Account Recovery

AUGUST 29, 2022

The Connecticut Department of Banking has revoked the consumer collection agency license and imposed a fine of $100,000 on a collection agency for failing to provide information requested during an examination, which rendered the state unable to determine the financial responsibility and general fitness of the operation that it could operate soundly (..)

Collection Agencies 244

Collection Agencies Collections Agency Consumer Collections Banks 244

Troutman Sanders

AUGUST 2, 2021

On July 15, the Connecticut Department of Banking fined a collection agency, after finding it had allegedly operated without proper licensing for about seven years. As part of the application process, the state conducted an investigation into the agency’s activities, which led to the Department of Banking’s finding.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

JULY 7, 2021

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

JUNE 28, 2021

Questions regarding the new law and answers provided by the Financial Institutions Division of the Nevada Department of Business and Industry can be found here. On June 25, multiple collection agencies and other plaintiffs filed suit in the U.S. For more information on the new law, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Collection Agencies Collections Agency 52

Troutman Sanders

OCTOBER 10, 2023

The Commissioner alleged in the order that the firm had acted as a consumer collection agency in Connecticut without a consumer collection agency license, in violation of § 36a-801(a) of the Connecticut General Statutes. The firm had 14 days to request a hearing, but failed to do so.

Banks 52

Banks Collections Collection Agencies Collections Agency 52

FFGN COLLECT NY

DECEMBER 15, 2021

The Bureau educates, establishes and enforces rules, and has a compliance arm addressing debt collection as it relates to consumer collections. In New York State, it’s the Department of Financial Services. The CFPB regulates debt collection only as it relates to consumer debt.

Debt collector 98

Debt collector Collections Fair Debt Collection Collection Agencies 98

Consumer Financial Services Law

MARCH 22, 2021

Because the Rule now addresses communications regarding dead consumers, it’s important to review skip trace policies and ensure policies are in place which will provide the debt collector with ample information as to the deceased consumer’s estate. See Comment 10(b)(2)-1.

Debt collector 40

Debt collector Collection Agencies Collections Agency Collections 40