Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

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Direct Recovery

JUNE 24, 2020

With an unprecedented number of Americans filing for unemployment, debt collection has been harder than ever for collectors who are attempting to work from home, and business isn’t going to get any better on account of those $1,200 stimulus checks, especially here in California. The Judgment Factor.

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Troutman Sanders

MARCH 11, 2024

Senator Lummis, a vocal supporter of Bitcoin, has been more critical of stablecoins, particularly Tether, and has opposed central bank digital currencies. toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection. For more information, click here.

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Troutman Sanders

AUGUST 7, 2023

dba DEBT Box. The SEC accuses DEBT Box’s principals, brothers Jason Anderson and Jacob Anderson, of defrauding investors of at least $49 million. On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver of defendants True Count Staffing Inc.,

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Troutman Sanders

SEPTEMBER 25, 2023

On September 20, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on artificial intelligence (AI) in financial services. Increasingly, banks, brokers, and insurance companies are employing AI to process data, decide who can get a loan, and tailor financial products to customers. For more information, click here.

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Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Brown argued that medical debt “correlates with illness,” not with credit risk. For more information, click here.

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Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks.

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