Account Recovery

APRIL 20, 2021

The House Financial Services Committee will be marking up a series of bills today, including one that was introduced last week by Rep. the chairwoman of the Committee, that includes eight different bills aimed at debt collectors. 2547, The Comprehensive Debt Collection Improvement Act. Maxine Waters [D-Calif.],

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Account Recovery

NOVEMBER 2, 2021

NYDFS ISSUES AMENDMENTS TO DEBT COLLECTION RULES; COMMENT PERIOD OPEN UNTIL NEXT WEEK The New York Department of Financial Services has issued a series of amendments to its debt collection rules for third-party debt collectors and debt buyers that could change how consumers are communicated with, including the information that must be provided after (..)

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Consumer Finance

JUNE 7, 2023

The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations.

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Account Recovery

JULY 19, 2024

The House Committee on Financial Services Working Group on Artificial Intelligence yesterday released a bipartisan report that summarized six different roundtable meetings that were had with different companies — including one from the accounts receivable management industry.

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Account Recovery

MARCH 10, 2025

ROBBIN LAW: After the New York Attorney General Letitia James (NYAG) recent crack downs on debt collectors violations of New Yorks Exempt Income Protection Act (EIPA), the NYAG has provided debtors with a guide on their rights under the EIPA. More details here. WHAT THIS MEANS, FROM JACQUELYN DICICCO OF J.

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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. What is Action Financial Services?

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True Accord

OCTOBER 22, 2024

Along with taking action against more than a handful of financial services companies in the name of consumer protection, the agency made headway on myriad other issues. Treasury’s request for information on the use of artificial intelligence in the financial services sector.

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Account Recovery

OCTOBER 23, 2020

The Consumer Financial Protection Bureau is reorganizing its supervision and enforcement units which could lead to less scrutiny of smaller companies in the financial services industry, including debt collectors, according to a published report.

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Account Recovery

OCTOBER 23, 2020

CFPB REORG COULD LEAD TO FEWER INVESTIGATIONS OF COLLECTORS: REPORT The Consumer Financial Protection Bureau is reorganizing its supervision and enforcement units which could lead to less scrutiny of smaller companies in the financial services industry, including debt collectors, according to a published report.

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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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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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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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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 means negotiating with the debt collector, which many people don’t know how to do. What is Phoenix Financial Services?

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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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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” 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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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

JANUARY 24, 2023

On December 28, 2022, the New York Department of Financial Services released its debt collection rule amendments to 23 NYCRR 1, the regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The initial proposed amendments were opened to public comment in late 2021.

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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.

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Taurus Collect

NOVEMBER 15, 2023

Understanding your rights as a consumer is crucial when dealing with debt collectors. Unfortunately, many UK consumers are unaware of their legal protections and end up feeling intimidated or helpless when faced with aggressive debt collection tactics. Legitimate collectors should readily provide this information.

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CICM

SEPTEMBER 15, 2023

In this blog, we will look at what Debt Collections is and why it is so important. What is Debt? Debt is money owed to another. This debt could be unpaid bills or invoices for goods and services, repayment of a financial service or money loan, or overdue sums for a range of obligations such as fines, taxes and rent.

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Troutman Sanders

NOVEMBER 13, 2023

Annual report requirements will be adopted through a separate rulemaking.

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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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Troutman Sanders

JUNE 13, 2022

On June 8, the New York Department of Financial Services issued new compliance requirements for issuers of U.S. City Council unanimously approved the “Protecting Consumers from Unjust Debt Collection Practices Amendment Act of 2022.” dollar-backed stablecoins. For more information, click here. On June 2, the Washington, D.C.

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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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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. financial institutions. For more information, click here. For more information, click here. The letter asks the GAO to examine the role U.S.

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Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Troutman Sanders

DECEMBER 19, 2023

On December 7, the New York Supreme Court denied a request seeking review of the New York Department of Financial Services’ (NYDFS) January 18 amendment to the state’s regulation governing the maximum rates that check-cashing businesses may charge their customers, and dismissed allegations raising the regulation’s unconstitutionality.

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Troutman Sanders

APRIL 26, 2021

Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here. On April 22, the U.S.

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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

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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FFGN COLLECT NY

DECEMBER 15, 2021

If the individual owner or tenant owes the receivable and you seek payment from the individual through a debt collector , the CFPB will have a watchful eye. What is the Consumer Financial Protection Bureau? The CFPB determines how, where, and when you can pursue debt collection efforts against your consumer customer.

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Troutman Sanders

MARCH 21, 2023

On March 9, the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy held a hearing to discuss proposals that would alter the CFPB’s structure and authority. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

DECEMBER 7, 2021

State Activities: On December 1, New York Attorney General Letitia James issued a consumer alert “informing New Yorkers of their rights when contacted by a debt collector,” referencing Regulation F adopted by the CFPB on November 30, and the recent New York state law called the Consumer Credit Fairness Act, which was signed into law on November 8.

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Troutman Sanders

DECEMBER 21, 2021

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. For more information, click here. Public comments are now available and are due by Feb.

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PDC Flow

FEBRUARY 27, 2025

Compliance can be even harder when scammers actively try to disrupt your debt collection practices through call baiting. Why is call baiting done and what can debt collectors do to prevent the practice? Industry Misperceptions Some debtors have never spoken to a collector before. Train your debt collectors.

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Troutman Sanders

MAY 31, 2023

From April 26–28, the OFAC, the European External Action Service (EEAS), and the European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) concluded a multiday technical meeting in Brussels. On May 16, the U.S. For more information, click here.

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