Troutman Sanders

JANUARY 9, 2024

CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? While falling behind on a payment or two might not seem like a big deal, collections-stage debt can do substantial damage to your credit. Read on to learn more about Delivery Financial Services and how to get them deleted from your report.

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Troutman Sanders

JUNE 21, 2023

On June 14, CFPB Director Rohit Chopra issued an opening statement before the House Committee on Financial Services, which included an update as to the CFPB’s mandated objectives and alerts for “shocks to the system that might unsettle household financial stability.” For more information, click here.

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Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Account Recovery

DECEMBER 20, 2021

technology-enabled provider of accounts receivable management (ARM) solutions, announced today it has completed its acquisition of EOS North America, a leading first- and third-party collection agency serving government, financial services, healthcare, telecom and utility clients in the United States and Canada.

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Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. What’s worse is that Action Financial Services’ entry can be viewed by potential lenders down the line.

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Troutman Sanders

MARCH 14, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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PDC Flow

JUNE 9, 2020

We sat down to discuss the importance of a brand strategy for financial services and ARM firms, and what that entails. How is brand building for financial services different from, say, a packaged product on a store shelf? It’s an incredible balancing act and very few financial services get it right.

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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 (..)

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Better Credit Blog

AUGUST 22, 2020

If you have an unpaid medical bill, you may begin to hear from a debt collector known as CMRE Financial Services. CMRE Financial Services is a collection agency that collects medical debts on behalf of hospitals and other healthcare businesses. What is CMRE Financial Services?

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Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years. That is not the case.

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CSA

FEBRUARY 3, 2021

I now support and advise businesses and stakeholders on a wide range of apprenticeship-based projects, with much of this work focussed in Financial Services. This means that Apprenticeship Levy funds are being lost, and begs the question, can debt collection agencies afford not to consider investing in apprenticeships in 2021?

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. collectively, “Coinbase”).

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Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. For more information, click here.

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Troutman Sanders

NOVEMBER 8, 2022

The FTC’s proposed order requires the company to bolster its data security, limit the data the company can collect and retain, offer users multifactor authentication to secure their accounts, and allow users to access and delete their data. For more information, click here. For more information, click here. . —

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Debt Collection Answers

SEPTEMBER 30, 2020

The FTC is cracking down on what it calls the "worst debt collection tactics" in Operation Corrupt Collector. Absolute Financial Services, LLC. The FTC complaint charges that Absolute Financial Services, which operates in the Charlotte, North, Carolina area, collected more than $5.2

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Troutman Sanders

MAY 31, 2022

On May 24, the CFPB announced that it will open the Office of Competition and Innovation as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. For more information, click here. For more information, click here.

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Troutman Sanders

MAY 23, 2022

digital asset businesses, comparisons to traditional financial services and financial inclusion considerations, as well as technological considerations. On May 16, the CFPB published a report, examining mortgage servicers’ responses to the COVID-19 pandemic. For more information, click here.

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Troutman Sanders

DECEMBER 27, 2021

State Activities: On January 1, 2022, California’s medical debt law will take effect, which means agencies licensed in the state will have limits on collection actions and their health care clients will be required to have a written policy on how they send accounts to third-party debt collectors. For more information, click here.

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Troutman Sanders

NOVEMBER 9, 2021

On October 29, the New York State Department of Financial Services issued proposed revisions to the regulation concerning third-party collection agencies and debt buyers. For more information, click here. For more information, click here.

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Troutman Sanders

FEBRUARY 22, 2021

On February 18, the Department of Veterans Affairs announced that it will extend its moratorium on all benefit and medical copay debt collections through at least September 30, 2021. On February 16, Colorado State Senators Faith Winter and Julie Gonzales introduced SB21-057 , a bill that will expand the Colorado Student Loan Servicers Act.

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FFGN COLLECT NY

DECEMBER 15, 2021

The Consumer Financial Protection Bureau (CFPB) has more to do with your debt collection claim than you might think. Personally, CFPB has a lot to do with how companies approach you to collect debt and other financial products. In New York State, it’s the Department of Financial Services.

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Troutman Sanders

AUGUST 2, 2021

On July 30, the Consumer Financial Protection Bureau (CFPB) announced that two final rules issued under the Fair Debt Collection Practices Act will take effect as planned, on November 30. s debt collection legislation was transmitted to Mayor Bowser for her signature. For more information, click here.

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Troutman Sanders

OCTOBER 19, 2021

On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Troutman Sanders

FEBRUARY 7, 2022

State Activities: On February 3, the Nevada Financial Institutions Division issued a notice of transition to all Nevada collection agency licensees, stating that “all current collection agency and manager licensees and registrants will be able to begin their required transition to NMLS” on April 1.

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Account Recovery

AUGUST 5, 2020

The investment provides Katabat with … The post Katabat Attracts Significant Growth Investment from Tritium Partners and Terminus Capital Partners appeared first on AccountsRecovery.net.

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Troutman Sanders

JULY 7, 2021

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.

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Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. Ron Wyden asked the CFPB to prevent credit agencies from selling Americans’ private, personal data unrelated to their credit or finances via data brokers. For more information, click here.

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Troutman Sanders

OCTOBER 4, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Coast Professional, Inc.,

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Troutman Sanders

SEPTEMBER 27, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Census demographic data.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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Troutman Sanders

OCTOBER 10, 2023

Katz, discovering that in 2018 and 2019 the firm had engaged in in unlicensed collection activity involving about 10,000 Connecticut accounts with a total balance of $1.4 The firm allegedly collected about $81,000 of that amount. The firm had 14 days to request a hearing, but failed to do so.

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Troutman Sanders

JUNE 28, 2021

On June 16, the CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents ( i.e. , military borrowers) from conduct that violates the Military Lending Act (MLA). For more information, click here.

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Troutman Sanders

MAY 17, 2021

House of Representatives passed the Comprehensive Debt Collection Improvement Act, a collection of bills intended to reform how debts are collected. On May 13, the Nevada Financial Institutions Division (NFID) extended its temporary guidance allowing employees of licensed collection agencies to work from home through July 31.

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