Troutman Sanders

NOVEMBER 13, 2023

One revision now requires hospitals to complete a screening process to determine whether a particular patient is eligible for charity care before taking certain action, such as enrolling the patient in a payment plan or referring the account to in-house or third-party collections, on the patient’s account. For more information, click here.

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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. They have a reputation as being an aggressive and relentless collector. Send a Debt Validation Letter.

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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. About Delivery Financial Services. Credit card debt. Utility debt.

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Troutman Sanders

JULY 21, 2022

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. Transcript: Fair Lending 101 for Debt Collectors (PDF).

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Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. Total outstanding credit card debt eclipsed $1 trillion for the first time since the CFPB began collecting this data. financial institutions.

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Account Recovery

JUNE 9, 2023

The Consumer Financial Protection Bureau yesterday announced its first enforcement action in the area of medical collections, fining a medical debt collector $1.675 million for continuing to attempt to collect on debts that were not substantiated after the consumers filed disputes and for furnishing information abut the debts to the credit reporting (..)

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Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

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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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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.

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Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Debt Collectors and Service Providers Can Once Again Work Together Without the Fear of Violating the FDCPA. The Hunstein v.

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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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Troutman Sanders

JUNE 12, 2023

On June 8, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order against medical debt collector Phoenix Financial Services for alleged violations of the Fair Credit Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA).

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Troutman Sanders

JUNE 13, 2022

On June 8, Office of the Comptroller of the Currency (OCC) proposed adding cannabis and digital currency activities to the list of business data it collects from banks in an attempt to better identify areas of risk in the financial system. For more information, click here. For more information, click here. dollar-backed stablecoins.

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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. What is the Consumer Financial Protection Bureau?

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. We have the experience that pays.

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Troutman Sanders

NOVEMBER 29, 2021

State Activities: On November 24, the New York State Department of Financial Services issued a proposed regulation that seeks to protect consumers who are provided misinformation about whether health care providers are part of their insurance network. The CFPB plans to review recent changes to the rule and evaluate their effectiveness.

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Consumer Financial Services Law

NOVEMBER 19, 2019

On November 14, 2019, the House Committee on Financial Services passed the following bills which would amend the federal Fair Debt Collection Practices Act and tighten consumer protections. The Ending Debt Collection Harassment Act of 2019 (H.R. The Ending Debt Collection Harassment Act of 2019 (H.R.

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FFGN COLLECT NY

DECEMBER 10, 2023

Did you know that the debt collection industry in the US is valued at $20.3 And yet, this is among the financial services sectors that are not as digitized as others. With a growth rate of 4.4%, finding a solution to expedite the debt collection process is crucial. Inadequate focus on debt collection.

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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

MARCH 15, 2021

Madeleine Dean (D-PA) introduced a bill, the Fair Debt Collection Practices for Servicemembers Act (H.R. 1491), proposing to amend two sections of the Fair Debt Collection Practices Act (FDCPA or the Act) — namely Section 805 of the FDCPA (15 U.S.C. Proposed Amendment to 1692c: Communication Involving Debt Collection.

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Consumer Financial Services Law

OCTOBER 31, 2021

With the CFPB having decided to leave the effective date of the Debt Collection Rule as November 30 th , the push is on for debt collectors to ensure their compliance with the Rule by that date. Referral of the Account. As we all know by now, the Rule introduces as a new concept the “itemization date.” Section 1006.34(b)

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Collection Industry News

DECEMBER 19, 2023

The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. WASHINGTON, D.C. – Read today’s order.

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Troutman Sanders

DECEMBER 7, 2021

The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. On November 30, Regulation F of the Fair Debt Collection Practices Act became effective. For more information, click here. For more information, click here. For more information, click here.

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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. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debt collectors and debt buyers.

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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. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders.

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Consumer Financial Services Law

MARCH 27, 2018

Dunn The House Financial Services Committee voted 35-25 on March 21, 2018 to advance H.R. Dunn practices in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. By: Zachary K. 5082, officially known as the “Practice of Law Technical Clarification Act of 2018,” to the full House of Representatives.

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Troutman Sanders

MAY 5, 2021

Section 1692c(b) of the FDCPA prohibits a debt collector from communicating with most third parties “in connection with the collection of any debt” unless it has the consumer’s consent. The hospital hired debt collector Preferred Collection & Management Services, Inc.

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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

MAY 10, 2021

On May 6, the House of Representatives indicated that it plans to vote on eight bills, collectively referred to as the Comprehensive Debt Collection Improvement Act. For more information, click here. For more information, click here. For more information, click here. ” For more information, click here.

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PDC Flow

AUGUST 18, 2020

This year has seen vast, unexpected change for the credit and collection industry. As many professionals work to navigate this new world of remote work and prepare for the months to come, attorney John Bedard has been a dominant voice, guiding collectors through the struggle. I’ve been representing debt collectors ever since.

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Fico Collections

SEPTEMBER 19, 2022

Debt Collections on Tenterhooks with Six and Sevens following CFPB’s Reg F. Consumer Financial Protection Bureau (CFPB) announced the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) on July 30, which went into effect on November 30, 2021. Reg F isn't a hurdle to adjust to and live with.

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Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools. For more information, click here. For more information, click here.

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Collection Industry News

OCTOBER 12, 2020

The CFPB is actively working to protect consumers from illegal actions of debt collectors,” CFPB Director Kathleen L. We will continue to monitor the financial marketplace, as well as consumer complaints received, in order to ensure that we identify and take action against debt collectors who are violating the law.”. “We

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Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. On March 10, the Oklahoma Senate passed a health care debt collection bill.

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Troutman Sanders

MARCH 9, 2022

Please join us on March 9 for a complimentary webinar to discuss how Regulation F represents a sea of change to how consumer and debt collectors will approach lawsuits brought under the Fair Debt Collection Practices Act. Register Here Wednesday, March 9 • 3:30 – 4:3 0 p.m.

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Troutman Sanders

APRIL 4, 2022

On March 29, New York Attorney General Letitia James sent letters to the largest credit card companies and major debt collectors operating in New York, warning those companies of new state regulations that prevent them from suing consumers for old debts. All three affect debt collection in D.C.;

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