Account Recovery

SEPTEMBER 30, 2020

FTC ANNOUNCES NEW CRACKDOWN ON ABUSIVE COLLECTION PRACTICES The Federal Trade Commission yesterday announced the launch of Operation Corrupt Collector, a “crackdown” on collection operations that engage in abusive or harassing practices while also attempting to collect on debts that do not exist.

Collections 246

Collections Trade 246

Account Recovery

AUGUST 28, 2020

A District Court judge in South Carolina has lifted the seal on two complaints filed by the Federal Trade Commission against debt collection operations that are accused of violating the Fair Debt Collection Practices Act by allegedly convincing unsuspecting individuals that lawsuits have been, or will soon be, filed against them if they do not … (..)

Fair Debt Collection 246

Fair Debt Collection Collections Trade 246

Account Recovery

JANUARY 27, 2023

A bill is being circulated in the Colorado legislature — which is also backed by the state’s Attorney General — that would cap the interest rate on medical debt, establish requirements on medical debt payment plans, and make violations of surprise or balance billing laws a deceptive trade practice, among other provisions.

Collections 130

Collections Trade Healthcare 130

Fico Collections

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? Efforts to Combat Trade-Based Money Laundering”.

Trade 98

Trade Government 98

Fico Collections

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. must report potentially suspicious activity (including trade-related transactions) to FinCEN. Financial institutions in the U.S.

Trade 98

Trade Financial Institution Banks Education 98

Account Recovery

APRIL 22, 2021

The Federal Trade Commission yesterday announced it is returning more than $4 million to 10,000 individuals who were scammed by a debt collector more than five years ago.

Collections 200

Collections Debt collector Trade 200

Account Recovery

JUNE 6, 2023

AMSTERDAM, June 6, 2023 — Atradius Collections has acquired Pro Kolekt group and expanded its presence to 40 countries in line with their mission to support their customers growth, wherever they trade in the world, by delivering local expertise in receivables management.

Acquisition 130

Acquisition Collections Trade 130

Account Recovery

APRIL 27, 2023

The post Enforcement Action Bans Pair From Collection Industry appeared first on AccountsRecovery.net.

Collections 130

Collections Trade 130

Troutman Sanders

JANUARY 17, 2024

Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. As discussed here , § 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection and reporting requirements on small business creditors.

Trade 52

Trade Creditors Debtor Financial services 52

Nexa Collect

JUNE 21, 2023

Debt collection agencies are subject to various data security rules and regulations to protect consumer information. Fair Debt Collection Practices Act (FDCPA) : While primarily focused on the practices and behaviors of debt collectors, the FDCPA also contains provisions that protect consumers’ personal information.

Collection Agencies 130

Collection Agencies Collections Agency Collections Financial Institution 130

Account Recovery

DECEMBER 11, 2023

Since then, there have been a number of petitions filed by consumer advocacy organizations, trade groups, and ordinary people. In early 2022, the Consumer Financial Protection Bureau announced that anyone would be able to submit a petition for rulemaking.

Trade 147

Trade Collections 147

Account Recovery

NOVEMBER 16, 2021

Judge Denies Plaintiff’s Motion to Remand FDCPA Case; Bank Settles Collection Call Lawsuit For $3.5M appeared first on AccountsRecovery.net.

Banks 240

Banks Fair Debt Collection Debt collector Collections 240

Collection Industry News

JUNE 5, 2022

The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. Response From Credit Union Trade Groups.

Credit Unions 75

Credit Unions Credit Unions Trade Financial Institution 75

Account Recovery

NOVEMBER 30, 2020

A $24 million judgment has been entered against a collection agency and one of the agency’s co-owners has been ordered to divest himself of his ownership stake in the company that purchased the collection agency in question after it was accused by the Federal Trade Commission of collecting on “phantom” payday loans, “purported” (..)

Collection Agencies 147

Collection Agencies Collections Agency Judgment Collections 147

Troutman Sanders

SEPTEMBER 5, 2023

The current situation … poses serious compliance challenges for the membership of the Trades, as institutions that are identically subject to the [Final] Rule are now effectively subject to different compliance and implementation dates. CFPB injunction and those that are not covered.

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

Account Recovery

FEBRUARY 8, 2024

The Federal Trade Commission has reached a settlement with the a group of companies and the individuals behind them that were accused of violating the Telemarketing Sales Rule, the Gramm-Leach-Bliley Act, and the Federal Trade Commission Act by marketing student loan forgiveness programs that made false promises and collected millions in illegal upfront (..)

Student loans 130

Student loans Student Loans Loans Trade 130

UK debt collections

APRIL 28, 2021

Three Directors of a Finance firm have been banned for trading whilst insolvent. Independent Derivative Traders Ltd traded as Futex. They provided access to a financial markets trading platform for sub contracted independent traders in the UK. It became apparent that the company was not able to meet its liabilities.

Trade 72

Trade Bankruptcy Creditors Government 72

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal (..)

Student loans 246

Student loans Student Loans Loans Education 246

Troutman Sanders

SEPTEMBER 21, 2023

32 , respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). House and Senate ( H.J. But the clock is ticking.

Credit Unions 52

Credit Unions Credit Unions Trade Banks 52

Nexa Collect

JUNE 19, 2020

These receivables are usually B2B accounts that require commercial debt collection. A collection agency with its three-step collection process can assist businesses to recover money in an amicable manner. Need a collections agency for your business: Contact us. Written Notices sent by a Collection Agency.

Collection Agencies 130

Collection Agencies Collections Agency Collections Debt collector 130

Account Recovery

OCTOBER 1, 2020

On Monday September 29, 2020, the Federal Trade Commission (FTC) along with State and Federal Law Enforcement Partners announced, Operation Corrupt Collector, a nationwide law enforcement and outreach initiative to protect consumers from phantom debt collection and abusive and threatening debt collection practices.

Collections 147

Collections Debt collector Trade 147

Account Recovery

APRIL 19, 2022

The Federal Trade Commission provided $4.86 million in refunds to individuals who were victimized in debt collection scams last year, the regulator noted in a summary it sent to the Consumer Financial Protection Bureau regarding its enforcement of the Fair Debt Collection Practices Act.

Fair Debt Collection 246

Fair Debt Collection Trade Collections 246

Fico Collections

FEBRUARY 9, 2021

In June this year, the FATF released their report on, ‘ Money Laundering and the Illegal Wildlife Trade’. Although the market pales compared to the vast sums moved in the drug space, it’s still the 4thmost lucrative trade. Trade routes are as global as those for any other illicit trade.

Trade 52

Trade Banks Financial services 52

Account Recovery

FEBRUARY 29, 2024

The Consumer Financial Protection Bureau and the Federal Trade Commission have filed an amicus brief in a Fair Debt Collection Practices Act case before the Court of Appeals for the Eleventh Circuit over the defendant charging convenience or “pay-to-pay” fees when consumers made payments by phone or online, arguing that the defendant is (..)

Fair Debt Collection 130

Fair Debt Collection Trade Collections Loans 130

Collection Industry News

OCTOBER 17, 2022

The Federal Trade Commission (FTC) seems to believe that this great American success story also needs its help. The post Federal Trade Commission should keep its hands off the gig economy appeared first on Collection Industry News. ALDEN ABBOTT, October 14, 2022.

Trade 74

Trade Legal Rights Collections 74

Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Account Recovery

OCTOBER 20, 2021

Debt collection, student loan debt relief, payday loans, and government impersonators are just a few of the categories highlighted in a Federal Trade Commission report that analyzes the regulator’s effort at addressing fraud and consumer issues that are affecting communities of color, which was released earlier this week.

Student loans 246

Student loans Student Loans Trade Government 246

Account Recovery

DECEMBER 14, 2021

The remaining defendants in a lawsuit filed by the Federal Trade Commission have reached a settlement, under which they will be permanently banned from participating in the collection industry as well as surrender funds in a number of bank accounts and the title to a Mercedes as part of a $12 million judgment that has … The post Collectors Banned (..)

Trade 245

Trade Judgment Banks Collections 245

Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130

Account Recovery

NOVEMBER 30, 2020

FTC Secures $24M Judgment Against Collection Agency; Appeals Court Affirms Ruling in FDCPA Class Actio appeared first on AccountsRecovery.net.

Collection Agencies 147

Collection Agencies Collections Agency Judgment Collections 147

CSA

DECEMBER 13, 2021

Credit Services Association (CSA), the UK trade body for the collections and debt purchase sector and Approved Apprenticeship Training Provider, is delighted to have been shortlisted in the Skills Development category at the Trade Association Forum (TAF) Best Practice Awards 2022. CSA won the ?Skill Skill Development?

Trade 40

Trade Collections 40

Account Recovery

JULY 5, 2023

President Joe Biden on Monday nominated two Republicans to serve on the Federal Trade Commission (FTC), one of the two regulators charged with enforcing the Fair Debt Collection Practices Act.

Fair Debt Collection 130

Fair Debt Collection Trade Collections 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO. Collecting debt.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Taurus Collect

JANUARY 10, 2024

Navigating the labyrinth of commercial debt collection laws in the UK can be daunting for businesses. This blog post aims to shed light on UK commercial debt collection laws and regulations. The Fair Trading Act : This law prevents businesses from using unfair tactics when they are collecting debts.

Collections 52

Collections Debtor Collection Agencies Collections Agency 52

Collection Industry News

JANUARY 17, 2022

Credit union and banking trade groups sent a joint letter to CFPB Director Rohit Chopra on Thursday to ask for additional data collection, development and analysis before making new overdraft policy recommendations. The post Trades Ask CFPB for More Data on Overdraft Protection Policy appeared first on Collection Industry News.

Trade 40

Trade Credit Unions Credit Unions Financial Institution 40

Account Recovery

APRIL 21, 2021

Companies are using AI to help identify which accounts to contact and when to contact them and using algorithms to help them make more decisions and handle more collection inquiries. The Federal Trade Commission dropped another … The post FTC Issues Warning About Avoiding Racism When Using AI appeared first on AccountsRecovery.net.

Accounts Receivables Management 234

Accounts Receivables Management Trade Collections 234

UK debt collections

AUGUST 24, 2022

If the creditors agree then the business can continue trading. The change to the HMRC Debt Collection rules has benefited the state but potentially lead to the loss of jobs. A company voluntary arrangement (CVA) can be used when a company is insolvent. It is an agreement to pay creditors over a fixed period.

Collections 98

Collections Creditors Trade 98