Account Recovery

AUGUST 12, 2021

million in a settlement with the Attorney General of Massachusetts after it was accused of using abusive debt collections that violated state regulations. The company, Avant, was accused of making excessive telephone calls to individuals with unpaid debts and of failing … The post Online Lender to Pay $1.6M

Lender 246

Lender Collections Loans 246

Account Recovery

SEPTEMBER 1, 2020

a subprime auto lender, for knowingly originating loans to individuals even though it knew they would be unable to repay them, and then said the lender “harassed” those individuals by calling them as many as eight times a day in attempting to … The post Mass.

Lender 246

Lender Collections Loans 246

Account Recovery

FEBRUARY 26, 2024

Judge Denies Attorney’s Fees for Defense in FDCPA Case Belief in Excessive Collection Tactics Leads CFPB to Put Small-Dollar Lender Under Federal Supervision Consumers With More Credit Card Debt than Emergency Savings Hits All-Time High: Bankrate Compliance Digest – February 26 WORTH NOTING: A security company is in hot water for showing customers (..)

Lender 147

Lender Credit Card Debt Collections 147

Account Recovery

JULY 13, 2021

EMERGENCY COLLECTION BILLS INTRODUCED IN DISTRICT OF COLUMBIA A pair of bills have been introduced in Washington, D.C., that seek to implement temporary restrictions on how debts are collected in the District now that it is ending the pandemic emergency declaration that was enacted last year.

Lender 246

Lender Collections 246

Account Recovery

JULY 29, 2020

A consumer finance lender that caters to Latino immigrants has agreed to dismiss all pending collection lawsuits it has filed and committed to filing 60% fewer cases in the future after consumer advocates and journalists started asking the company questions about its collection practices.

Lender 173

Lender Collections 173

Account Recovery

SEPTEMBER 2, 2021

The Attorney General of Massachusetts has announced a $27 million settlement with an auto finance company that was sued back in 2020 for, among other alleged infractions, violating state law related to the number of phone call attempts that can be made when collecting on debts.

Lender 242

Lender Collections 242

Account Recovery

JANUARY 10, 2024

Utah Appeals Court Overturns Dismissal of FDCPA Suit Related to State License DFPI Fines Lender for Failing to Disclose Convenience Fees N.J.

Lender 147

Lender Collections 147

Account Recovery

SEPTEMBER 16, 2020

SITE THAT HELPS CONSUMERS RESPOND TO COLLECTION SUITS LAUNCHES NATIONWIDE A service that started in Utah to help individuals respond to debt collection lawsuits yesterday announced it would now be available nationwide as it seeks to win $50,000 in a technology competition.

Lender 177

Lender Student loans Student Loans Collections 177

Account Recovery

JULY 27, 2022

Judge Partially Grants MSJ for Defendant in FDCPA Case; Lender to Pay $19M For Credit Reporting ‘Failures’ appeared first on AccountsRecovery.net.

Lender 245

Lender Fair Debt Collection Judgment Collections 245

Account Recovery

SEPTEMBER 1, 2020

AG SUES AUTO LENDER FOR VIOLATING STATE COLLECTION CALL LIMITS, AMONG OTHER VIOLATIONS The Attorney General of Massachusetts yesterday announced a lawsuit against Credit Acceptance Corp., AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB appeared first on AccountsRecovery.net.

Lender 246

Lender Loans Collections 246

Account Recovery

SEPTEMBER 13, 2021

JUDGE GRANTS MSJ FOR DEFENSE IN FDCPA CASE OVER WEBSITE DISCLOSURE Sometimes, collectors will use a broad brush and expansive statements to try and cover as much ground as possible when letting consumers know about the rules and regulations related to collecting on unpaid debts. Judge Grants MSJ For Defendant in FDCPA Case; Colo.

Lender 244

Lender Fair Debt Collection Collections 244

Account Recovery

JULY 29, 2020

Appeals Court Upholds Dismissal of FDCPA Suit Over Reporting of Multiple Debts; Lender Dismisses Collection Lawsuits appeared first on AccountsRecovery.net.

Lender 174

Lender Fair Debt Collection Collections Collection Agencies 174

Account Recovery

FEBRUARY 26, 2024

For the first time, the Consumer Financial Protection Bureau has determined that the risks surrounding the conduct of a small-dollar consumer finance company are sufficient that it needs to be supervised by the Bureau, a decision that the company contested, but was unable to convince the Bureau to change its mind. A cause to believe […]

Lender 130

Lender Collections 130

Account Recovery

FEBRUARY 24, 2023

COMPLAINT ACCUSES FIRM OF PURSUING COLLECTION SUIT AFTER CLAIM OF ID THEFT Anytime a complaint starts with the sentence “… is a disabled senior citizen and monolingual Spanish-speaker who lives on a fixed income,” you can bet what follows is likely not to be good. The post Daily Digest – February 24.

Lender 130

Lender Law Firms Collections 130

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.

Lender 98

Lender Credit Unions Credit Unions Collections 98

Account Recovery

MAY 11, 2021

The Consumer Financial Protection Bureau has denied a petition from an auto title lender to modify or set aside a civil investigative demand looking into the company’s debt collection practices, among other areas of the business, as well as denied a petition for confidential treatment of the inquiry.

Lender 147

Lender Collections 147

True Accord

FEBRUARY 3, 2022

We sat down with TrueAccord’s Chief Growth Officer, Sheila Monroe , who has held numerous executive-level positions at TrueAccord on top of a multi-decade career in collections, to learn more about the economics of collections and what new lending players should look for when considering a collections solution.

Lender 52

Lender Collections Collection Companies Loans 52

Account Recovery

AUGUST 23, 2022

The Colorado Attorney General’s Consumer Credit Unit last week published new guidance related to the enactment of a law governing remote work for licensed lenders while also noting that the guidance originally enacted at the start of the pandemic in 2020 remains in effect for entities not covered by the new law, including collection agencies, (..)

Collection Agencies 246

Collection Agencies Collections Agency Collections Consumer Credit 246

Account Recovery

JANUARY 5, 2021

5, 2021 /PRNewswire/ — Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. WILMINGTON, Del.,

Collections 246

Collections Acquisition Collection Agencies Collections Agency 246

Account Recovery

APRIL 17, 2023

JUDGE REMANDS FDCPA CASE BACK TO STATE COURT A Magistrate Court judge in New York has ruled that a defendant in a Fair Debt Collection Practices Act case failed to show that the plaintiff suffered a concrete injury after removing the case to federal court, and has remanded the case back to state court where … The post Daily Digest – April 17.

Lender 130

Lender Fair Debt Collection Collections 130

Account Recovery

AUGUST 23, 2023

Judge Partially Grants MSJ for Defense in FCRA, FDCPA Case Over Claims Debt was Settled CFPB Sues Lender for ‘Churning’ Borrowers into Repeated Refinancings FTC Sues, Gets TRO to Stop Student Loan Debt Relief Scam 25 Companies Seeking Collection Talent WORTH NOTHING: Questions ahead of the first debate of the 2024 Presidential election cycle … (..)

Lender 130

Lender Student loans Student Loans Loans 130

Account Recovery

SEPTEMBER 17, 2021

16, 2021 – TrueAccord Corporation, which offers intelligent digital recovery and communication products and services, today launched Retain, a new, client-branded product that addresses early-stage collection challenges for lenders and other organizations with customers with past-due delinquent accounts. Lenexa, KS – Sept.

Collections 244

Collections Lender 244

Account Recovery

MARCH 30, 2023

The company announced this week that it received a notification from the Consumer Financial Protection Bureau that it will not be pursuing an enforcement action against the company after opening an investigation into its legal collection practices.

Legal Collections 130

Legal Collections Collections Lender 130

Account Recovery

MAY 17, 2023

The Attorney General of Pennsylvania has announced an $11 million settlement with a rent-to-own lender accused of engaging in predatory practices against low-income borrowers and engaging in deceptive collection practices. A copy of the settlement with Snap Finance can be accessed by clicking here.

Collections 130

Collections Lender 130

Account Recovery

OCTOBER 11, 2023

Judge Grants Sanctions Against Pro Se Plaintiff in FDCPA Case Healthcare Providers Sued for Sending Confidential Medical Info to Collection Agencies CFPB Sues Lender for Failing to Submit Accurate Data 26 Companies Seeking Collection Talent WORTH NOTING: Mary Lou Retton is fighting for her life after contracting a very rare form of pneumonia … (..)

Collection Agencies 130

Collection Agencies Collections Agency Healthcare Collections 130

Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. Notably, the CFPB stated that these collection efforts will inform potential future data collection orders.

Lender 52

Lender Repossession Loans Collections 52

Troutman Sanders

NOVEMBER 13, 2023

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi) contending that OppFi is the “true lender,” and therefore subject to usury limits, on loans originated by OppFi’s bank partner.

Lender 52

Lender Banks Loans Collections 52

Collection Industry News

FEBRUARY 21, 2022

BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday. The post Auto Lender Santander Agrees To Pay $5.5M

Lender 40

Lender Repossession Collections Loans 40

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral. See SOP 50 51 3.

Lender 98

Lender Loans Law Firms Collateral 98

Account Recovery

FEBRUARY 12, 2021

Judge Grants MSJ for Defendant in TCPA, FDCPA Case Over Calls to Cell Phone; FTC Bans Payday Lender appeared first on AccountsRecovery.net.

Lender 147

Lender Fair Debt Collection Judgment Collections 147

Account Recovery

OCTOBER 7, 2020

A campaign that began with a study revealing that 100,000 people every year attempt to commit suicide because they are mired in heavy debt has led to changes that will require lenders and debt collectors in the United Kingdom to make their collection letters less intimidating, including a ban on “angry looking upper case letters.”

Collections 147

Collections Debt collector Lender 147

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

Construction 98

Construction Lender Loans Banks 98

Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. Lenders and CDC’s must be cognizant about their responsibilities and authority in servicing and liquidating SBA loans because failure to do so properly may lead to formal enforcement actions by the SBA Office of Credit Risk Management.

Lender 94

Lender Loans Collateral Creditworthiness 94

Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections.

Collections 74

Collections Financial Institution Debt Recovery Unsecured Debt 74

True Accord

MARCH 5, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” This introduces one of the defining questions of 2024 for lenders and debt collectors: How will student loans be prioritized among other payments and debts?

Consumer Credit 86

Consumer Credit Student loans Student Loans Collections 86

Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. In This Piece: What Is Collections Debt?

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76