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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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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Account Recovery

NOVEMBER 2, 2021

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 an initial communication is made.

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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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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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Troutman Sanders

NOVEMBER 13, 2023

Annual report requirements will be adopted through a separate rulemaking.

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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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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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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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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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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, 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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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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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

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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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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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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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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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. million or less.

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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

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

JULY 5, 2022

On June 29, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion, affirming that federal law often prohibits debt collectors from charging “convenience fees” for some payments when consumers want to pay in a particular way, such as online or by phone. For more information, click here.

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Troutman Sanders

MAY 10, 2021

On April 28, Senator Matin Heinrich introduced the bill, Ceasing Underserved Relief Benefits for Debt Collectors Act for 2021 or the CURB Debt Collectors Act, which seeks to prevent debt collectors who committed any violation of the Fair Debt Collection Practices Act from having access to funds issued under the Paycheck Protection Program.

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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

MARCH 15, 2021

Proposed Amendment to 1692c: Communication Involving Debt Collection. Such acts by the debt collector would be considered “unfair or unconscionable” practice. Since the bill’s introduction, it has been referred to the Committee on Financial Services and to the Committee on the Budget.

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Troutman Sanders

APRIL 19, 2021

Among other provisions, the bill (1) prevents credit services organizations from discussing a consumer with a credit reporting agency, debt buyer, or debt collector; and (2) prevents credit services organizations from impersonating a consumer when communicating with a credit reporting agency, debt buyer, or debt collector.

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Troutman Sanders

SEPTEMBER 7, 2021

For more information, click here. Privacy and Cybersecurity Activities: On August 31, the CFPB warned consumers that scammers take advantage of individuals during difficult times, and the COVID-19 pandemic is no exception.

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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.”.

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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. For more information, click here.

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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

SEPTEMBER 27, 2021

On September 22, the California Department of Financial Protection and Innovation issued its first enforcement action against a debt buyer and debt collector, resulting in a $375,000 fine for unlawfully threatening to sue consumers and submitting negative information to credit bureaus without notifying consumers.

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Troutman Sanders

FEBRUARY 2, 2021

On January 21, Congresswoman and Chairwoman of the House Financial Services Committee Maxine Waters announced the new assignments of House Financial Services Committee members for the 117th Congress. For more information, click here. Find out about local programs that offer rental assistance and other help.

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Troutman Sanders

AUGUST 9, 2021

s emergency debt collection bill. Among other changes, the amended bill now no longer requires debt collectors to provide debt documentation within five days of the initial communication (such materials now only need be provided upon request from consumer) and removes the allowance of damages per violation.

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