Account Recovery

JUNE 10, 2021

A month before the federal Child Tax Credit payments start landing in the bank accounts of individuals across the country, the Attorney General of California issued a warning to financial institutions, creditors, and debt collectors that it is illegal to seize those funds to pay individual debts under a state executive order.

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Nexa Collect

JUNE 21, 2023

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. This includes protecting consumer data from unauthorized access or data breaches.

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Troutman Sanders

JULY 29, 2020

This bill protects stimulus funds provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) from being garnished by private debt collectors. 3841 allows individuals to request that their financial institution protect these payments from debt collection garnishment. “The As part of S.

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Troutman Sanders

JANUARY 6, 2023

15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. OCC examiners will rely on this new interagency guidance instead. FFIEC is a U.S.

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Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

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Nexa Collect

JANUARY 14, 2023

Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector. As per FTC, starting June 9, 2023, all collection agencies will be treated as financial institutions. New Regulations.

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FDCPA Defense

SEPTEMBER 26, 2017

Can a bank be sued for acting as a “debt collector” under the California Rosenthal Act? You are probably tempted to answer “yes” it can, because you know the Act defines a “debt collector” to include an entity that is collecting on behalf of itself or on behalf of third parties. Code § 1788.2(c) 3d 1055, 1065 (9th Cir.

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National Service Bureau

APRIL 29, 2015

Have you been contacted by a debt collector recently, and not sure what to do? Your options are to dispute the debt, restrict the activities of the collection agency, or to pay the debt. Option 1: Dispute the debt. You don’t owe this debt. It doesn’t belong to you. I don’t want to be contacted at all.

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True Accord

JUNE 29, 2023

Let’s take a look at how the new updates to GLBA Safeguards Rule, how these security policies are important specifically for debt collection, and what best practices your business should follow to protect consumers’ data. Failure to implement these best practices can result in a security incident or worse, a data breach.

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Collection Industry News

JUNE 14, 2023

Here are some important consumer laws that collectors should be familiar with: 1. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States. It prohibits debt collectors from engaging in abusive, deceptive, or unfair practices when collecting consumer debts.

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Consumer Finance Watch

APRIL 8, 2021

Roberts Financial institutions, debt collectors, and consumer-facing businesses should take note that the United States Supreme Court has ruled that the definition of an “autodialer” under the Telephone Consumer Protection Act, as written, requires … Continue reading → Wayne Streibich, Diana M.

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Consumer Finance Watch

SEPTEMBER 16, 2022

Wayne Streibich, Diana M. Eng, and Andrea M.

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Troutman Sanders

AUGUST 11, 2022

Associate Carlin McCrory is a regulatory, compliance, and payments attorney with experience representing financial institutions, fintechs, lenders, debt collectors, payment processors, neobanks, virtual currency companies, and mortgage servicers.

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PDC Flow

OCTOBER 12, 2021

On November 30, 2021, debt collectors are expected to be fully ready to comply with this long-awaited rule. We have wanted a road map of what a regulator would feel is appropriate conduct for us, to communicate to consumers and collect debt. ”. how to present your company’s name without revealing you are a debt collector.

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Consumer Finance Watch

AUGUST 19, 2022

Wayne Streibich, Diana M.

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Fico Collections

SEPTEMBER 19, 2022

These rules require the debt collectors and recoveries staff to—if non-complaint—make significant changes on how and when they can communicate with debtors. Here are some highlights: The 7-in-7 rule: Regulation F stipulates that there may be no more than seven calls made by a debt collector to a consumer in a span of seven days.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This order was extended until December 31, 2020.

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Collection Industry News

MAY 16, 2022

“Financial service providers increasingly recognize the need for more services and customer-facing materials in languages other than English,” the CFPB reports in a blog post. The CFPB also provides “ considerations and guidelines ” that companies can use when working with consumers in languages other than English.

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Burr Forman

MAY 20, 2021

Overall, the CDCIA’s proposed changes to consumer finance laws tend to support pro-consumer policies and will require financial institutions, debt collectors, and loan servicers to re-evaluate their business practices if the bill is ultimately passed.

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Better Credit Blog

FEBRUARY 18, 2021

You may start getting calls from a debt collector. Failing to pay your bills will cause the debt to move to collections. One such debt collector that you may hear from is called FirstPoint Collections. Removing a debt collector from your credit report isn’t easy, but it is worth it. public utilities.

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Troutman Sanders

JUNE 13, 2022

On June 7, the Federal Reserve announced it will release a second tool to help community financial institutions implement the Current Expected Credit Losses (CECL). City Council unanimously approved the “Protecting Consumers from Unjust Debt Collection Practices Amendment Act of 2022.” For more information, click here.

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Debt Collection Answers

MAY 18, 2023

It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Note that debt collection agencies like CCS Offices do not have the same legal authority as other firms. Who are CCS Offices?

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Public Citizen

JULY 9, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

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True Accord

MAY 19, 2021

“I look forward to working with this group representing diverse stakeholders in the debt collection industry,” said DFPI Commissioner Manuel P. The committee’s perspectives and advice will be critical in helping the Department effectively oversee debt collectors and protect consumers.”.

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True Accord

JULY 13, 2020

Now more than ever, it’s clear that the collections industry needs to catch up with other financial services and provide modern solutions for the consumers it services. Debt collectors can pave the way for an improved consumer experience with context-aware messaging, flexibility, and opportunities for consumers to engage on their own terms.

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

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Collection Industry News

JULY 20, 2020

Conducted on behalf of a company called Symend — which claims to be “a leading customer engagement platform designed to better engage, treat and retain financially at-risk customers” — the study shows that, since the pandemic began, 38% of Americans say they’ve had a bill in collection. They have an illness?

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Troutman Sanders

APRIL 19, 2021

Senator Ted Cruz introduced the Financial Institution Customer Protection Act of 2021, which seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry. On April 13, U.S. For more information, click here.

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Debt RR

AUGUST 3, 2020

It’s not uncommon for businesses to take on debt. Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Calls from a commercial debt collector can create an enormous amount of stress for many business owners.

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Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. This legislation is called the Fair Debt Collection Practices Act.

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Troutman Sanders

DECEMBER 23, 2022

A notification filed by a consumer with a debt collector to dispute the validity of the debt. A notification of error filed with a financial institution pursuant to 15 U.S.C. A request filed with a creditor for a statement of reasons underlying a decision to deny credit. Any matter under litigation.

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Consumer Finance Watch

MAY 10, 2019

Financial institutions and debt collectors should take note of, and provide comments on, the CFPB’s recent Notice of Proposed Rulemaking, which attempts to provide consumers with “clear protections against harassment by debt collectors and straightforward options to address or dispute debts.” .

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Troutman Sanders

OCTOBER 4, 2021

531 would prohibit debt collectors (with limited exceptions) from making a written statement attempting to collect delinquent consumer debt unless they have access to a contract, or other evidence, demonstrating the debt. State Activities: Two bills — S.B. 531 and A.B. Among other provisions, S.B.

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Consumer Financial Services Law

MARCH 30, 2020

Financial and Insurance Institutions : The Stay at Home Order also exempts a large array of financial and insurance institutions, including “bank, currency exchanges, consumer lenders” and “affiliates of financial institutions.” The Order takes effect at 5:00pm Monday, March 30, 2020.

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Troutman Sanders

OCTOBER 19, 2021

On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B. For more information, click here. On October 8, New York Governor Kathy Hochul signed Senate Bill S737A into law. For more information, click here.

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Troutman Sanders

JUNE 27, 2023

The law requires providers of EWA products to obtain a license from the Nevada Commissioner of Financial Institutions. Specifically, the legislation applies to businesses that deliver money to a person that represents income that the person has earned but has not yet been paid.

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Re:Ceeve

JULY 16, 2020

In this post, we explore the details of the strategies which banks and debt collectors ought to adopt, and what they risk by delaying and denying these changes in their business models. Their aversion to waiting and their need for control call for a complete remake of what it means to interact with financial institutions.

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