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. On March 6, eight AGs won judgments, totaling nearly $245 million in the U.S. For more information, click here.

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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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Collection Industry News

SEPTEMBER 29, 2020

Yesterday, the New York Department of Financial Services (NYDFS) announced that it filed its first enforcement action against a debt collector under New York’s Debt Collection Regulations. In response, Respondent merely provided a single document: a judgment obtained four years prior.

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Troutman Sanders

MAY 9, 2023

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

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Financial services Student loans Student Loans Loans 52

Collection Industry News

MAY 24, 2021

Andrew Cuomo (D) signed legislation on Thursday that blocks debt collectors from garnishing residents’ coronavirus stimulus payments. New Yorkers who are subject to a monetary judgment against their bank account will receive a notice indicating that the pandemic-related funds are protected. Source: site. New York Gov.

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Troutman Sanders

OCTOBER 7, 2021

a Third Circuit district court granted summary judgment to the defendants in a Fair Debt Collection Practices Act (FDCPA) case. a debt buyer, retained defendant LTD Financial Services, L.P. Therefore, the court granted summary judgment to the defendants on the plaintiff’s Section 1692e claim. In Bordeaux v.

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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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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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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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Consumer Financial Services Law

FEBRUARY 1, 2017

A demand letter sent by a debt collector was not doomed by an incorrect statement of the creditor’s name. the debt collector’s initial letter stated as follows: Re: ENCOMPASS MANAGEMENT CONSULTANTS Account #: 3118797 Balance: $875.33 In Santibanez v. National Credit Systems, Inc.,

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Consumer Financial Services Law

MAY 1, 2020

By Anna Claire Turpin The Sixth Circuit Court of Appeals recently explored the limitations of Section 1692(f)(6) and held that a property preservation and maintenance company was not a debt collector for purposes of that section. 1692f(6) and affirmed the district court's judgment in favor of the defendant. Thompson v.

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Consumer Financial Services Law

MARCH 8, 2018

Dunn A District Court in the Seventh Circuit has held that a debt collector may not avail itself of the § 1692k(c) bona fide error defense if it “intentionally chose to present conflicting information,” even if that conflicting information was provided to it by the creditor. By: Zachary K. In Garcia v. LEXIS 17818 (N.D. Adjustments $0.00

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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. Arrow Financial Services, LLC , 660 F.3d

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Troutman Sanders

APRIL 27, 2023

Consumer Financial Services Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Transcript: Recent Trends in Article III Standing (PDF)

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Financial services Fair Debt Collection Debt collector Judgment 52

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

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Collections Debt collector Student loans Student Loans 52

Troutman Sanders

FEBRUARY 10, 2021

Dawson, in the Western District of Arkansas, granted a defendant debt collector’s motion for summary judgment. The court determined Monterey Financial Service LLC’s responses to plaintiff Kyle Steven Johnston’s debt validation request did not constitute harassment and satisfied Monterey’s obligations under the FDCPA.

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Consumer Financial Services Law

SEPTEMBER 4, 2016

A Missouri district court has refused to grant partial summary judgment in favor of a consumer who asserted violations of 15 U.S.C. Delta Outsource Group, the consumer, who was employed as a collector by another debt collector, received two calls from the collection agency while at work. Delta Outsource Group, C.A.

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FFGN COLLECT NY

JANUARY 13, 2021

As far as regulations and requirements within New York, the type of debt dictates which rules and regulations apply to debt collectors. More specifically, debt defined by New York as “consumer debt” is regulated at the federal and state level whereas business to business debts are not.

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Troutman Sanders

NOVEMBER 1, 2021

LTD Financial Services, L.P. , In her suit, the plaintiff alleged this statement was false, deceptive, or misleading in violation of FDCPA Section 1692e and that it was an unfair or unconscionable means to collect or attempt to collect any debt in violation of FDCPA Section 1692f. In Bordeaux v. 2:16-0243 (KSH) (CLW) (D.N.J

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Consumer Financial Services Law

OCTOBER 3, 2019

The lawsuit was withdrawn, but Klemm tried again in 2009 and someone at the former residence accepted service on his behalf. Klemm obtained a default judgment for around $1,500.00. Rotkiske did not discover the judgment until 2014 when he applied for a mortgage.

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UK debt collections

APRIL 14, 2022

– Amazingly, even in 2022 people and businesses still run the risk of using ‘unlicensed’ debt collectors. Ensure that that if you are considering using a DCA, it is a member of the Debt Collection industry’s only trade association, the Credit Services Association.

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Collection Industry News

MAY 18, 2021

While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill that would expand the definition of a “debt collector” and increase risks to lenders. The bill, the Comprehensive Debt Collection Improvement Act, passed the House by a vote of 215-207.

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Consumer Financial Services Law

OCTOBER 12, 2016

The Eleventh Circuit recently joined the First and Eighth Circuits in concluding that the FDCPA’s venue provision does not apply to post-judgment garnishment proceedings. Post judgment, the law firm filed a garnishment proceeding against the consumer’s bank seeking to collect on the judgment. 1692i(a)(2). 1692i(a)(2).

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Troutman Sanders

FEBRUARY 6, 2023

In a recent decision, a Michigan district court found that because there was a genuine issue of fact as to whether the defendant debt collector notified the consumer reporting agency (CRA) to remove a disputed debt notification from the plaintiff’s tradeline, the case could proceed to trial. In Evans v.

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Consumer Financial Services Law

AUGUST 14, 2017

Section 1692e prohibits false, deceptive or misleading representations in connection with the collection of a debt. Where interest is not accruing on a debt, the debt collector does not need to state that no interest is accruing.

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Consumer Financial Services Law

FEBRUARY 18, 2019

The district court granted summary judgment in favor of the law firm based on its determination that the debt collector was not required to validate the debt and had ceased collection of the debt because third-parties, not the debt collector, posted and published the Notice. Scott at *13.

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Better Credit Blog

NOVEMBER 23, 2020

Using the strategies outlined below, you can say goodbye to debt collectors and get your score back on track. or FMS Corp, is a third-party debt collection agency headquartered in Tulsa, Oklahoma. collects on a wide range of debts from several industries, including: Education. Financial services. Bank cards.

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Consumer Financial Services Law

JANUARY 22, 2021

Communications in Connection with Debt Collection) to allow debt collectors to communicate with the deceased consumer’s spouse, parent (if the consumer is a minor), legal guardian, executor or administrator, and confirmed successor in interest (as defined Regulation X). Section 1006.2(c) This definition dovetails with 1006.6

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Consumer Financial Services Law

OCTOBER 9, 2019

12, 2019), the defendant debt collector sent a collection letter to the consumer in an envelope which, on its face, displayed a QR code. When scanned, the QR code revealed the debt collector’s internal account number. The consumer filed suit asserting the envelope violated 15 U.S.C.

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Retrieval Debt collector Collection Agencies Collections Agency 40

Better Credit Blog

APRIL 1, 2022

Transworld Systems, Inc (TSI) is a well-known debt collection agency in the United States that works with individuals, large companies, and organizations to assist them in debt recovery and past due accounts. They recently acquired Alltran Financial Services in 2020. Debt Validation. Calling you before 8:00 A.M

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Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

Better Credit Blog

FEBRUARY 19, 2021

Headquartered in Minneapolis, Minnesota, the agency has a slightly different focus than other debt collectors. DCM Services LLC primarily helps businesses collect on the delinquent accounts of the deceased by targeting their estates. They collect on debts in numerous industries, such as: Auto. Financial Services.

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Consumer Financial Services Law

SEPTEMBER 5, 2016

In Anenkova , the debt collector used a letter vendor to send a debt collection letter. Section 1692f(8) prohibits debt collectors from using any language or symbol, other than their address and business name (as long as it does not indicate it is a debt collector), on any envelope communicating with a consumer.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. The bill, H.R. Maxine Waters (D-Calif.), passed the House with a 215-207 vote.

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Troutman Sanders

NOVEMBER 8, 2023

. §§ 1006.347(c) and (d)(1), the safe harbor provision does not shield debt collectors from liability under any other statutes. However, an analysis of the plaintiff’s claims under the FDCPA still resulted in judgment in the defendant’s favor.

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Consumer Financial Services Law

JANUARY 25, 2017

This, coupled, with other comments recently by the CFPB have identified the collection of medical debt as a source of concern for the Bureau. The medical community, as well as debt collectors focused on medical collections, should pay close attention to this issue moving forward.

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Consumer Financial Services Law

MARCH 23, 2021

District Court for the Eastern District of New York recently denied cross-motions for summary judgment on a debtor’s claim that a law firm’s validation notice constituted a meaningful attorney involvement violation of the FDCPA. By: Landon G. Van Winkle The U.S. Solovyova v. Grossman & Karaszewski PLLC , No. 19-CV-2996, 2021 U.S.

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Collection Industry News

JULY 20, 2020

DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.

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