Account Recovery

NOVEMBER 28, 2023

A District Court judge in New York has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action, ruling that the lack of a date on a Model Validation Notice is not a violation of the statute and is not confusing to the least sophisticated consumer.

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Fair Debt Collection Collections 130

Account Recovery

NOVEMBER 22, 2023

The Consumer Financial Protection Bureau and 11 states announced earlier this week that an online training company will close its doors and provide $30 million in relief to student borrowers, in part because of abusive debt collection practices that it deployed when individuals were unable to make their payments.

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Consumer Finance

NOVEMBER 19, 2023

The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers (..)

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Lender Loans Collections Student loans 135

True Accord

NOVEMBER 1, 2023

It’s hard to believe that the year is already winding down, but consumer debt certainly isn’t. And not having the right collection partner today can equate to missed recovery opportunities tomorrow. So what makes the end of the year such an important time to evaluate your current collections partner?

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Collections Banks Collection Agencies Collections Agency 89

True Accord

NOVEMBER 13, 2023

The New York City Department of Consumer and Worker Protection (NYC DCWP) just released an updated proposed amendment to its rules relating to debt collection. The effect will raise the number of lawsuits brought against NYC consumers and ultimately increase the cost of credit for all consumers across the US to offset New York losses.

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Debt collector Creditors Collections Original Creditor 89

Jimerson Firm

NOVEMBER 20, 2023

The Florida Consumer Collection Practices Act (FCCPA) is a pro-consumer statute. 17) relating to emails for collecting debt. In collecting consumer debts, no person shall: (17) Communicate with the debtor between the hours of 9 p.m. Section 559.72(17) Section 559.72(17) Prohibited practices generally. —In

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Debtor Consumer Collections Construction Lawyers 59

True Accord

NOVEMBER 20, 2023

In this part two, we explore the benefits of digital communications for consumers in all other states and jurisdictions—except New York—as well as these unintended consequences New Yorkers face from these potential amendments.

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Debt collector Creditors Lender Collection Agencies 70

Troutman Sanders

NOVEMBER 20, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. Of these, approximately 8,500 (or 15%) pertained to attempts to collect a medical bill.

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Debt collector Education Fair Debt Collection Trade 52

PDC Flow

NOVEMBER 7, 2023

Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Considerations for Sending Validation Notices via Email Regulation F states that agencies can use email for debt collection purposes. What is right for one company may not make sense for another.

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Collections Collection Agencies Collections Agency Original Creditor 62

Direct Recovery

NOVEMBER 17, 2023

Between economic fears limiting consumer spending and rising costs leading to shrinking margins, almost everyone feels the pinch today. Let’s jump in and take a closer look at five reasons you might want to consider partnering with a commercial debt collection agency to handle your collections, given the current economic climate.

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Collection Agencies Collections Agency Collections Government 59

PDC Flow

NOVEMBER 29, 2023

Some payment softwares are designed with specific industries in mind and don’t offer the payment processing services your consumers and your office require (or include features you’ll never need). offer digital communication channels to engage consumers and collect payments. Does it simplify interactions with consumers?

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Healthcare Collections Banks 79

Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

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Troutman Sanders

NOVEMBER 30, 2023

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA) and Telephone Consumer Protection Act (TCPA) were down for the month of October, but filings under the Fair Debt Collection Practices Act (FDCPA) were up. decrease from September; 414 FDCPA cases were filed, representing a 14.7%

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Fair Debt Collection Collections 52

Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend the existing regulations defining “larger participants” the CFPB supervises by adding a new section to define larger participants that offer digital wallets, payment applications, and similar services.

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Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

NOVEMBER 16, 2023

Court of Appeals for the Second Circuit issued a summary order affirming a district court’s holding that an emailed response to the plaintiff’s email did not constitute an “initial communication” under the Fair Debt Collections Practices Act (FDCPA). In Worley v. Simon, Meyrowitz & Meyrowitz, P.C. ,

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Taurus Collect

NOVEMBER 15, 2023

Understanding your rights as a consumer is crucial when dealing with debt collectors. Unfortunately, many UK consumers are unaware of their legal protections and end up feeling intimidated or helpless when faced with aggressive debt collection tactics. Provide them with all the documentation you’ve collected.

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Debt collector Creditors Original Creditor Debt Management 52

Qualco

NOVEMBER 7, 2023

To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. A significant factor to consider is regulatory compliance. forclusion in France).

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Financial Institution Debtor Loans Collateral 90

Troutman Sanders

NOVEMBER 8, 2023

After receiving notice of representation, the defendant sent five billing notifications to the plaintiff and made six telephone calls attempting to collect on the $5 monthly payment. This same evidence also supported findings that the plaintiff was financially vulnerable and that the defendant had engaged in repeated collection activity.

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Creditors Chapter 7 bankruptcy Unsecured Creditor Debt collector 52

Troutman Sanders

NOVEMBER 20, 2023

On November 9, a magistrate judge in the Northern District of Georgia issued a Report & Recommendation to grant a motion to dismiss because the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claims were time-barred and the cause of action under the Fair Credit Reporting Act (FCRA) failed to state a claim. In Marion v.

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Original Creditor Creditors Fair Debt Collection Education 52

Collection Industry News

NOVEMBER 13, 2023

Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” said Donghoon Lee, the New York Fed’s economic research advisor. But that cash reserve is largely gone after consumers gradually spent down their excess savings from the Covid-19 pandemic years.

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Credit Card Debt Student loans Student Loans Consumer Credit 40

Troutman Sanders

NOVEMBER 8, 2023

On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining “larger participants” the CFPB supervises by adding a new section to define larger participants that offer digital wallets, payment applications, and similar services.

Student loans 52

Student loans Student Loans Financial services Banks 52

Troutman Sanders

NOVEMBER 27, 2023

State Activities: On November 20, North Carolina AG Josh Stein secured a court order requiring a lender to permanently shut down its operations, resolving allegations that the lender made false representations to students about job placement, saddled students with unlawful loans, and employed abusive practices to collect debt from student borrowers.

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Financial services Loans Lender Trade 52

Collection Industry News

NOVEMBER 22, 2023

The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. ” Digital applications now help millions of people to send money to friends and family, as well as to help them make a variety of consumer retail payment transactions.

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Credit Unions Credit Unions Student loans Student Loans 40

Collection Industry News

NOVEMBER 30, 2023

” However, Young says there are ways families and consumers can manage debt and get it down. consumer credit card debt at highest levels ever, ahead of the holidays appeared first on Collection Industry News. “Creating a budget, seeing what sort of extra things you can get rid of, you know, like streaming services.

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Credit Card Debt Consumer Credit Banks Collections 40

Troutman Sanders

NOVEMBER 8, 2023

Last week, a district court in Nevada held that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). the defendant sent a debt validation letter to the plaintiff that followed the model form provided by the Consumer Financial Protection Bureau (CFPB). In Bergida v.

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Debt collector Debtor Fair Debt Collection Education 52

Troutman Sanders

NOVEMBER 13, 2023

OppFi’s on-line platform allows its bank partner, FinWise Bank, to make short-term loans to higher-risk consumers. Since the beginning of 2020, California has imposed an interest rate cap of 36% plus the federal funds rate on consumer loans between $2,500 and $9,999 for lenders licensed under the California Financing Law (CFL).

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Lender Banks Loans Collections 52

Taurus Collect

NOVEMBER 15, 2023

Regulations around debt collection are strict, and experts from no cure no pay debt collection UK are here to help you navigate these waters. In this post, we will explore the rights and regulations governing debt collection in the UK. ” If you’re based in the UK, the answer may surprise you. or after 9 p.m.,

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Debt collector Fair Debt Collection Collection Agencies Collections Agency 52

Collection Industry News

NOVEMBER 6, 2023

Partnering with federal and state regulators: The Department cooperates with other government agencies, such as the Consumer Financial Protection Bureau (CFPB) and state attorneys general, which are tasked with enforcing consumer financial laws.

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Student loans Student Loans Loans Accrued Interest 40

Troutman Sanders

NOVEMBER 7, 2023

The FTC’s complaint alleges that consumers were “rarely able to get an advance for the promised” amount, and in many cases, consumers were not able to receive a cash advance at all. The complaint also alleges that the company began charging consumers a fee for an instant transfer. For more information, click here.

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Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

NOVEMBER 21, 2023

On November 20, the Federal Trade Commission (FTC) announced that it is sending a second round of payments totaling more than $857,000 to consumers who were harmed by Napleton Automotive Group’s junk fees and discriminatory practices. The report highlights consumer protection issues in medical debt collection.

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Financial services Retail Banks Collections 52