMC has agreed to pay a $95.5 million civil settlement to resolve claims that it falsely obtained federal and state education funds, and forgive about 80,000 student loans.
FDCPA suits “unexpectedly [caught] fire this year, up more than 1200 suits (+14.5%) over this time in 2014,” according to Gordon. FCRA suits “works out to a dramatic +39% increase over this time last year,” and “TCPA’s YTD numbers have recovered due to the combination of a strong October and a weak few months at the end of 2014. Now up almost 200 suits (+8.7%) over this time last year, TCPA seems to have avoided the likelihood of a decline.” But none of this should be a surprise, so why is it?
I’m sure you’ve heard the expression “work smarter, not harder.” In today’s environment you need to do both to grow your business. Utilizing skip trace technology is a business-growth engine because it takes care of “easy” day-to-day activities like phone number identification and change of address, while at the same time working harder to solve […]
Americans who may have never heard of the Consumer Financial Protection Bureau (CFPB) before may have learned about it last night. The American Action Network (AAN), an advocacy group, launched a $500,000 ad campaign that ran throughout the evening on Fox Business, the host of the fourth GOP Primary debate. Additionally, the ad campaign aired during the post-debate commentary on Fox News Channel. The ad will also be online the next four weeks along with the launch of StopCFPB.com. What effect the ad will have, though, is anyone’s guess.
JP Morgan Chase, the nation’s biggest bank, will pay $100 million to settle allegations that it used illegal and abusive debt-collection practices in connection with California credit card customers. The settlement specifically collecting incorrect amounts, selling bad credit card debt, and running a debt collection mill that involved illegally “robo-signing” thousands of court documents and improperly obtaining default judgments against military service members.
In addressing the CAB, Cordray underlined this new, anti-arbitration direction for the CFPB: “Companies use [arbitration clauses]…to block class action lawsuits, providing themselves with a free pass from being held accountable by their customers in the courts.”
On October 22 at 2 p.m. EDT, RevSpring will host its next webinar, “Designing Effective Documents.” Design elements must clearly express your brand while leading the customer to take action. In a well-defined communications strategy, your documents should generate response. You must identify the communication channels that best reach potential customers, while incorporating design best practices that create impact and lead to success.
Plaintiffs in an FDCPA class action suit filed earlier this year against Portfolio Recovery Associates have filed a motion to modify the class. PRA opposed the motion, offering multiple arguments, all of which were all rejected earlier this month.
The CRC announced today that Cavalry Portfolio Services, LLC (Cavalry) recently joined as its newest member company. Tim Stapleford, CEO of Cavalry, commented, “I truly believe that this is the right initiative at the right time. The CRC has developed relationships with consumer groups and is working to open lines of communication that have been closed for a long time. We are excited to be a part of this important effort, and to help where we can.”
Specifically, issues arise regarding the type of consent that a consumer must give to authorize recurring payments from a checking account or debit card. Further, the types of disclosures that must be provided by a debt collector accepting such payments are buried in the regulations. This podcast from John Rossman and Mike Poncin puts the issue into perspective.